As per the GST law, GST is charged on the transaction value of the goods. However, in the case of second-hand goods, a person dealing in such goods is allowed to pay tax on the margin amount. In brief, this margin is the difference between the price at which the goods are supplied and purchased. … Read moreGST On Second Hand Goods
On 22 December 2020, the Central Board of Indirect Taxes and Customs (CBIC) notified the amendments made in the GST rules to curb GST fake invoices frauds The Government was pushed to make these amendments to deal with the menace of fraudsters who avail and pass on ineligible Input Tax Credit (ITC). On 23 December … Read moreClarification About CBIC Notification dated 22 December 2020
E-Invoicing was made mandatory for businesses having an annual turnover of more than INR 500 crores (in any financial year since 2017-18) on 1 October 2020. As on 16 December 2020, more than 33,000 Taxpayers had accessed the e-Invoicing system and generated more than 1250 Lakhs of IRN from the NIC portal. To integrate the … Read moreGeneration Of E-Way Bills By Transporters For E-Invoices
The Central Board of Indirect Taxes and Customs has revised a few due dates in the previous year (2020). Taxpayers should file their returns/forms before or on the prescribed date to avoid late fees, penalty, interest or blocking of filing facilities. Masters India’s handy ‘GST Compliance Calendar’ will help you stay prepared well in advance. … Read moreGST Compliance Calendar 2021
To ensure that taxpayers comply with the GST laws, the Central Board of Indirect Taxes and Customs (CBIC) amends the Central Goods and Services Tax Rules, 2017 as and when required. On 1 January 2021, the CBIC issued Notification No. 01/2021 – Central Tax to notify that taxpayers will not be able to furnish their … Read moreBlocking And Unblocking Of GSTR-1
Under the Income Tax Act, 1961, a banking company (to which the Banking Regulation Act, 1949 (10 of 1949) applies), a co-operative society (engaged in carrying on the business of banking) or a post office, which is responsible for paying a sum exceeding one crore rupees (INR 1 crores) in cash during a year (to … Read moreVerification Of Applicability u/s 194N Of Income Tax Act
The GSTN has launched the ‘Communication between taxpayers’ feature on the GST portal. Through this platform, taxpayers can communicate with suppliers/recipients/purchasers as required directly through the portal dashboard. Features Of ‘Communication Between Taxpayers’ Facility The new functionality provides a simple communication platform for taxpayers. For example, a recipient/purchaser can ask his/her supplier/s to upload any … Read moreHow To Use ‘Communication Between Taxpayers’ Feature?
The Indian Government has set up a significant digital network to implement and govern GST in India. The communication between the taxpayers and the tax department has also been digitised to a significant extent compared to the earlier indirect tax regime. In this article, we will discuss one such form facilitating communication between the tax … Read moreDRC-07