According to CBIC Circular No. 97/16/2019-GST, Dated – 05.04.2019 (a) Registered Tax Payer who wants to opt to pay central tax @3% can apply now in From CMP-02 by selecting the category of registered person as “Any other supplier eligible for composition levy” as listed at Sl. No. 5(iii) of the said Form, latest by …
According to Notification No 15/2019, Dated 28.03.2019, Government have extend time limit to furnish details in GST ITC-04 for July, 2017 to March, 2019 till the 30.06.2019. GST ITC-04 is a form in which details regarding goods send to job-worker and received back from job-worker are filled. More Details
Lower GST rates of 1% in case of affordable housing and 5% in case on construction of houses other than affordable houses will be applicable from 1st Apr’19 for new projects but the on-going projects will have an one time option to pay tax at old rates or to pay taxes in new regime which …
New functionality is available on GST Portal where one can Compare the Input Tax Credit taken in GSTR-3B and that available in GSTR-2A. Through this functionality Reconciliation is done by Government itself between liability as declared in GSTR-1 and against it amount paid against it in GSTR-3B along with how much ITC claimed in GSTR-3B …
GSTR-9 is Annual return filed once for a financial year by all the registered person who registered themselves in normal category. Annual return filing is compulsory in case of Nil-turnover also. In the Annual Return for F.Y 2017-18, the details pertaining to the period from July 2017 to March 2018 are to be reported. In …
(A) Comparison of liability declared and ITC claimed: In this feature Govt. have provide a comparison report between Outward liability as per GSTR-1 and actual amount paid in GSTR-3B as well as ITC claimed in GSTR-3B and ITC available as per GSTR-2A. (B) Accounting and Billing software services have also been enabled on Govt portal …
According to Circular No. 92/11/2019-GST dated 07th March,2019 (A) Free Samples and Gifts distributed for Sales promotion: If free sample is distributed without any consideration then it will not qualify as supply under GST because as per section 7(1)(a) any transaction will be qualify as supply if consideration is charge for that (except in case …
Form GSTR-9 is an annual return to be filed once, for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. in this return. More Details
GST Rates for Real Estate sector to be effective from 1st April, 2019 Effective GST Rate of 5% without ITC on residential properties outside affordable segment Effective GST of 1% without ITC on affordable housing Definition of affordable housing: A residential house/flat of carpet area of up to 90 sqm in non metropolitan cities/towns and …
