Friday 23 March 2018
Govt Issues Anti-Profiteering Complain form to complain about firms not passing gst benifit
Govt has issued Anti Profiteering complain form -APAF-1 to file complain
Saturday 11 November 2017
Saturday 7 October 2017
Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017
Composition Scheme
1. The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.
Tuesday 29 August 2017
Place of Supply of services to Determine Taxability in GST
Place of supply of services in case of Domestic Supplies [Section12]
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(Where the location of supplier of services and the recipient of services is in India)
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Default provision has been prescribed as under:
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Sn. | Description of Supply | Place of Supply |
1 | B2B | Location of such Registered Person |
2 | B2C | (i) Location of the recipient where the address on record exists, and (ii) Location of the supplier of services in other cases |
Sunday 30 July 2017
Documents on the basis of which Input Tax credit can be availed
Input Tax Credit (ITC) can be taken on the basis of following documents:-
- Invoice issued by a supplier of goods or services or both.
- Invoice issued by recipient along with proof of payment of tax.
- Debit note issued by supplier.
- Bill of entry or similar document prescribed under Customs Act.
- Revised invoiceDocument issued by Input Service Distributor.
Saturday 8 July 2017
Accounts and Records to be Maintained in GST
Registered Person is required to maintain records and accounts of:
- Production or Manufacture of goods supplies ( inward/outward supply, supplier and recipient details, invoice ,credit/debit note,delivery Challan)
- Stock (receipt,used, lost, balance and location where goods are stored including transit).
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