GSTN has enabled functionality to validate IRN or search Invoice Reference Number (IRN) from document No. The Goods and Service Tax Network has been implemented a useful function that users allows to get the access Invoice Reference Number even if it was not started recorded for credit note, debit note or an invoice,. Above Goods and …
Applicable GST Rates for Restaurants Services All Kinds of Restaurants do have not the right to charge GST on their services provided. In case the Restaurant is registered under the GST, then that restaurant will be eligible to charge GST as per the GST law and can issue an invoice & collect GST in their …
Payment under GST for Taxpayers The Normal GST Taxpayer must pay their taxes each month by the 20th of the next month. When making a payment in the monthly returns, the tax payer must first deposit cash payments in the Cash Ledger. He or she must then debit the ledger and include the appropriate debit …
GSTR-3B Versus GSTR-9 Versus GSTR-1: How do three business returns differ from each other? Every GST Identification Number holder is mandated to file a Goods and Services Tax (GST) return. There are approximately 22 different kinds of Goods and Services Tax returns, four of which are suspended and eight of which are view-only in format. …
Maharashtra Amnesty Scheme 2023 for Maharashtra GST Dept announced As part of Maharashtra Budget announcements, the Maharashtra govt on March 9 announced a ‘Amnesty scheme ‘ known as ‘Maharashtra Amnesty Scheme of Arrears of Tax, Interest, Penalty or Late Fee , In Budget speech, it is important to note, This New Amnesty Scheme, i.e Maharashtra …
49th GST council meeting – Proposed GST Amnesty Scheme : Goods and Services Council held its 49th Goods and Services Council Meeting at New Delhi on 18th Feb 2023 which was chaired by Nirmala Sitharaman -Finance Minister. What was the agenda of the 49th GST council meeting? Goods and Services Council Meeting held on 18th February 2023 recommended various Goods …
Normal GST Tax Evasion instances observed during the GST law Fake invoices with fake GST number raised to collect Goods and services tax, but not deposited with government. Making sales of services to GST registered persons not in line of same business, and thereby transfer the balance/unutilized Input tax credit and receive cash against the …
Now Negative figure will be allowed in GSTR-3B -Table 4(eligible Input Tax credit) GSTN will soon allow negative values in Table 4 of GSTR-3B return (i.e. eligible Input tax credit, which will allow users to disclose the Input tax credit available net off the credit notes values in Table 4A of GSTR-3B return. This will …
Inverted Duty Structure is applicable under the GST Understanding of Inverted Duty Structure Inverted duty structures arise when the tax rate on input credits used surpasses the tax rate on output supplies. Simple terms, the GST paid on inputs purchased exceeds the GST due on sales. As a result, the registered person’s electronic credit ledger …
We cannot claim input tax credit even if it is within GST portal Now Due to the severity of Input tax credit fraud involving fake entities and invoices, Revised Section 38 was suggested in an attempt to further impose restrictions on Input tax credit claims. Input tax credit cannot be claimed if it is restricted …