This query regarding one of my client’s situation where Input Tax Credit (ITC) was reversed every month in GSTR-3B Table 4(B)(2) (“Others”) during FY 2024-25, intended to be reclaimed in Table 4(D)(1) (“ITC Reclaimed which was reversed under Table 4(B)(2) in earlier tax periods”) in the subsequent month, but not included in Table 4(C) (“Net ITC available”) due to this reason ITC as per Books and ITC as per Credit ledger Not Matched, and even difference arise exact reverse and reclaim amount, Kindly provide a solution for this issues based on the Central Goods and Services Tax (CGST) Act, 2017, and CGST Rules, 2017.

WHICH SECTION OF INCOME TAX EXEMPT SALARY OF MERCHANT NAVY OR SEAFARERS.

As Per ICAI GN the derivative turnover is
(i) The total of favourable and unfavourable differences in case of squared off transactions shall be taken as turnover.
(ii)Premium received on sale of options is also to be included in turnover. However, where the premium received is included for determining net profit for transactions, then such net profit should not be separately included.

Please confirm whether we have to take the premium on sale of options in turnover calculation and if the the transaction in profit then leave profit part as it is already in sale premium. for example : one buy 100 qty @ 100 and sale it as 120/-. then the profit is 2000/-.,
Now please clarify what will be the turnover. Either the turnover should be 2000/-( only profit) or sale premium value of 12000/-. and we ignore profit of 2000/- to remove double counting. ( which is complaint with the GN)

Dear Sir/Madam,

Please assist under business auxiliary services.

We have taken the consolidated marine insurance policy in our name "to cover the risk of loss of cargo/high value shipments" of our clients (consignee/importer).

e.g.
Premium paid to Insurance Company by us on behalf of 'actual clients'.
If any claim during the shipment imports from place of outside of India, it will be settled to beneficiary/clients account directly.
We are providing the additional service to our client to secure the import of goods in Transit.

After successful delivery of the goods, we raise our bill to recipient as Re-imbursement of marine insurance premium paid without addition of margin.

In this matter is there any GST or RCM applicable or not?

Waiting for your reply.

Dear Experts
My client has only RENT INCOME under GST. Now, They are taken some ITC against stationery expenses and BSNL telephone expense. It's correct ??

Where from exchange rate should taken against USD for export of goods for the purpose of GST in voice & shipping bill? Please share relevant circular and also link to exchange rate

Sir,
I had purchased 9 lakh Axis overnight mutual fund on 12/11/24 which I redeemed on 25/11/24. Again bought 9 lakh Axis overnight mutual fund on 03/01/25 with same corpus which I redeemed on 25/03/25. So total money involved is 9 lakh only. But in AIS for AY 25-26, AMC has reported this as purchase of 18 lakh in 1 count cumulatively instead of 2 counts as if I have purchased high value 18 lakh at one shot which may be counted as high value transaction in AO's eye and I may be served notice or scrutiny may come.

My question:
How ro response and explain to AO if 143(2) or 148A or 69 notice is sent to me ?

Thanks

I had cancel my clients GST registration in June 2022. But now my client received notice for non filing Form GSTR-4 (Annual).

Is there any penalty / late fees for failure to file Annual return.

ITC which we are not claiming in GSTR3B i.e ineligible ITC, is it neccessary to show seperate in GSTR3B and GSTR9 because some figures auto populate from GTSTR2B in ineligible ITC Coloumn and some are not.

For Example-ITC on insurance of personal vehicle which is registered in company name is ineligible and that ITC which auto populate from GSTR2B comes in "others'' coloumn not in ineligible ITC coloumn.

So if we neither show this ITC in ''others'' coloumn nor in ''ineligible itc'' coloumn, will it make any difference?

Sir I am freelancer and doing grafic design work . Under which business code I have to file ITR.