Reading Time: 2 minutesGST invoice format, there is no format prescribed for an invoice in CGST Act 2017, however, Invoice rules makes it mandatory for an invoice to have following fields (only applicable field are to be filled): (a) Name, address and GSTIN of the supplier; (b) A consecutive serial number, in one or multiple series, containing alphabets
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Reading Time: 2 minutesDifference in GSTR-2A and GSTR 9, In the process of preparing and filing of GSTR 9 annual return for previous year, and observing the difference in input tax credit (ITC) as per consolidated GSTR-2A and table 8A of GSTR-9. Finding the difference and complete reconciliation of the difference we should aware of the reasons for
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Reading Time: 2 minutesGST Rate on Scrap , in the GST Laws, the term “Scrap” has not been defined, the waste and scrap does not have to pass the test of manufacture or mechanical process or marketability in order to be taxable in the GST regime, although It is considered as ‘supply’ in course of business. the manufacturing
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Reading Time: 2 minutesGST tribunal constitution, The Much-awaited step in GST regime has been taken, the Ministry of Finance, Department of Revenue, issued the notification on September 14, 2023, regarding the constitution of Benches of the Goods and Services Tax (GST) Appellate Tribunal in States. This notification, published in the Gazette of India, Extraordinary, Part II, Section 3,
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Reading Time: 4 minutesGovt. Has notified the Integrated Goods and Services Tax (Amendment) Act, 2023. Content of amended are as follow. Ji THE INTEGRATED GOODS AND SERVICES TAX (AMENDMENT) ACT, 2023 No. 31 OF 2023 [18th August, 2023.] An Act further to amend the Integrated Goods and Services Tax Act, 2017. Be it enacted by Parliament
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Reading Time: 2 minutesGeneral disciplines related to penalty, According to the provisions of section 126 of CGST Act 2017 regarding general disciplines related to penalty The above said section explains the principles for levy of penalty and general disciplines are to be observed by the tax authorities while levying penalty. The general guidelines to be followed while imposing
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Reading Time: 3 minutesRule 138F , According to the CGST Rule 138F, Information to be furnished in case of intra-State movement of gold, precious stones, etc. and generation of e-way bills thereof.- (1) Where- (a) a Commissioner of State tax or Union territory tax mandates furnishing of information regarding intra-State movement of goods specified against serial numbers 4
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Reading Time: 2 minutesdifference in ITC , according to Notification No. 38/2023 – Central Tax dated 4th August, 2023 , CGST Rule 88D provides the manner of dealing with difference in input tax credit available in autogenerated statement(GSTR-2B) containing the details of input tax credit and that availed in return (GSTR-3B). (1) Where the amount of input tax
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Reading Time: 4 minutesGSTN has informed the taxpayers that the functionality for geocoding the principal place of business address (i.e. the process of converting an address or description of a location into geographic coordinates) is now available on the GST Portal. The above-said feature is introduced to ensure the accuracy of address details in Goods and Services Tax
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Reading Time: 5 minutesCompounding of Offences under GST or Compendium on prosecution in GST, to understand the Compounding of Offences under GST read section 138 of the Central Goods and Service Tax Act, 2017 which deals with the provisions of compounding of offences under GST Act, along with rule 162 of the Central Goods and Service Tax Rules,
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