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  • Guide on GST DRC 06

    Under the GST regime, tax is paid on a self-assessment basis. If the self-assessment is incorrect, the Department can issue a Notice. A Notice can be issued for short payment/non-payment of taxes, claiming an erroneous refund, wrong availment of ITC, etc.
    Notices are issued

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  • Handbook on GST ITC-01

    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

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  • Guide on GST ITC-04

    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

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  • All About Offline Matching Tool to Compare ITC in GSTR-2B With Purchase Register

    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

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  • A Guide on GST Offline Tool- TRAN-2

    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

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  • Guide on Applying for GST Registration on MCA Portal through SPICe-AGILE Application Form

    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

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  • Guide on GST Composition Scheme

    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

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  • Roadmap of GST on Lotteries

    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

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  • Handbook on GST DRC-22

    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

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  • Zero Rated Supplies- Impact On GST

    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

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  • Handbook on GST DRC-20, Chapter 18 – Demands and Recovery

    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

    What is form DRC-03?

    DRC-03 is a payment form in which a taxpayer can pay the tax by raising its liability voluntarily or in response to the show cause notice (SCN) raised by the Department. Below is the format of Form

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  • Decrypting Crypto: A Look At Cryptocurrencies And Its Regulation In India

    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

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  • All About GST on Vaccine, Oxygen Concentrators & other allied items

    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

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  • Note on How to Claim Online Refund of ITC Accumulated Due to Inverted Tax Structure

    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

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  • Note on Forms for application of refund under GST

    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

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  • Guide on QRMP(Quarterly Return Monthly Payment) Under GST

    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

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  • A Guide on Job Work Under GST India

    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

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  • Article on GST Notification issued on 10-11-2020

    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

    Goods and Service Tax has brought the ray of hope of increased revenue for Government and elimination of cascading effect of multiple taxes and simple tax structure for Assessees. GST has now become a reality and it will finally be implemented with effect from July 1, 2017. With only less than 6 months left, it is important for all the stakeholders to be familiar with GST provisions. In this article, author has tried to articulate the basic

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