GST - Goods and Services Tax

As per section 2(77), non resident taxable person means any person who occasionally undertakes transactions involving supply of goods or services or both whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India.  In simpler terms, non-resident taxable persons are those suppliers who do not have a business … [Read more...] about GST return for non resident taxable person in form GSTR-5

As per section 39(2) of CGST Act, every registered supplier paying tax under composition scheme has to file a quarterly return in form GSTR-4 electronically through the common portal. GSTR-4 shall be furnished every year on or before the 30th day of April following the end of the financial year. This means GSTR-4 shall be filed between 1st April to 30th April of the following … [Read more...] about When GST return to be filed by composition suppliers in India

Every registered person has to file a monthly return for every calendar month or part thereof in form GSTR-3B by 20th day of the month succeeding the relevant calendar month or part thereof. To de-stress the GST system, the government of India has staggered the last dates of filing GSTR-3B. Now due to this change, instead of 20th of the following month, three dates are … [Read more...] about When to file monthly summary GST Return for payment of tax in GSTR-3B

As per section 37, except following persons all other registered persons including a casual taxpayer is required to furnish Form GSTR-1 electronically through the common portal; Input service distributor or ISDNon-resident taxable personComposition scheme dealersPerson deducting tax at source - TDS under GSTPersons collecting tax at source - TCS under GST applicable to … [Read more...] about GST return for outward supplies of goods and/or services in India

In simple terms, return means a statement of information furnished to the government by the taxpayer at periodical intervals to comply with the law. In Income tax, individuals, partnership firms, private and public limited companies and other taxpayers are required to file their income tax return or ITR on or before the due dates of filing for the income that they incurred for … [Read more...] about GST returns – Taxpayer’s guide under goods and services tax law

Initially TDS provisions are introduced in Income tax act, 1962. Section 51 of the CGST Act, 2017 talks about tax deduction at source or TDS under GST law. As per this provision, only few organisations are required to deduct tax while paying to the supplier. It's not applicable to all cases. Who has to deduct tax at source or TDS under GST As per law, following persons … [Read more...] about A beginner’s guide to TDS under GST – Tax deduction at source

Under our earlier VAT legislation, input tax credit (ITC) of inputs and capital goods in transactions within the state was allowed. Inputs and capital goods coming into the state from outside the state on which central sales tax (CST) was paid, not allowed as input tax credit. There were also ITC issues in CENVAT credit rules, 2004. These types of issues in earlier input tax … [Read more...] about Input tax credit in GST – A beginners guide to claim ITC

We have already discussed when input tax credit is available to a registered taxpayer under GST law and what are the documents required to avail ITC. In this article, we will be discussing certain special circumstances when input tax credit has to be reversed. We have the following four cases, where input tax credit or ITC has to be reversed. Switching from regular scheme to … [Read more...] about Reversal of input tax credit under special circumstances

Composition scheme is applicable to supply of goods and to only one service namely, restaurant service. It's not applicable to any other services. Government has extended the benefit to a certain limit up to a maximum amount of Rs 5,00,000 through section 10(1) read with section 10(2)(a). As per this section a marginal supply of services up to the limit as discussed is allowed … [Read more...] about Can you can pay GST at concessional rate on supply of services

A registered person is not entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, … [Read more...] about What is the time limit to claim input tax credit under GST law