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We are engaged, exclusively in supply of goods in the state of Madhya Pradesh, with no component of services at all. We are newly staring our business. What would be the turnover to be considered for registration under GST?
As per Notification 10/2019, Central Tax, dated 01/04/2019, a person, whose aggregate turnover in the financial year does not exceed Rs 40 lakhs, is not required to obtain registration, if he is excl
We are willing to enter into a transaction of stock transfer from our one unit in the state of Maharashtra in Pune, to another unit in Mumbai. The value of stock transferred is Rs 2,50,000. We have both places registered under same registration as “additional place of business” and “registered place of business” respectively. What would be the compliance under GST required?
In the given scenario, the transactions do not amount to a “Supply” as the stock transfer is within the same state across same registration. However the goods cannot be sent without any documentation.
Can a single Debit note or a Credit note under GST be issued against multiple Invoices ?
Answer: With effect from 01/02/2019, the CGST Amendment Act 2018 has been made effective. As per the amendment to Section 34 of the CGST Act, it would now be possible to issue a single Credit or Debit
Can there be a difference in “Time of Supply” and “Financial reporting” and in such case what needs to be reported for GST?
“Financial reporting” is on the basis of Fundamental principles of accounting and the reporting standards which are incorporated in the Accounting Standards/Ind AS/IFRS (in certain cases). So revenue
We are willing to purchase a (16+1) seater bus for our employees transportation. Are we eligible to claim Input tax credit of the same?
As per the provisions of Section 17(5), Input tax credit is not eligible in respect of “Motor Vehicle meant for passenger transport”, unless such motor vehicles are used for specified purposes such as
A. If, not claim ITC of FY 2017-18 then is it possible to claim this year or any option ? B. If, my purchase showing FY 2018-19 which was purchase in 2017-18 then how to cliam ? C.How is the process of Reverse Charge (RCM) ?
A. ITC for FY 17-18 could be claimed only till date of filing of returns for the month of March 2019 (Extended due date). B. Detailed answers provided below C. Detailed answers provided below
01. In FY 2017-18 which was forgot to upload Sales invoice then how to show in GSTR 9. 02. In FY 2017-18 which was not claimed ITC then how to claim in GSTR 9. 03. Already GSTR 9 done then how to show Sales invoices and how to claim ITC
If the sales have not been reported, then in GSTR-9 Table 4 the turnover should be added. If tax liability has not been paid so far then through DRC-03 the tax can be paid. If, tax was paid but only r
1) Do we add GST amount to the annual Turnover of the company? 2) Our employees are working at various customer locations. The employees take Canteen facilities, for w\hich we pay the charges to the customer. Can we take Input Credit from the invoices raised by customers for Canteen charges?
Point wise reply given below
How to know the ITC is allowable for credit.
Examining the expenses/asset expenses through Section 16/17 of the CGST Act 2017
IGST wrgongly shown in CGST and SGST insted of IGST in 3B F.Y. 2017-18 But 2A showing IGST RS. 17296 now how to show GSTR-9
Refer to below explanation