Wrong Input Tax Credit claim in GSTR-3B

Views: 12,495 Input Tax Credit Claim : After various representations and comments received from stakeholder regarding clarification on the procedure for rectification of errors made in reporting Input Tax Credit claim while filing their GSTR-3B return, the Commissioner of GST issues guidelines and notifications. We summarized...

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Key points of 25th Meeting of GST Council at New Delhi

Views: 188 Key Points of 25th Meeting of GST council :The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of GST Council in New Delhi today. The Council has recommended policy changes and  certain changes in GST/IGST rate and clarifications in respect of...

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GST on Charitable and Religious Activities

Views: 643 Charitable and religious activities were not chargeable under Service tax vide various notifications, the rationale behind this exemption was to encourage charitable activities and not burden these activities with tax burden. The similar provisions are also incorporated under Goods and Service Tax, most...

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Updates in Life Insurance Products, PMSBY and PMVVY Scheme

Views: 239 Life Insurance Products  Insurance Regulatory and Development Authority of India (IRDAI) has informed that in order to give an added fillip in providing easy access to Life Insurance Products to people at large and to enhance insurance penetration and density, Guidelines on Point...

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When Excess/Short/Wrong GST tax liability reported in GSTR-3B

Views: 4,091 After various presentations and comments received from stakeholder regarding clarification on the procedure for rectification of errors made while filing their GSTR-3B return, We summarised Excess/Short/Wrong GST tax liability reported in GSTR-3B and its solutions as below: Situation 1: GST tax liability was...

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GST on accommodation,betting and gambling,horse racing,cinema etc.

Views: 235 Clarification on certain issues regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services etc. 1. Will GST be charged on actual tariff or declared tariff for accommodation services? Clarification: Declared or...

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CBEC Notifies New Dates of filing GSTR-1

Views: 366 Today, CBEC notifies new updates regarding an extension of due date of filing GSTR-1, Maximum limit of Late fees for filing GSTR-4 and appoints date from which E-way Bill rules shall come into force. 1.GSTR-1 (Turnover up to 1.50 Cr): Central Government, on...

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Input Tax Credit on Failure to pay Value of supply

Views: 272 When tax payer failure to pay Value of supply to Vendor within a period of 6 month: The Second proviso to Section 16(2) read with Rule 37 of the GST Act, says that where a recipient fails to pay to the supplier of...

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Guidelines for filing GSTR-1,GSTR-3B,TRAN-1

Views: 410 A. GSTR-1 (Quarterly filing option): Following points to be noted by Taxpayer, who have opted for quarterly filing of Form GSTR-1: 1. Once you have chosen the option ‘Quarterly’, you cannot change this option in the remaining part of the financial year 2017-18....

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Forbid Cash Transaction and related Income Tax Provisions

Views: 262 What Income Tax Act Says about Cash Transactions and Consequences of Non-Compliance of related provisions in the act & rules. After the demonetization Indian economy gradually moving towards the Cashless economy and increase the use of digital money. An increase of electronic transactions...

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