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Snippet of 27th GST Council Meeting

Some key updates of 27th GST Council meeting held on 4th May 2018 1. GSTN Ownership Changing: Change in the Shareholding Pattern of GSTN: Currently 24.5% held by Central and States Governements each, Balance 51% by Non-Govt Institutions. In New System Central and State Governements...

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” Bill to Ship to ” for E-way Bill : CGST Rules

electronic way bill

 Clarification issues by Government regarding ” Bill to Ship to ” for E-way Bill under CGST Rules, 2017   A number of representations have been received seeking clarifications in relation to requirement of e-Way Bill for “Bill To Ship To” model of supplies. In a typical...

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Understanding the apportionment of Input Tax Credit

Some GST tax payers are facing difficulty is understanding the apportionment of Input Tax Credit (ITC). Given below is the method to understand it. 1. Method of Apportionment of Input Tax Credit in case of goods or services or both (other than capital goods) The...

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Clarification on filing of form GSTR-4 : Composition Dealer

Clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4 Doubts are being raised about the manner of filing the quarterly return by composition dealers in FORM GSTR-4. In particular, there is a doubt with respect to the instruction at Sl....

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How GST effect you on day to day life?

You need be a tax expert to know basics of GST. In fact you are duty bound as business owners, executives, accountants etc. to know the basics of GST because GST affect you on a day to day basis. Some highlights of those basic things....

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A brief extract of 26th Meeting of GST Council held at New Delhi

26th Meeting of GST Council headed by Finance Minister Mr. Arun Jaitley being held on 10th of March, 2018 at New Delhi. The GST council has decided following main points during the meeting. Reverse Charge Mechanism: In the 26th Meeting of GST, Council has also...

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Certain Services covered under GST : CBEC Clarification

New Development in CGST

Clarifications issued by CBEC regarding whether GST is application or not on certain services Whether activity of bus body building, is a supply of goods or services? CBEC Clarification: In the case of bus body building there is supply of goods and services. Thus, classification...

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Arrest under GST Law : Two Mumbai base businessmen

First arrest under GST law by Commissioner (CGST) : Two Businessmen arrested by Officers of CGST in Mumbai for  availing ineligible credit on fictitious tax invoices Officers of CGST Mumbai have arrested two businessmen for creating fictitious invoices and availing ineligible credit. The persons have...

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User friendly filing of GSTR-3B : GSTN

Guidelines issued by GSTN for User friendly filing of GSTR-3B: a) While proceeding to payment you can see details of balances as available in cash and credit ledgers at one place. Tax liabilities as declared in GSTR 3B along with the credits gets updated in the...

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What is the taxable value of Second hand goods?

There is a very huge market share of used car & second hand goods sales in India and gradually growing with e-commerce platform also like Carwale, Justdial, Olx, Zigwheels etc. Even books, cloths and other low value items also getting attention in this industry. Now,...

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