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Analysis of Interest on Reversal when Payment Not Made in 180 Days

Let’s analyse the GST provisions one by one to obtain a clear cut understanding of the intention of the lawmakers. Section 16 of CGST Act, 2017 says: (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit … Read moreAnalysis of Interest on Reversal when Payment Not Made in 180 Days

Guide on E-Way Bill, GST Rules and Validity

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Meaning of E-way Bill As the name suggests an E-Way Bill is an online bill that will be used for supply of goods under GST. E-way bill will need to be issued before goods are dispatched and it would be important to carry E-way bill for the goods in transit as an authorized officer can … Read moreGuide on E-Way Bill, GST Rules and Validity

Export Documents Under GST

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This article is a ready reckoner for the successful facilitation of EXPORTS as many exporters have apprehensions about the requisite EXPORT DOCUMENTS under newly introduced Goods and Services Act, 2017. Let us first understand what exactly is meant by EXPORTS under Goods and Services Act, 2017. According to Section 16 of IGST: (1) “zero rated … Read moreExport Documents Under GST

GSTR-3 Format and Filing Procedure

GSTR-3 is a monthly GST return to be filed by 20th of every month, by all regular taxpayers registered under GST in India. GSTR-3 is an accumulation of outward and inward supplies during the previous month, which will be auto-populated via GSTR-1 and GSTR-2. GSTR-1: Captures details of outward supplies, i.e. sales. GSTR-2: Captures details … Read moreGSTR-3 Format and Filing Procedure

Imports of Goods or Services Under GST Regime

What are Imports under GST? The import of goods has been defined in the IGST Act, 2017 as bringing goods into India from a place outside India. Import of goods or services will be treated as deemed inter-State supplies and would be subject to Integrated tax in addition to the applicable Custom duties. Levy IGST … Read moreImports of Goods or Services Under GST Regime

GSTR 3B – Things You Must Know Before Filing

GST law came into existence with effect from July 1st, 2017. However, anticipating the lack of IT infrastructure preparedness and to calm the initial taxpayer anxieties, the union finance minister Mr. Arun Jaitley on June 18th, 2017 announced that the GST return filing requirements have been relaxed for the first two months. Therefore, through a … Read moreGSTR 3B – Things You Must Know Before Filing

Impact of GST on Restaurants, Cafes and Fast-food outlets

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You have most likely been rejoicing the arrival of GST, given the months-old build-up around it, but have been equally confused and surprised with an inflated bill when clearly the deal the government struck with you and the rest of the nation was  –  that with GST in place, eating out would now get cheaper. … Read moreImpact of GST on Restaurants, Cafes and Fast-food outlets

Step By Step Guide to GSTR-2 Return Filing

GSTR-2 is based on auto populating GST return, which pops up only when the GSTR-1 is successfully submitted by the suppliers containing information about sales. GSTR-2 is a GST Return to be filed by the 15th of every month [for the previous month] from the recipients of the goods / services and has auto filled … Read moreStep By Step Guide to GSTR-2 Return Filing