Hello Experts,
I have done GST registration of one proprietorship firm in the month of February 2018. The firm was established in the year 2014. It has VAT registration. Please guide me now to go ahead with GST returns now? Do i need to file GST returns from July 2017 onward and pay GST if any? or can i start filing GST returns from February month onward? Please tell me exact procedure from begining. Also what about TRANS 1 & 2?

Can only one director sign the financial statement of private limited company?

Respect to all,

Under presumptive taxation scheme under 44AD Gross Net profit fixed for 8% on total Gross receipts?
for example My Gross receipts is Rs. 20,00,000/- and My profit % exactly shown on 8% or above or incase My profit % is 15% is it shown it or net?
and second doubt is Under ITR -4S return as 2 columns are there 1) is Sundry Debtors and 2) is Sundry Creditors
Total Debtors and Creditors value shown in return including taxes or Excluding Taxes?

Please Clarify us

Does Composite supply applies for only TAXABLE supplies or for EXEMPT supplies also?

As per Sec. 2(30) of CGST Act, composite supply means a supply made by a taxable person to a
recipient consisting of two or more TAXABLE SUPPLIES of goods or services or both.

That means we can interpret this for supply of ONLY TAXABLE goods or services or both.

Suppose if the composite supply involves one taxable supply and other exempt supply, will the provisions of section 2(30) and Section 8 applies to arrive at Rate for composite supply? Since the definition of composite supply applies only for combination of taxable supplies and not for combination of taxable and exempt supplies.

Please suggest.

Dear Experts,

I need to confirm that if the company has not file tds return for whole year ( all quarters ) and tds deposited per month against the parties then can i show all tds data in 4th quarter showing the late deduction ,purpose of saving the late fee u/s 234e 200 per day.

Kindly suggest
Aarif
9971412587
maarif24@gmail.com

Respected Sirs. I have heard that if we opt 8% nett profit u/s 44-AD for the assessment year 2017-18 (Year ending March 17), we will have to maintain the same nett profit of 8% for the next five years also i.e for the coming assessment years Ay 19.20,21,22,23. Now the issue is as of high sales turnover. For example for the next assessment year if by the way the nett sales turnover exceeds Rs 2 crores, 8% nett profit will arrive as at 16 lacs and for a proprietor nett business profit of Rs 16 lacs will attract too much tax liability. Please guide me as I am not able to understand the logic behind that. What does the income tax department want to make us understand ?

We are in Automobile Industry. We are Exporting our Products to South Africa through Renault. The Shipping bill is in INR & we also receiving payment from Customer in INR. Can we avail EPCG benefit?

Does the amount of bad debts written off in earlier years written back in the current year forms the gross receipts for arriving at the limit for tax audit purposes?
j r kota

For unregistered professional..under gst, how will we treat his income receipt basis or bill wise?

Dear Sir,

We have wrongly filed GSTR3B for the month of July-17 & Aug-17. We wrongly mentioned IGST against export amount under table 3.1(A) i.e. Outward taxable supply (other than zero rated, nil rated and exempted) instead of table 3.1(B) i.e. Outward Taxable Supply (Zero Rated).

Hence, our refund against IGST paid on exports has been stuck up. Refund can not be processed until GSTR3B and GSTR1 data matches. So, what can be done in this case?

Please reply.

Thanks

JATIN