The system expects you to enter the vehicle number details in proper format. The system shows the ‘Invalid Format’ when we are trying to enter the vehicle number if the format is not proper. Given below are formats…
As per Rule 34(1) of CGST Rules 2017, where value of goods are mentioned in currency other than Indian Rupees, the exchange rate for determination of value of such taxable goods shall be the applicable rate of exchange…
GSTR-3B is a monthly return in which summary of Sales, GST Output, ITC available and tax payment is reported for each month. This return is specially designed for a limited period to remove initial technical and filing difficulties…
CBIC on 15.03.2018 through its circular CIR-37/11/2018-GST has issued various clarifications on concerns over refund against exports of goods or services or both. Further, on 26.10.2018, CBIC has issued circular CIR-70/44/2018-GST and on 31.12.2018, circular CIR-79/53/2018-GST to clarify further issues. Clarifications…
In this article, we will go through the Applicable law and GST Refund procedure in case Supplies to SEZ Developer/SEZ units. This article is based on the following applicable law: Section 16 of IGST Act 2017 Section 54…
Recommendations made during the 26th meeting of the GST Council held in New Delhi on 10.03.2018 1. Return filing System The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e.,…
Proprietorship firm means a firm/entity which is owned by a one natural person only. In this form of business entity, only one person is the owner of such business. All capital investment, risks, rewards, profits, losses, assets, liabilities…
On 23.02.2018, CBEC has issued a Circular CIR-33/07/2018-GST in relation to Disputed and Blocked Transitional Credits (CENVAT Credits) carried forward under GST during Transition to GST. To prevent misuse of transitional credits and non-adherence to GST provisions, CBEC has…
Generally, accounts and records are prepared using general accepted accounting principles in India. These principles include Ind-AS, Accounting Standards, Companies Act, Other Industry specific laws, etc. These laws also prescribed the manner of maintenance of records, their time…
Like ‘Tax Audit’ under Income Tax Act, in GST, there is also a provision for Statutory Audit under GST. As per Section 35(5) of CGST Act 2017, every registered person whose turnover during a financial year exceeds the…
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