Displaying all posts within 1 days
Posted On : 31 October 2026
In Reply To :
Nil return but late fee charged
If the firm has stopped business, apply for cancellation in REG-16 after filing pending returns, then file the final return GSTR-10 within 3 months of the cancellation order; meanwhile nil returns can be filed by SMS, and late fee for nil returns is now Rs 20 per day capped at Rs 500 per return.
Posted On : 31 October 2026
In Reply To :
Can we claim itc on gold while gifting to our customer
ITC is blocked under Sec 17(5)(h) for goods given as gifts, so the 3% GST becomes part of the cost; but for income tax, gifts to customers for business promotion are generally allowable as business expenditure, so the GST bar does not make the expense disallowable.
Posted On : 31 October 2026
In Reply To :
Export of goods in first time
With IGST-paid exports the shipping bill itself is the refund claim: ICEGATE processes it once GSTR-1 Table 6A and GSTR-3B are filed and match the shipping bill, crediting the bank account registered with customs; alternatively export under LUT (RFD-11, filed each year) without tax and claim refund of accumulated ITC.
Posted On : 31 October 2026
In Reply To :
Details to provide in gst return by gta
Once registered, a GTA must file GSTR-3B every month (nil if needed) and report RCM supplies invoice-wise in GSTR-1 Table 4B marked reverse charge; a GTA supplying only under RCM need not register (Notfn 5/2017-CT), and since 2022 a GTA wanting to charge tax itself must file the Annexure V option by 31 March for the next year.
Posted On : 31 October 2026
In Reply To :
chance of service in composition
This was later done: service providers with turnover up to Rs 50 lakh can opt for a 6% composition (3% CGST + 3% SGST, no ITC) under Sec 10(2A) and Notfn 2/2019-CT(R), and goods composition dealers may also supply services up to 10% of turnover or Rs 5 lakh, whichever is higher.
Posted On : 31 October 2026
In Reply To :
Rcm details in gstr1
Correct that inward RCM is not reported in GSTR-1; it goes in GSTR-3B Table 3.1(d), paid in cash, with the same amount claimed as ITC in Table 4(A)(3); and freight is under RCM only if the GTA has not opted to pay tax itself under forward charge.
Posted On : 31 October 2026
In Reply To :
Regarding amendment in gst amendment
As the PAN changes, the proprietor must obtain a fresh registration on his own PAN and the firm's GSTIN be cancelled in REG-16 citing change in constitution, with unutilised ITC transferred to the new GSTIN through ITC-02 (Sec 18(3), Rule 41); this cannot be done by amending the existing registration.
Posted On : 31 October 2026
In Reply To :
Tax rate
A dealer in second-hand goods who has not availed ITC on them (e.g. bought from individuals) may pay GST only on the margin, sale price less purchase price, nil if negative (Rule 32(5)), at the goods' normal rate; on the follow-up, composition manufacturers pay 1% (0.5% CGST + 0.5% SGST) of turnover since 1 Jan 2018.
Posted On : 31 October 2026
In Reply To :
Gst on service
If the erection results in or relates to immovable property (e.g. plant fixed on foundations, structural work), place of supply is the site under Sec 12(3)(a) IGST, so Maharashtra CGST+SGST is right and the AP firm cannot use that credit without a Maharashtra registration; IGST under Sec 12(2)(a) fits only erection of movable equipment.
Posted On : 31 October 2026
In Reply To :
Gstr 4
A person dealing only in exempt goods is not liable to register at all (Sec 23(1)(a)) and can apply for cancellation; if registration is kept, a nil CMP-08 (fileable by SMS) is due each quarter and the annual GSTR-4 by 30 April, with exempt sales reported there.
Posted On : 31 October 2026
In Reply To :
ITC in case of works contract
ITC on chemicals and epoxy used in flooring done for customers is fully available: Sec 17(5)(c)/(d) blocks credit only for works contracts or construction on one's own account, and here the works contract service (18%) is the taxable output; reversal is needed only for material used on the firm's own premises.
Posted On : 31 October 2026
In Reply To :
Civil Contrator
On the follow-up: the excess Rs 2,000 simply stays in the electronic credit ledger and is set off against later months' output tax; it is refundable only for zero-rated supplies or where it accumulates because input rates exceed the output rate (Sec 54(3)); note cement is now 18% from 22 Sep 2025.
Posted On : 31 October 2026
In Reply To :
Itc on discount
Since Oct 2024 a supplier can reduce output tax on a GST credit note only if you reverse the matching ITC (Sec 34(2) proviso), done by accepting it in IMS, so here Rs 196 comes off your ITC; a target or scheme discount not agreed before supply and linked to invoices should instead be a financial credit note without GST, needing no reversal.
Posted On : 31 October 2026
In Reply To :
Vehicle insurance input credit
Since 1 Feb 2019 Sec 17(5)(ab) expressly blocks GST on insurance, repair and servicing of cars (up to 13 seats) whose own ITC is blocked, unless used for further supply of vehicles, passenger transport or driver training, or received by a vehicle maker or insurer; for goods carriages the insurance ITC is fully available.
Posted On : 31 October 2026
In Reply To :
Reimbursement of expenses
Out-of-pocket expenses recovered from the bank (travel, stay, conveyance) are part of the value under Sec 15(2)(c) and taxed at 18% with the audit fee; only amounts incurred as a pure agent under Rule 33 (paid on the bank's behalf, in its name, and shown separately at actual cost) are excluded.- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Gift to nri relatives resides in usa
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
