Input Tax Credit or ITC is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale. ... This makes flow of credit across an entire supply chain a seamless process.
We have been paying the Tax under RCM @5% for GTA service , whether we are eligible to take the Input tax credit of the same. Yes, you are eligible to avail ITC paid under RCM on GTA service after payment of tax, if the input service (GTA) is used in providing taxable supply.
Period of retention of accounts At the end of a financial year, the taxpayer must reconcile the books of accounts with the GST returns filed across the financial year. On comparing data between books and GST returns, any differences that arise must be adjusted in books or reported in GST returns filed subsequently.
GST would also help in reducing the cost of heavy machinery required for producing agricultural commodities. Under the model GST law, dairy farming, poultry farming, and stock breeding are kept out of the definition of agriculture. Therefore these will be taxable under the GST.
Procurement and Construction (EPC) Contract for construction of a solar power plant wherein both goods and services are supplied can be constructed to be a composite supply in terms of section 2(30) of CGST Act, 2017. 1. ... The principle supply is solar power generating system and should be taxable @5%.
140(3) - Credit of eligible duties in respect of inputs held in stock allowed in certain situations.
A registered person, who was not liable to be registered under the existing law, or who was engaged in the manufacture of exempted goods or provision of exempted services, or who was providing works contract service and was availing of the benefit of Notification No.26/2012-Service Tax, ... moredated 20.06.2012 or a first stage dealer or a second stage dealer or a registered importer, or a depot of a manufacturer, shall be entitled to take, in his electronic credit ledger, credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day subject to the following conditions, namely:-
(i) such inputs and / or goods are used or intended to be used for making taxable supplies under this Act;
(ii) the said registered person is eligible for input tax credit on such inputs under this Act;
(iii) the said registered person is in possession of invoice and/or other prescribed documents evidencing payment of duty under the existing law in respect of such inputs;
(iv) such invoices and /or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day; and
(v) the supplier of services is not eligible for any abatement under the Act.
The GST Council, in its 37th meeting held today at Goa, recommended the following: 1. Relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under: a. waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and b.
NEW DELHI: The government said select business process outsourcing (BPO) services will qualify as exports and therefore won't be subject to goods and services tax (GST), marking a substantial relief for the country's $167 billion IT and ITES (information technology enabled services) sector.
GST on exchange rate flutuation gain, Goods and Services Tax - GST. Sir Rule 34 states only about the valuation of the supply related to export which is related to foreign currency transaction. but this case is excess of the collection out of the supply made due to currency rate fluctuation.
STPI or EOU units can apply with pro forma invoice of supplier along with green card issued by STPI/EOU with customs and central excise jurisdiction where units are located. Once after verifying the said documents necessary approval to issue CT3 form is ordered by customs officials. After necessary entry in the records of customs and central excise, CT3 form is issued in triplicate. A copy of ct3 ... moreis filed in the records of customs and central excise. Two copies of originals deliver to the STPI or EOU units.
The EOU or STPI unit once after obtaining the said CT3, one original is sent to the manufacturer of indigenous goods along with the purchase order. Once after obtaining the said CT3 from buyer, the supplier (manufacturer) supplies goods as per purchase order to the unit without charging central excise duty.
CT3 is used to procure indigenous goods within the country with exemption of central excise duty.
After obtaining such original CT3 , the supplier moves goods to buyer. Once after movement of such goods, the said original CT3 is surrendered within the jurisdiction of supplier’s customs and central excise to avail central excise duty exemption benefit.
Here are steps to be followed to file this GST returns on the Government portal. GSTR-5 must be filed monthly by 20th of next month by Non resident GST taxpayers. Here is step-by-step guide to file GSTR-5 on GST portal. The government mandates the filing of Information Returns under GST for certain class of persons.
GST Full Form is Goods and Services Tax. Before learning more about Goods and Sevice Tax, let's try to understand how taxes in India work. The Government of any country needs money for its functioning and taxes are a major source of
20 lac show credit amount part of this transtation and when paid then clear from this month of entire and submit monthly as same srb returns.
advocate high court
& income tax petitioner hyd.
Step 1: Access the eway bill generation portal at https://ewaybill.nic.in/ and enter the login detail to enter the platform.
Step 2: Click on the “Generate New” option from the eWay bill- Main menu page to generate a new eWay bill.
Step 3: A new eway bill generation form appears.
An eway Bill is an ‘electronic way’ bill for movement of goods which can be generated on the eWay Bill Portal. Transport of goods of more than Rs. 50,000 (Single Invoice/bill/delivery challan) in value in a vehicle cannot be made by a registered person without an eWay bill from 1st April 2018. E-way bill can be generated or cancelled through the e-way bill website, LEDGERS GST Software, SMS, Android App and by Site-to-Site Integration (through API). When an eWay bill is generated a unique eWay bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter. In this article, we look at the steps to generate a e-way bill on the Government website.