Dear All,

Please clarify the confusion through Illustration below :-

A company has given a contract of Rs, 9,60,00,000 (Excluding of gst @ 28%) to a civil contractor for construction of office Building

The company is engaged in manufacturing and supply of Taxable commodities as has branches through out the country.

"Now we know that under section 17(5) of cgst rule this type of input is ineligible for ITC against your taxable supply"

My question is if we consider the same, it is treated as Fixed Assets(Building) of the company therefore according to my valuation = Rs. 9,60,00,000 + Rs. 2, 68,80,000(GST)= Rs. 12,28,80,000 to be transfered to Building(Fixed Assets A/c)

now at the end of the year on what amount I will calculate Depreciation.......?
Whether, we need to calculate depreciation on the full amount inclusive of gst= Rs. 12,28,80,000/- as I have not availed the input......against taxable supplies.

Or, we need to calculate depreciation on the Amount (Exclusing GST)= Rs. 9,60,00,000/-........................?

Which one is correct.

Dealer sales of jewellery value rs.87,150/- making charges rs.6150/-total invoice value rs.93,300/-
Question:
If dealer composite scheme registered gst applicable value on rs.93,300 or rs.87,150
And rate of tax applicable.
If dealer regular scheme registered gst applicable value on rs.93,300 or rs.87,150/-
And rate of tax applicable.

Please can anyone clear my concept?.
1) I have confusion regarding Equity share capital against outstanding shares.
Equity share capital is shown in Balance sheet liabilities side for outstanding shares .Which outstanding shares are shown whether it hold by outsiders only or also promoter holding in equity share capital.
2) What Rate per share is taken for for multiplying x No of outstanding shares .
I think they do calculate share at issue price which is issued during ipo
For eg Rossari Biotech IPO issued at Rs 425 per share.

I purchased some goods in the month of May'20, and I could not sell anything in the month of May'20. So no sales was reported in May'20. I filed Nil returns for May'20, is it right.
But sold the goods in June'20, can I claim the ITC for the goods purchased in May'20 in my June'20 returns

Can we claim ITC for gold/silver purchased for own use & it will not be given as gift to anyone

We are running a business of transportation of school students. However we do not receive any consideration from school nor we raise any invoice on school. Entire consideration is received from school students directly. Now my question is whether these services is taxable or exempt?

Respected Sir,

Whiling fixing the due date for GSTR-3-B there is a criteria of sales turnover in preceding financial years ( less than 5 crores and more than 5 crores ) and accordingly due dates are fixed.

Whether the same issue is with GSTR-1 due dates?

Whether the due dates for GSTR-1 are not related with sales turnover in preceding financial years

Please guide me and oblige.

Practicing chartered accountant who is a statutory auditor of the company, can do internal audit of that company through company/llp in which his wife & cousins are directors (That ca is not a director of that professional company. he is shareholder only)

sir,
please clear the confusion that interest rate applicable on reversal of wrong claim of itc in gst WITH OR WITHOUT INTENTION OF FRAUD.(By Drc-03)
is it 24% or 18%

One of my friend will purchase a car . Suppose car value of Rs 750000/-. He will pay of Rs 195000/- as a down payment . Bank will provide the loan of rest of the amount.

please inform me, if he is unable to pay the EMI , ownership of the car to be transfered to the Bank.