Dear Sir,

We are deducting TCS @ 0.075% from 01.10.2020 onwards on supply of goods.

Kindly advise is it required to deduct balance outstanding as on 30.09.2020 is also applicable TCS.

Best regards
Mahesh

One E commerce company (ABC) into the business of Food delivery.

Rahul a customer place an order on 15th Dec, 2020 via ABC company website/APP to deliver food on 2nd Feb, 2021 as per his choice of restaurant and menu. Rahul paid full amount in advance on 15th Dec to ABC. Restaurant (XYZ) will deliver food on 2nd Feb, 2021 and will get payment from ABC after the delivery of Food as per agreement with ABC.

All the Payment received by ABC will park in there nodal Account. ABC will received there commission only after the delivery of food and XYZ restaurant also received amount from ABC nodal account after the delivery of food to customer.

Invoice will be issue by XYZ on the date of delivery of food. ABC will issue invoice to XYZ for commission after the delivery of food.

Note: As per RBI, nodal Account balance not part of ABC Books of accounts at any point of time.

In the above scenario. Is XYZ is liable to pay GST on advance payment received by ABC in there nodal account? How GST treatment will happen?


Thanks in advance.

Sir,
One of a I.t Assess (husband) some amount rs:80 lacs transferred to another I.t Assess(wife) bank account transfer.this amount wife used for some loans repayment purposes
Question:
Above transactions both assess treatment for cash gift to wife or cash loan to wife benefit and safe under I.t. act.

Hi There,

I have a question related to capital gain on my property sold.

I purchased a flat by entering into an agreement of sale (Notarised) in Nov 2013 for 28 Lacs and got the possession in Oct 2016. The sale deed was not registered at this time but was done in Jun 2018 (Stamp duty paid 3 Lacs).

I sold this flat in Dec 2019 and the sale deed was registered for 40 Lacs.

My question is what will be the nature of capital gain here- Long/Short term?
Amount of capital gain tax for AY 20-21.

Thanks in advance.
Regards

Dear all

Mr. X is a builder
Flat value 50lakh
Semi finished flat was sold for 35 Lakh
for remaining work 15 Lakh he entered in to construction agreement with buyer on same day

Doubts
Now builder has to pay GST 5% on 35 Lakh and 18% on 15 Lakh
Or
5% on 50 Lakhs

please clarify me

Dear Sir/Madam

credit Note and Debit Note raised by vendor and it is reflected in 2A, In GSTR3B where should I report these.

A GST registered taxpayer is filing return for Jan 2020. He is having RCM liability. He files the return on 20.05.2020 for Jan 2020.

He discharges his RCM liability and takes ITC in Jan 2020 return.

Whether he is eligible for the ITC in Jan 2020 or in May 2020.

dear sir,
supply of live fish is exempted under gst. whether live fish cutting and cleaning charges, transportation charges exempted under gst or not? If taxable which rate is applicable.

We issued a e way bill to deliver the material but the buyer denies to accept the goods and 4-5 days have elapsed now the E way bill can not be cancelled and hence Sale bill too can not be cancelled..Buyer also denied to issue any debit note..
What is the remedy of the same Sale has not taken place in actual so i suggested to issue credit note ...is it ok?

Dear Madam/Sir

Whether sale of scrap (like TMT Scrap, Structural Steel Scrap, Cement Bag Scrap etc.) in construction sector attract TCS U/s 206C(1H) ?

Regards,
Dilip Baranwal