Ask Masters Latest Questions

Anonymous
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  1. A single common 'Goods and Services Tax (GST)' was proposed and given a go-ahead in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan.

    A single common ‘Goods and Services Tax (GST)’ was proposed and given a go-ahead in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan.

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Anonymous
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  1. No, we cannot change the user ID in GST, however, one can retrieve the existing user ID by following simple steps: Step1: Go to the GST portal www.gst.gov.in Step2: Click on login button. Step3: You can find “Forgot Username” button in the bottom of the page. Step4: In the next page, you will submitRead more

    No, we cannot change the user ID in GST, however, one can retrieve the existing user ID by following simple steps:
    Step1: Go to the GST portal http://www.gst.gov.in
    Step2: Click on login button.
    Step3: You can find “Forgot Username” button in the bottom of the page.
    Step4: In the next page, you will submit your GST Registration Number (GSTIN) or any Provisional ID or UIN. Then click on “Generate OTP” button.
    Step5: You will receive an OTP on the registered mobile number and on the email ID.
    Step6: Enter the OTP at the required field and click on ‘submit’.
    Check you mail, as GST user ID will be sent on your registered mail ID.

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Sumit Upadhyay
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  1. Yes, you can claim ITC on bank charges if they are towards your business transactions. A statement issued by the bank can be treated as an invoice for tax. Also, you must be accordingly eligible to claim the input tax credit, based on a statement issued by the bank, as long as it contains all the paRead more

    Yes, you can claim ITC on bank charges if they are towards your business transactions. A statement issued by the bank can be treated as an invoice for tax. Also, you must be accordingly eligible to claim the input tax credit, based on a statement issued by the bank, as long as it contains all the particulars prescribed, including your GST registration number.
    However, you must ensure that the conditions laid down under section 16 and 17 of the Central GST Act, 2017 are met in your particular case while you make your claim.

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Anonymous
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  1. There is no restriction on invoicing of export contracts in Indian Rupee. Further, in terms of Para 2.52 (a) of the Foreign Trade Policy (2015-2020), export proceeds against specific exports may also be realised in rupees, provided it is through a freely convertible Vostro account of a non-residentRead more

    There is no restriction on invoicing of export contracts in Indian Rupee. Further, in terms of Para 2.52 (a) of the Foreign Trade Policy (2015-2020), export proceeds against specific exports may also be realised in rupees, provided it is through a freely convertible Vostro account of a non-resident bank situated in any country other than a member country of the Asian Clearing Union (ACU) or Nepal or Bhutan. Export contracts and invoices can be denominated in Indian rupees against EXIM Bank/Government of India line of credit.

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Sumit Upadhyay
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  1. No. An Input GST credit is the amount of GST paid while purchasing goods for the purpose of production of output. However, an Electricity bill (that includes electricity tax) is not a tax payment towards the purchase of any input goods therefore, it can not be a GST payment. Hence, electricity tax iRead more

    No. An Input GST credit is the amount of GST paid while purchasing goods for the purpose of production of output.
    However, an Electricity bill (that includes electricity tax) is not a tax payment towards the purchase of any input goods therefore, it can not be a GST payment. Hence, electricity tax is not taken as an input GST credit, but rather it is to be taken on the profit and loss account as an expenditure.

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Anonymous
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  1. Taxpayer would be required to provide valid documents to the tax officer as a proof of his/her identity and to validate the details of the respective business related to his GSTIN. Following this, the officer would authenticate the activity and enter the new e-mail address and mobile number providedRead more

    Taxpayer would be required to provide valid documents to the tax officer as a proof of his/her identity and to validate the details of the respective business related to his GSTIN. Following this, the officer would authenticate the activity and enter the new e-mail address and mobile number provided by the taxpayer.

    After uploading of the documents, tax officer will reset the password for GSTIN in the system and username and temporary password reset will be communicated to the new e-mail address as entered by the officer.

    Then taxpayer have to login on GST portal using the username and the temporary password e-mailed to him. The username and password can now be changed by the taxpayer.

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Anonymous
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  1. Yes, e-way bill needs to be generated for any movement of goods. Therefore, even in case of sales returns, the e-way bill needs to be generated and in this situation, e-way bill needs to be generated by that person who is causing movement of such sales return or the transporter who is actually movinRead more

    Yes, e-way bill needs to be generated for any movement of goods. Therefore, even in case of sales returns, the e-way bill needs to be generated and in this situation, e-way bill needs to be generated by that person who is causing movement of such sales return or the transporter who is actually moving the goods.

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Nirmal R
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Hi Team, I have an invoice with below conditions & have a failure message: can someone provide solution to fix this? Sold to: India with valid GSTIN Payer: US without GSTIN Ship to: India with valid GSTIN Invoice fails with error : ...

  1. Its best you refresh your system and delete all cache files and download a new JSON file, in case this doesn’t work, you must raise a complaint here, https://selfservice.gstsystem.in/

    Its best you refresh your system and delete all cache files and download a new JSON file, in case this doesn’t work, you must raise a complaint here, https://selfservice.gstsystem.in/

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Anonymous
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  1. A GSTN username is the name which you use to login to your GSTN portal account. You would have created this username when you logged in to GSTN for the first time. A GSTN username is different from your GSTIN.

    A GSTN username is the name which you use to login to your GSTN portal account. You would have created this username when you logged in to GSTN for the first time. A GSTN username is different from your GSTIN.

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admin
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  1. In case hotel accommodation is used for business purposes and taxable supplies, Input Tax Credit (ITC) thereon can be availed as the hotel accommodation services are nowhere listed as blocked credit.

    In case hotel accommodation is used for business purposes and taxable supplies, Input Tax Credit (ITC) thereon can be availed as the hotel accommodation services are nowhere listed as blocked credit.

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Anonymous
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Anonymous
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What is GSTR-3B?

  1. GSTR-3B is a consolidated summary return wherein details of inward and outward supplies are to be provided. (Depending upon the type and turnover of the taxpayer, frequency of GSTR 3B and due date will be decided) Government had introduced Form GSTR 3B as a stop-gap arrangement before moving to theRead more

    GSTR-3B is a consolidated summary return wherein details of inward and outward supplies are to be provided. (Depending upon the type and turnover of the taxpayer, frequency of GSTR 3B and due date will be decided)

    Government had introduced Form GSTR 3B as a stop-gap arrangement before moving to the originally planned returns in Form GSTR 1 GSTR 2 & GSTR 3.

    But now the originally planned returns are scrapped by Government and GSTR 3B is notified as a summary return.

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admin
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  1. Input tax credit (ITC) against tax paid on telephone bill charges is eligible. However, if the telephone is used partly for business and partly for personal purpose, the ITC proportionate to personal use shall be disallowed.

    Input tax credit (ITC) against tax paid on telephone bill charges is eligible. However, if the telephone is used partly for business and partly for personal purpose, the ITC proportionate to personal use shall be disallowed.

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