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  • Taxability of Investment in Shares and Mutual Funds

    Tax Treatment on Income from Investment in Shares: -

    Investment in Shares gives two

  • Annual Return and Final Return in GST Regime



    Annual Return in GST Regime


  • Electronic Cash Ledger in GST and Utilisation of Balance in Electronic Cash Ledger


    Electronic Cash Ledger is a Cash Ledger in electronic mode on GST Portal that contains the amount of Goods and Service Tax deposited by Tax Payer in cash or any electronic mode. Electronic cash ledger is segregated in Major Head and Minor Head. Major Head is divided in IGST (Integrated Goods and Service Tax), CGST (Central Goods and Service Tax), SGST (State

  • GST Notification in Textile Industry On Inverted Tax Structure

    Introduction Based on the recommendations of the 28th GST Council Meeting held recently, the Board has issued the Notification bearing No. 20/2018 dt 26th July 2018 to give effect to refund the unutilized input tax credit (ITC) on account of inverted tax structure on textile products from 01.08.2018 for certain commodities, but all the inward supplies received upto the 31st day of July 2018, shall lapse, after payment of tax for and

  • ITC Rules on Capital Goods under GST with Example

    The definition of “capital goods” under Section 2 (19) of CGST Act means goods, the value of which is capitalized in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business. Input Tax Credit (ITC) plays the significant role in calculating and claiming the taxes under the ambit of Goods and Services Tax

  • Step By Step Guide For Downloading the FORM GST ITC 04 Offline Utility and its checking

    Downloading the FORM GST ITC 04 Offline Utility is a one-time activity, however, it may
    require an update in future if the Tool is updated at the GST Portal. Please check the version
    of the offline utility used by you with the one available for download on the GST Portal at
    regular intervals.
    To download and install the FORM GST ITC-04 Offline

  • Inter-State supplies under Model IGST Law – Treatment of FOR & Ex-works supplies

    One of the many disputes that have continued to exist in the present regime of taxation of sale of goods
    are the disputes pertaining to determination of the nature of transaction as inter-State sale subject to Central
    Sales Tax or local sale subject to VAT. Such disputes especially arise when assessee in a State sells goods to a
    buyer located in a different State.

  • Simple Guide to GSTR 9 (Revised) with Easy Online Return Filing Process

    The GSTR 9 is an annual return form to be filed by the regular taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year. Here, SAG Infotech briefs all the details and rules and regulations for GSTR 9 online filing along with step-by-step compliance procedure.

    Get to know all the related information of GST return 9 annual filing procedure, format, eligibility &

  • Gist of Recent GST Notifications dated 4th & 10th September 2018

    A. Gist of Notifications dated September 4th, 2018 issued under Central Goods & Services Tax Act, 2017-

    CBIC issued Notification No. Notification No. 39/2018 – Central Tax to Notification No. 42/2018 – Central Tax and notified Annual GST Return 9 for all eligible Taxpayers and 9A for Composition Dealers. In addition to that it extended due date for filing of ITC-04, Waived Late Fees for GSTR-3B,

  • How to make Payment of Form GST FORM DRC 03

    How can I make payment against the liability (tax, interest, penalty and others) based on self-ascertainment of tax before issuance of SCN or within 30 days of SCN under determination of tax?
    To make payment against the liability (tax, interest & penalty) based on self-ascertainment of tax before issuance of SCN or within 30 days of SCN under determination of tax, perform following steps:

    1. Access the www.gst.gov.in URL.

  • Question & Answers of Goods and Services Tax (GST)

    Q 1. What is Goods and Services Tax
    Ans. It is a destination based tax on consumption of goods
    and services. It is proposed to be levied at all stages right
    from manufacture up to final consumption with credit of
    taxes paid at previous stages available as setoff. In a
    nutshell, only value addition

  • FAQ on Levy of and Exemption from Tax- GST

    Q 1. Where is the power to levy GST derived from?
    Ans. Article 246A of the Constitution, which was
    introduced by the Constitution (101st Amendment) Act,
    2016 confers concurrent powers to both, Parliament and
    State Legislatures to make laws with respect to GST i. e.
    central tax (CGST) and state tax (SGST) or union territory

  • FAQ on GST Payment of Tax

    Q 1. What are the Payments to be made in GST
    Ans. In the GST regime, for any intra-state supply, taxes to
    be paid are the Central GST (CGST), going into the account
    of the Central Government) and the State/UT GST (SGST,
    going into the account of the concerned State Government).
    For any

  • FAQ on Electronic Commerce

    Q 1. What is Electronic Commerce?
    Ans. Electronic Commerce has been defined to mean the
    supply o f goods or services or both, including digital
    products over digital or electronic network.

    Q 2. Who is an e-commerce operator?
    Ans. Electronic Commerce Operator has been defined to
    mean any person

  • FAQ on Returns Process and matching of Input Tax Credit

    Q 1. What is the purpose of returns?
    a) Mode for transfer of information to tax administration;
    b) Compliance verification program of tax
    c) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period;

  • FAQ on Refunds in GST

    Q 1. What is refund?
    Ans. Refund has been discussed in section 54 of the CGST/SGST Act.
    “Refund” includes
    (a) any balance amount in the electronic cash ledger so claimed in the returns,
    (b) any unutilized input tax credit in respect of (i) zero rated supplies made without payment of tax or, (ii) where the credit has accumulated on account of rate

  • GSTR 9C : Reconciliation Statement & Certification- Filing, Format & Rules

    The Central Board of Indirect Taxes and Customs, vide notification no. 49/2018 – Central Tax dated 13th September, 2018, has provided the format of FORM GSTR – 9C.

    As per section 35 (5) of the Central Goods and Service Tax Act, 2017, read with rule 80 (3) of the Central Goods and Service Tax Rules, 2017, FORM GSTR – 9C is required to be filed by every registered person whose aggregate turnover during a

  • Guidelines for Deductions and Deposits of TDS by the DDO under GST

    Section 51 of the CGST Act 2017 provides for deduction of tax by the
    Government Agencies (Deductor) or any other person to be notified in this
    regard, from the payment made or credited to the supplier (Deductee) of taxable
    goods or services or both, where the total value of such supply, under a contract,
    exceeds two lakh and fifty thousand rupees.

  • FAQ on Appeals, Review and Revision in GST

    Q 1. Whether any person aggrieved by any order or decision passed against him has the right to appeal?
    Ans. Yes. Any person aggrieved by any order or decision passed under the GST Act(s) has the right to appeal under Section 107. It must be an order or decision passed by an “adjudicating authority”.
    However, some decisions or orders (as provided for in
    Section 121) are

  • FAQ on Advance Ruling

    Q 1. What is the meaning of Advance Ruling?
    Ans. As per section 95 of CGST/SGST Law and section 12 of UTGST law, ‘advance ruling’ means a decision provided by the authority or the Appellate Authority to an applicant on matters or on questions specified in section 97(2) or 100(1) of CGST/SGST Act as the case may be, in relation to the supply of goods and/or services proposed to be undertaken or being undertaken