Hugger Mugger of net ITC in case of Inverted Duty Structure

-
Refunds have always been an integral part of the Indirect tax regime. In the era Service Tax regime, refunds were granted in the case of export of service. However, with the inception of GST and introduction of multiple tax rates, refunds arose on account of inverted duty structure. Inverted duty structure means a scenario wherein […]

from TaxGuru https://ift.tt/3ktvKMB
via gqrds

Comments

Post a Comment

Popular posts from this blog

GST ON TOUR OPERATORS AND AIR TRAVEL AGENTS

-
Image
GST ON TOUR OPERATORS AND AIR TRAVEL AGENTS GST ON TOUR OPERATORSGST @ 5% has been applied on services of tour operator without benefit of Input Tax Credit (ITC) on goods and services. 5% GST will be payable on the gross amount charged by the tour operator from the customer. This GST is uniform for all services – package tours, hotel accommodation only etc. The expression “tour operator” is defined in entry No. 23 of notification No. 11/2017-Central Tax (Rate) dated 28.6.2017 as under:-“Tour operator” means any person engaged in the business of planning, scheduling, organizing, arranging tours (which may include arrangements for accommodation, sight-seeing or other similar services) by any mode of transport and includes any person engaged in the business of operating tours”. In the case of Intra-State supply of tour operator’s services, CGST @2.5% and SGST @ 2.5% will be levied making the total tax as 5%. On the contrary, in the case of Inter-State supply of services, 5% IGST will apply …
Read more

Consequences of incorrect invoice details uploaded while filing GSTR 1

-
Image
Consequences of incorrect invoice details uploaded while filing GSTR 1
What will be the consequences if incorrect invoice details are uploaded on GSTN Portal while filing GSTR 1? How any one canamend these details?
It is a very common question of every GST taxpayer that what would be the consequences if one encounters following mistake while filing his GSTR 1 . •    Mention the wrong GSTIN (For example the invoice is on the name of M/s A but mistakenly shown it as sale made to M/s B)
•    Mention wrong Invoice No. or Invoice date
•    Punched wrong Invoice value (Mistake is due to wrong data Punching)
As we all aware of the fact that GST Law doesn't provide any option to amend the GST Return. Therefore the taxpayers (especially small traders) are very much concern regarding consequences of clerical mistake committed while filling GST Returns specially GSTR 1.
However, Section No. 34 of CGST Act, 2017 provides that the person can issue a debit or credit note as the case may being fol…
Read more

Compliance Manual for F.Y.2019-20 (A.Y. 2020-21)

-
This compliance book aims at helping and providing practical solutions and day to day compliance requirements to professionals, entrepreneurs and all small to large businesses as it has summarized provisions, charts and important notes with tables which can be easily understood. Compliance Hand Book contains the following- Income Tax- Income Tax Rates,  TDS Rate Chart, […]

from TaxGuru http://bit.ly/2HeVb2L
via gqrds
Read more