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Category Archives: GST

Why reconciliation of Books with GSTR-2A is Important?

Why reconciliation of books with GSTR-2A is Important? In GST, GSTR-2A is an online statement prepared based on data reported by suppliers based on the invoices issued on a particular GSTIN. GSTR-2A is a monthly statement of purchases and Input GST which is automatically prepared once the supplier files its GSTR-1 return and shows invoices […]

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CBIC issues Clarification regarding application for revocation of cancellation of registration

On 23rd April 2019, the CBIC has issued a clarification vide circular no 99/18/2019-GST clarifying the issues relating to application for revocation of cancellation of registration by those assessees whose registrations have been cancelled by GST authorities upto 31st March, 2019.   Salient features of this circular is as under One time opportunity to apply […]

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GST Input Tax Credit of FY 2017-18 can be claimed upto 31-03-2019

CBIC has issued a special order no. 02/2018 dated 31st December, 2018 u/s 172 of the CGST Act and made following amendments regarding the provisions of time limit for availing the input tax credit by an assessee. Provisions before this Order As per earlier provisions, the input tax credit of invoices issued upto 31st March […]

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GST on Charitable and Religious Trusts and Institutions

GST on Charitable and Religious Trusts and Institutions   The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt. In fact, there are many services that are provided by such entities […]

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Debit Notes in GST

Debit Notes in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value which is less than the actual value of […]

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Credit Notes in GST

Credit Notes in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value which is more than the actual value of […]

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GST Impact on ITES Sector – Sectoral FAQs released by CBEC

FAQs on IT/ITES Sector released by CBEC Question 1: Whether software is regarded as goods or services in GST? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property […]

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FAQs on GST on Government Services – Sectoral FAQs released by CBEC

FAQ: GST  on Government Services (Released by CBEC)   Question 1: Are all services provided by the Government or local authority exempted from payment of tax ? Answer: No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely, services by the Department of Posts by […]

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GST Impact on MSME Sector – Sectoral FAQs released by CBEC

GST Impact on MSME Sector   Question 1: What is GST? Answer: GST stands for Goods and Services Tax, which is levied on supply of goods or services. “Supply” is a legal term which has very broad sweep and various types of economic activities are covered by it. For example, sale of goods is a […]

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GST Impact on Exports – Sectoral FAQs released by CBEC

GST Impact on Exports – Sectoral FAQs released by CBEC   Question 1: How are exports treated under the GST Law? Answer: Under the GST Law, export of goods or services has been treated as: interState supply and covered under the IGST Act. ‘zero rated supply’ i.e. the goods or services exported shall be relieved […]

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