GST Form ITC-01 is a declaration form that is used to claim the input tax credit. An input tax credit means that a taxpayer can claim the amount that has been already paid as GST while making GST payment to the Government which was collected from the customers.

Entitlement of the Form

According to Section 18(1) of the CGST Act 2017, the registered person

What is GST ITC-04?
ITC – 04 under GST is a form which has to be furnished by registered manufacturers, showing the details of inputs or capital goods dispatched or received from a job worker in a particular quarter.

What are the details to be furnished in ITC -04 under GST?
The details of the following 4 types of transactions need to be furnished in Form ITC-04 under GST:

Inputs or Capital goods dispatched to job

The GST Network has released an all-new Input Tax Credit (ITC) matching tool on 18th September 2020 on the GST portal. This tool is available for the regular or average taxpayers registered under GST along with the SEZ units or SEZ developers or casual taxable persons.

An

GST related activities including GST Filing, GST registration, and application of GST refunds which are done online. The official GST portal is providing a range of downloadable GST offline tools. The best part about the GST offline tools is that they are available for free and can be used to perform key tasks including preparation of GST returns even if you do not

The Ministry of Corporate Affairs (MCA) has on the 29th of March notified the launch of a form known as e-form AGILE (Application for Registration of the Goods and Services Tax Identification Number (GSTIN), Employees’ State Insurance Corporation (ESIC) registration plus Employees Provident Fund Organization (EPFO) registration). As is suggestive, the form covers three important registration required for a business – namely GSTIN, ESIC and

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore*.

*CBIC has notified the

GST on lottery sales has caught the attention of GST Council since the 31st GST Council Meeting.

Tax revenue from the sale of lottery tickets has been a major source of Exchequer for the Government. Hence, it becomes pertinent to analyse the GST implication on the sale of

Filing Reply for Form GST DRC-22
GSTR-22 is a form used by the concerned authorities for provisionally attaching the properties, bank account etc of the taxpayer. This article guides such taxpayers on filing reply to form GST DRC-22 against the proceedings

1.Introduction

Any supplies made by a registered dealer as an export (both goods or services) or supply to an SEZ qualifies for Zero Rated Supplies in GST. The rate of tax on such supplies is ‘Zero’ or we can say the supplies are tax-free.

The supplies to a developer of an SEZ is also covered under Zero-Rated Supplies in GST as no tax is levied on these supplies as

Notice and Order for Demand of Amounts Payable Under the Act
(1) The proper officer shall serve, along with the (a) notice under sub-section (1) of section 73 or sub-section (1) of section 74 or subsection

Guide on DRC-03: Applicability and Procedure to pay Additional Tax

The history of cryptocurrencies can be traced back to (another) tumultuous time during the 2008 financial crisis when the trust in financial participants, such as banks and government institutions, was sharply waning. Bitcoin

Imports of COVID-19 relief material, including vaccines, medical oxygen and Remdesivir vials, will get a conditional ‘ad-hoc’ Goods and Services Tax (GST) exemption till June 30, the Finance Ministry said on Monday.

The government had already exempted the import of these

The term Inverted Tax Structure refers to a situation where the input GST rate (i.e. GST rate paid on inputs received) is more than the output GST rate (i.e. GST rate payable on outward supplies). Simply speaking, a taxpayer will end up paying more tax on purchases when compared with the tax on sales.

The taxpayer is eligible for the refund of accumulated input tax credit (ITC) due to the inverted tax structure. Form RFD-01 has to be

1. Form GST RFD-01
Any person claiming the refund of the tax, interest, penalty, fees paid by him has to file Form GST RFD-01 electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner except the following:

Any specialized agency of the united nation organization
Multilateral Financial Institution
An organization under the United Nation

1. Quarterly Return Monthly Payment Scheme (QRMP) is a scheme notified by the Government allowing a registered person having aggregate turnover up to five (5) crore rupees to furnish return on a quarterly basis along with monthly payment of tax. CBIC vide circular no. 20/01/08/2020- GST dated 10 November 2020 clarified various issues related to the QRMP scheme

2. Effective Date – The scheme will be implemented with effect from 01 Jan

What is job work?
Job work means processing or working on raw materials or semi-finished goods supplied by the principal manufacturer to the job worker. This is to complete a part or whole of the process which results in the manufacture or finishing of an article or any other

CBIC has issued various notifications yesterday i.e on 10th Nov, 2020 amending various rules in respect of return filing. A summary of the same is as below:

♦ Notification No. 82/2020 – Central Tax

All About Decoding Section 16(4)- ITC on CGST, SGST & IGST

Pre-filled tax forms and greater transparency requirements are coming to businesses in 2021, with the Goods and Services Tax (GST) Council clearing key changes to the return filing process on Monday.

Monthly GST returns of businesses giving summary of all transactions in the