Tax proposal in Budget 2019. Existing rates of income tax will continue for FY 2019-20. Thus, it is important to note that slab rate for taxing income remains intact. Individual taxpayers having taxable annual income up to Rs 5 lakhs [Read More]
Due dates for the Month of February 2019 7th Income Tax – TDS Payment for January 10th GST – Return for authorities deducting tax at source – GSTR 7 for January – Details of supplies effected through e-commerce operator and the amount of [Read More]
Annual return under GST Legal provisions: Section 44(1) of CGST Act read with Rule 80(1) of CGST Rules: Every Registered person other than – An Input Service Distributor, A person paying tax under section 51 (TDS) or section 52 (TCS), [Read More]
How to avoid penalty under GST Section 122 of CGST act read as follows: Section 122. (1) Where a taxable person who–– Supplies any goods or services or both without issue of any invoice or issues an incorrect or false [Read More]
TDS procedure under GST Legal background: NN 50/2018 read as follows: In exercise of the powers conferred by section 1(3) of the CGST and in supercession of the notification of the Government of India in the Ministry of Finance, Department [Read More]
Procedural aspects of E way bills Basic procedure: The following is the basic procedure to generate an e-Way bill Furnish information in Form GST EWB-01 (PART A and PART B) before the commencement of movement of goods (on ewaybillgst.gov.in) PART [Read More]
E-way bills –detailed analysis w.r.t. generation of E – way bills Legal background (Section 68 of CGST act and Rule 138A): Section 68. (1) The Government may require the person in charge of a conveyance carrying any consignment of goods [Read More]
Return of time expired goods under GST Meaning of “Expiry of time”: For layman: The drugs or medicines are sold by the manufacturer to the wholesaler and by the wholesaler to the retailer on the basis of an invoice/bill of [Read More]
Del-credere agent (DCA) under GST Meaning of Del-credere agent: It is a type of principal-agent relationship wherein the agent acts not only as a salesperson or broker for the principal, but also as a guarantor of credit extended to the [Read More]
GST paid under wrong heads – IGST instead of CGST / SGST Relevant provision of GST laws: IGST Act CGST / SGST / UTGST Section 19 (1) A registered person who has paid integrated tax on a supply considered by [Read More]