e-invoicing means the invoice shall be prepared after obtaining an Invoice Reference Number (IRN) by uploading specified particulars (in FORM GST INV-01) on the notified Invoice Registration Portals (IRP).
The interest liability for any belated remittance is an economic consequence. The tax laws are no exception to this rule. GST law provides for interest @18% on the delayed remittance of the tax after due date.
Non-resident taxable person means any person who occasionally undertakes transactions involving supply of goods or services or both, whether as principal
GST Law permits refund of unutilised ITC in two scenarios, namely if such credit accumulation is on account of zero rated supplies or on account of inverted duty structure, subject to certain exceptions.
Recovery of Transportation charges by employer from employees not taxable, ITC to extent of transportation cost borne eligible
Input Tax Credit or ITC is a credit that can be used to pay off the tax liability of registered taxpayers. It is a tax paid by the person registered under the GST Act when he purchases goods or avails any services from a registered taxable person.
As per the update released on 5th September 20, on GSTN Portal, Values of GSTR 1 have been provided to taxpayers for assistance to get auto-drafted values of Table 3 of GSTR 3B.
“Job work means any treatment or processing is undertaken by a person on goods belonging to another registered person and the expression ‘job worker’ shall be construed accordingly.
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*.
Key Actionable Items for FY 2019-20 before September 2020 returns