Dear Experts,

If GTA is currently registered under RCM and not charging GST to the customers. Accordingly, does not avail the input credit. Now, GTA want to opt for Forward Charge mechanism as per the notification 20/2017 dtd 22-08-2017. Whether such option cane be availed from any date or is it mandatory to opt for such option at the beginning of the financial year?
Once option is selected, whether it remains irrevocable?

Can you guide me what is the accounting entry for 1)Parent to a subsidiary sales, purchase, loan 2)subsidiary to parent sales, purchase, loan. What should be accounting entry if the parent provides part of margin money to obtain a bank loan, is margin money should be treated as a loan to subsidiary by parent and vice a Versa?

Can ITO Levy Penalty U/S 234F in revise Income Tax Return?

I have Submitted Income Tax Return A.Y.-2019-2 on Dt. 31.08.2019 showing Income Rs. 317000/- and e verified on 24.12.2019. Thereafter I filed a revised I.T. Return on Dt. 24.12.2019 and showing Income Rs. 340000/-. Thereafter I got Intimation U/s 143(1) on Dtd. 13.01.2020 showing Penalty U/s 234F of Rs. 1000/-. I want to Know that an ITO can Impose Penalty U/s 234F in Revise Return or not ? Please Answer anyone
Thanks & Regards.

DEAR SIR/MADAM
INCOME TAX RETURN FILLING COMPULSORY IF FILED IN ASSESSMENT YEAR 2018-19 AND ASSESSMENT YEAR 2019-20 HAS TAX FREE INDIVIDUAL INCOME ????

PLEASE REPLY THE SAME.

Sir/ Madam
Kindly clarify regarding the below mentioned suitation:

An Indian holding company wants to raise funds from its wholly owned foreign subsdiary
whether the External Commercial borrowings are applicable?

If so, kindly share the relevant notification issued by RBI for reference

Thank You in Advance

Dear Experts!
In some cases we do provide the food cooking and serving service at client premises occasionally. However I had not find the Gst rate & HSN of this service yet. Pls let me know the HSN code and GST rate of this service. However materials of foods are provided by client.

Thanks
Karan

Party had imported goods but not paid RCM on ocean freight. If Party pay now RCM on ocean freight of FY 17-18 & FY 18-19 with interest then can party claim ITC of FY 17-18 & 18-19 ?

There are some vendors filing their return on quarterly basis. As the due date is 31st for them in our Dec 2A the input credit of the same is not reflecting.
What to do whether to claim such input of oct-Dec in Dec GSTR3B or claim in Jan GSTR3B.
As if they will file return before 31st Jan then again GSTR2A of Dec will change.

Hello All,
I've a couple of doubts in understanding TDS application in Credit Note. Hope you can clarify it.

Consider I've a tax invoice

Invoice 1
Base Amount : 100
GST : 18
TDS : 10
-----------------------
Total Payable : 108

1. So if the seller has to issue a credit note the above
A. Will the credit note be of 108 or 118?
B. In case I do not want to transact with the seller/vendor anymore, will he issue me a credit note of 108 / 118? And much cash will I receive from the vendor?
C. How does the seller/vendor deal with TDS?
D. When I apply my credit note for the above invoice in a new invoice (Invoice 2), will I apply 108 against the invoice payable value(excluding the TDS) or will I apply 118?

Its very confusing for me on how the reconciliation will work for TDS.

Please help me out.

Thanks in advance.

There is no business trnsaction since July 2017.At present i want to cancell GST registration. I will done by deptt suo -moto ?If I want to file GSTR1 & 3B then Apply for cancellation, then how much would be intt. or penalty ?