The government has launched form GSTR 2B for the Input Tax Credit. The form will help the government as well as the assessees in matching the input and output of ITC in forms GSTR 3B, GSTR-1, and GSTR 2A, accordingly.
Recently GSTN has rolled out few enhancements on the GSTN portal for the benefit of taxpayers.
Section 2(68) of the CGST Act, 2017 defines job work to mean as 'any treatment or process undertaken by a person on goods belonging to another registered person'.
GSTR-2B is going to be such an auto-drafted ITC statement , which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, GSTR-5 and GSTR-6 .
Know the tax implications on Joint Development Agreement under provisions of GST and Income Tax
In the 41st GST Council Meeting, the states were given two options to make up for their revenue shortfall amid the Covid-19 pandemic.
In 39th GST Council meeting held on 14th March 2020 it was proposed that as a measure for Trade Facilitation Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).
Credit note is issued when issuer owes money to someone (means issuer has to give money to someone). Someone here means the person to whom the Tax Invoice has been issued.
The joint development agreement is a contract between a landowner and a real estate developer to build a new project on the land of the owner.
As per the latest amendments in the CGST Rules Aadhaar Authentication has been made mandatory for GST Registration