Article explains the following: What is an Annual return in GST? Annual return under GST applicability, Due date, late fees and penalty for GSTR 9and GSTR 9C, Details required to be filed in GSTR-9, Documents Required for GST Audit and Due date for GST Annual Return and penalty for late filing of GSTR 9 and… Continue reading
Date Archives → 2019
Sale of Second hand goods under GST
While GST is charged on transaction value under a normal supply. For a second hand supply, GST would be applicable only on the margin i.e. the difference between the value of sale and purchase price. If there is no margin, no GST is charged for such supply. The purpose of the scheme is to avoid double taxation… Continue reading
Tax aspects every Freelancer in India should know
Freelancing is the talk of the town; it’s the way new generation works. So, every freelancer needs to be aware of the tax implication on freelancing. This article aims to address issues such as Whether a freelancer require GST registration? Is he/she supposed to file GST returns? How should a freelancer file ITR optimally? So,… Continue reading
Debit note: How & when to issue under GST
What is a debit note? When a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has supplied such goods or services or… Continue reading
Credit note: How & when to issue under GST
What is a Credit note? Where a tax invoice has been issued for supply of any goods or services and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services… Continue reading
Procedure to apply for MSME loan up to Rs 1 crore in 59 minutes
The government has recently announced a quick loan scheme for MSME Sector, in which they claim to approve the MSME loan in less than an hour. They have launched a dedicated portal to apply for the loan: https://www.psbloansin59minutes.com Salient features of MSME loan MSMEs loan would be applied to SIDBI & 5 PSU Banks Entire application… Continue reading
Ineligible Input tax credit under GST
Ineligible Input tax credit under GST Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available…. Continue reading
Applicability of TCS under GST & it’s impact on E-commerce
Applicability of TCS under GST & it’s impact on E-commerce The deferred TCS provisions has now become applicable w.e.f. 01st October 2018 and we aim to discuss how is it going to impact the E-commerce sector, what would they need to do as E-commerce operator and seller registered on E-commerce platforms. TCS under GST refers to… Continue reading
Applicability of TDS under GST
Introduction You might be aware of the concept of TDS & TCS in the Income tax Act. Similar concepts were introduced in GST, though these were deferred to a later date. Recently, government has notified that the provisions relating to TDS under GST would become applicable w.e.f. 01st October 2018. So, the laws around these concepts… Continue reading
All you need to know about the DIR-3-KYC
What is DIR3- KYC ? Every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year. Since it’s a recent introduction, there has been a lot of… Continue reading