Latest posts on "gst"

 The supplier must mention in his tax invoice if the tax is payable on reverse charge. Self-invoice (daily basis) for consolidated purchase made from unregistered persons during the day.

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As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017, “GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called.” This means, while others might also hire out vehicles for goods transportation, only those issuing a consignment note are considered as a GTA.

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The concept of Credit Transfer Document (CTD) has been recently introduced in GST to transfer CENVAT credit paid on specified goods available with a trader on GST implementation date. A Credit Transfer Document (CTD) is a form issued by a manufacturer of goods, as an evidence of payment of Excise Duty on goods manufactured and cleared before 1st July.

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Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. In simple words, GST is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existed in India. GST tax is applicable in five slabs namely NIL, 5%, 12%, 18% and 28% for all items in India.

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The deadline for first GST Return, GSTR- 3B, has been extended (states are still coming up with Notifications) to August 28 from its original deadline of August 20. • However, we must keep in mind that this is only for taxpayers who opt to use the opening balance of pre-GST credit in the current month. Those who do not wish to claim opening credit in the current month or those who have no credit; the deadline continues to be August 20. • The extended deadline also allows the taxpayers to file form TRAN 1 by August 28, which is a pre requisite as per the strict interpretation of law to claim the opening credit

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