GST Council had earlier decided to defer the filing of return in FORM GSTR-3 and had recommended the filing of return in FORM GSTR-3B. Accordingly, the Central Government vide notification No. 21/2017-Central Tax dated 08.08.2017 had notified the last date for filing of return in FORM GSTR-3B for th..
Introduction: This article discusses in detail about GSTR- 3B, its related aspects & its filling process.
For months of July and August GSTR1 and GSTR2 are not to be filed and thus GSTR3 will not be formed because it is the auto-populated form and thus GSTR-3B comes into scenario.
Question 1: How are exports treated under the GST Law?
Answer: Under the GST Law, export of goods or services has been treated as:
• Inter-State supply and covered under the IGST Act.
• 'Zero rated supply' i.e. the goods or services exported shall be relieved of GST levied..
Introduction: This article discusses in detail about place of supply, its importance & place of supplier of services & recipient of service and determination of nature of supply under GST.
GST is Destination based taxation or consumption based taxation. By Destination based tax we mean th..
Any pleasure issues out of pressure. The first delivery of a just married couple is full of expectation and hope, not only for the couple graced with but also for the people around; and the actual delivery after carrying period is full of exciting and thrilling. But, the period of carrying is one of..
GST on Gold Purchase
The tax slabs were announced on June 3rd, 2017 and gold will be taxed at a rate of 3%. In other words, all gold and gold-related jewellery would be taxed at a flat rate of 3%, which would be borne by the end consumer.
GST on Gold Making
In addition to this, the governme..
Mergers and acquisitions (M&A) are defined as consolidation of companies. Differentiating the two terms, Mergers is the combination of two companies to form one, while Acquisitions is one company taken over by the other. M&A is one of the major aspects of corporate financ..
What is Audit?
Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view.
Types of Audit
There are two types of audit, namely Statutory audit and Tax audi..
Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id's, ..
Make money work for you and do not work for money: The rich have money work for them. The poor and middle class work for money.
Asset or Liabilities: Rich people acquire assets, poor have only earning and expenses and middle class acquire liabilities that they think those are assets. T..
Finance Act 2017 had inculcated within it many promises for the welfare of public, but certainly amendment to section 132 of the Income Tax Act, 1961 negates that assertion. It had been proposed by the Finance Act 2017 that the requirement in relation to 'reason to believe' o..
How can I create and submit GSTR3B?A normal taxpayer is required to file GSTR 1, 2, & 3 returns for every
tax period. In case of extension of due dates for filing of GSTR 1 and GSTR 2,
GSTR 3B needs to be filed in addition to the GSTR 3.
To create and submit GSTR3B, perform ..
Arjuna (Fictional Character): Krishna, 15th August is the Independence Day of India. Freedom fighter fought in 1947 for Independence of the country. From last month GST has been applicable. So, on the occasion of this Independence Day what information about GST would you give?
Krishna (Fictional ..
It is essential for the government to issue certain exemptions and concessions considering the need of the economy and public policy for supporting certain initiatives and tax some highly to make up the revenues. Tax exemptions and concessions have been used as an instrument of fiscal policy to stim..
India, unlike many developed countries of the west, is more savings friendly. By being savings friendly we yearn to save more out of our disposable income, irrespective of the level of our earnings.
Warren Buffet advocates that one should focus on savings first and then whatever is left should be..
Finally the facility of E Way Bill and Generation of Transit Declaration Form has gone live on Uttar Pradesh Sales Tax Website.
The procedure of generation of E Way Bill/TDF is more organized and refined than before.
Main Highlights are summed up as follows:
Three Types of E Way Bills are t..
Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day
(1) Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, duly ..
In the era of digitized information, online advertising has grown leaps and bounds over the decade. In this regard, Google has introduced revolutionary technology called 'Google AdSense'. The said technology can be broadly classified in two types. One is 'AdSense for Search', where ..
One question every tax payer is asking is : how do I take transitional input credit before filing GSTR-3B for the month of July, 2017. There have been media articles describing this worry by businesses. No wonder, taxpayers have been tweeting to the Government as well for an answer. There have ..
The administration of tax is run through a mechanism there by maintaining a fine balance between the revenue collection and cash follow available to the business. In every tax statute there has to be a provision of refund for any amount which was not levy and collected properly or for the amount whi..