Sir, Please clarify me the following question?
TCS on sale of goods is collected higher than the rate what is specified in the Act, i.e. Actual TCS rate on sale of goods is 0.075% for the period from 01.10.2020 to 31.03.2021. But in some invoices TCS was collected wrongly at 0.75% for the month of Oct-2020. Till Now TCS Return i.e. Form 27EQ for the 3rd quarter of F.Y:2020-2021 was not filed. Now at which TCS rate we file the TCS Return i.e. 0.075% or 0.75%. If we want to file the TCS Return at 0.075%, the excess amount collected could be credited to party account by issuing a credit note. Please clarify me this could be RIGHT or WRONG & please clarify me what is the consequences of non filing of TCS return? THANK YOU SIR.

Hi All
One of my clients has imported material from Air way. Customer who has ordered the good, has agreed for reimbursement of these air freight charges. Now we have to raise seperate invoices one for materials and other for air freight charges. whether GST is chargeable on air freight charges. what will the rate for for the freight charges?

Thanks in advance.

Dear Experts.!

I was modifying details in Principal Place of Business in core fields but I received a validation error that is : Details of Birth of promoter does not match with PAN.

Then I corrected the DOB of promoter in Non Core fields as per PAN, which is successfully amended.
But in core fields in the details of promoter incorrect DOB is reflecting and there is no option of editing.

Plz suggest how to do correction in DOB of promoter in core field so that address modification can be done.

Dear Friends,

we are a company having 50+ crore business turn over
Do we have to Deduct TDS with effect from 01.07.2021, for any material purhcase from small vendors like stationery, office maintenance and others

Sir/Mam,
As the Income tax portal has been changed to a new one, we are facing many problems as the new website has not started working properly. While filing Form 35 for a company, the portal is asking me to enter DIN no and order no. separately. They are always the same and are mentioned in the order received. But when I am entering the details in DIN tab the following error pops up:

"please enter din as section selected by you at field 2(a) is other than 195 and the date of order is on or after 1st october 2019"

Today is the last day of filing an appeal with the department but still I am not able to do that. Please help. Is there any other format of DIN which is required to be entered in the new income tax portal?

whethr impairment of imported coal stock is to be valued and accounted for in the accounts of 2020-21? if so, what is the provision ?

Suppose Mr A is partner in a partnership firm ABC & Co. ABC & Co is engaged in dealing property ie purchase and sale of plot. Now Mr A transfer his personal Land as a capital contribution to the partneship firm which is received by the partnership firm as stock in trade because it is engaged in dealing land and latter this to be sold by firm as a normal course of business. My query is :-
1. What is the tax treatment in the above case.
2. Which section of income tax act can be apply.

Dear Expert,

I have downloaded Form 16 part B file from TDSCPC.gov.in and tried to convert it using conversion utility but '0' files are getting generated. How to solve this problem. I am attaching DSC for digitally signing it.

Sub: Un-priced Technical Price Schedule vs Encrypted BOQ Template Price Schedule – Taxation Clause – Request – Reg.

Sir,

Humble request to Experts for clarification on the issue of Tax applicability Clause:

Ours is a small scale MSME laboratory established by unemployed Graduate Brothers in Vizag district running on shoe-string budget. We were awarded AMC work by one institution during Dec 2020. Against submission of 1st Quarterly Tax Invoice, the approving authority replied that “As per the Agreement Page no: 38 &39 All quoted rates are inclusive of GST and the same were accepted by you. In this regard kindly submit the revised invoice with inclusive of GST Amount”.

In order to facilitate, kindly find below the contents of pre-existing factors for your kind perusal.

PAGES 38 & 39 SIGNED TECHNICAL DOCUMENT COMPRISING PRICE SCHEDULE

Sl. Item Descrip- Qty Units Rate inclusive Total Amt inclusive Total Amt
tion of all taxes of all taxes in words

BOQ TEMPLATE PRICE SCHEDULE
(This BOQ template must not be modified/replaced by the bidder and the same should be uploaded after filling the relevant columns, else the bidder is liable to be rejected for this tender)

Sl. Item Descrip- Qty Units Estima Basic Rate Total Amt Total amount
tion ted Rate in fig to be Without in words
entered by taxes in
the Bidder Rs. P

During this pandemic situation services rendered for “EXCLUSIVE OF TAXES“ would become a great blow on our financial stature. It may kindly be noted that Technical Bid document page 6 wherein it was indicated that “ Please note that Rates should not be quoted in the Technical Bid. Only Commercial Bid should indicate rates and should be uploaded on e-procurement portal."

Learned Experts are requested for issue of suitable directions since Rates Quoted on the basis of BOQ Price Schedule (without Taxes) Clause. Your valuable directions not only helps us to come across financial crisis but also helps us to render services without any encumbrances.

Look forward to receiving your valuable suggestions. Thanking you Sir, in advance.

Best regards,
Yours faithfully,

DSA Rao

Dear Sir/Madam

We are Gst registered Sole proprietorship concern providing security services to our clients through third party security agency. Security agency being non body corporate raise Rcm invoice on us and we raise Rcm invoice on our client being Gst registered person located in taxable territory.

As per Sec 17(2) read with Sec17(3) ,among other things, input tax credit is not allowed if the outward supply is chargeable under reverse charge. Due to this we are loosing input tax credit paid under rcm even in case of trading of service which should not be the motive of the Gst law.

IMPACT OF CASH FLOWS DUE TO INPUT TAX CREDIT BLOCKED UNDER SEC 17 (2) & 17(3) OF THE CGST ACT,2017 IN RCM CASES
DOCUMENT TYPE PARTICULARS RCM CASE (Rs) FWD CASE (Rs)

SECURITY SERVICE BILL TAXABLE VALUE PAID (100,000.00) (100,000.00)
GST ON RCM BASIS PAID BY
ME TO GOVT (18,000.00)
GST AS PER BILL PAID TO VENDOR (18,000.00)

SECURITY INVOICE
WITH MARGIN 50,000 TAXABLE VALUE 150,000.00 150,000.00
GST PAYABLE BY CLIENT -
GST AS PER INVOICE 27,000.00
NET GST PAYMENT TO GOVT
UNDER FWD CHARGE (27000-18000) (9,000.00)

NET CASH FLOW 32,000.00 50,000.00
DIFFERENCE IN CASH FLOWS (50,000-32,000) 18,000.00

COMMENT: THIS IS DUE TO NON AVAILABILITY OF INPUT TAXCREDIT PAID UNDER RCM WHEN THE OUTWARD SUPPLY IS NOT TAXABLE AS PE SEC 17(2) &17(3) OF THE CGST ACT,2017.THIS IS SERIOUS CONCERN AS INPUT TAX CREDIT IS GETTING BLOCKED EVEN IN CASE OF TRADING OF SERVICE.