Welcome to AJSH & Co.

Blog Banner
GST adviser in India

Highlights of 29th GST council meeting

The 29th GST Council meeting chaired by Union finance minister Piyush Goyal was held at New Delhi on the 4th August, 2018. The meeting was aimed to address the issues of the Micro, Small and Medium Enterprises (MSMEs).

Key decisions taken by council in the meeting

Incentivizing digital transactions
Federal indirect tax body the GST Council, keeping in mind the end goal of digitalization of the economy, enhancing tax compliance and elevating the collection of tax has decided to incentivize digital payments of tax. The council came up with plan to roll out a pilot project for refunding … Read more

GST Returns

Key outcomes of the 28th GST Council meet held on 21st July 2018

GST return filing process

  • Small taxpayers with less than INR 5 crores of turnover can opt to file GST return quarterly against earlier limit of INR 1.5 crores. Quarterly return filing will be similar to the monthly return. However, tax payment would still be monthly, through a challan. Only small taxpayers making B2C supply or making B2B and B2C supply can enroll for quarterly GST return filing. Small taxpayers involved in only B2B supply cannot file quarterly returns under this scheme.
  • Two simplified returns have been designed- “Sugam” and “Sahaj”, where in the first one, report only B2C supplies and
Read more
highlights of 25th gst meeting

Highlights of 25th GST council meeting

The 25th GST Council Meeting was held at New Delhi on the 18th of January 2018. In addition to relaxation of GST rules and regulations, GST rates have also be reduced for various goods and services. Here are the outcomes of this meeting:

Outcomes

  • GST council cut rates on 29 products and 53 services. These new rates will be implemented from 25th January 2018.
  • Council members also discuss on E-way Bill. E-way bill system will go through a test from January 25 and will be implemented on a mandatory basis from Feb 1.
  • No discussion on Petroleum & Real-estate
  • GSTR
Read more
cgst-solution

Updated CGST rates for goods under different notifications as amended from time to time till 15.11.2017.

Updated schedule of CGST rates on goods, as on 15.11.2017 For ease of reference only

The CGST rates on certain goods have undergone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time. A need has been felt to publish a consolidated rate schedule in a single document for ease of reference. Accordingly, this document has been prepared indicating updated CGST rates as on 15.11.2017. This document is only for ease of reference and relevant notifications will only have legal authority.

UPDATED CGST RATES SCHEDULES FOR GOODS AS ON 15.11.2017Read more

tax adviser in india

AJSH & Co LLP: Getting GST Ready

Midson Entrepreneur Network is a platform for entrepreneurs to collectively grow, learn and collaborate. Recently, a Diwali Special Meeting has been organized to bring together the trusted people and create Networking, Learning and Business Opportunities.

Ankit Jain, Director of AJSH & Co LLP, presented a talk on GST – Implementation Challenges & Remedies. The presentation covered the important aspects of the recent changes facilitated by GST council, GST on Services from Goods Transport Agency (GTA), GST on Job Work, Sale of Pre GST stock, GST on Exports, E-way Bill, Reverse Charge Mechanism, Increased Compliances and Challenges, Other Challenges, etc.… Read more

GST Adviser in Delhi

Changes in GST (Goods & Service Tax)

  • Annual aggregate turnover for availing composition scheme increased to 1 Cr. (Special category states-75Lacs except J&K and UK)
  • Composition scheme can be availed till 31.03.2018 by both- migrated and new tax payers.
  • Persons providing exempt services but otherwise eligible for Composition Scheme can now avail the benefit.
  • Relief from getting registered, if turnover less than 20 Lacs and dealer involved in inter-state taxable supplies.
  • Quarterly returns (GSTR-1,2&3) from third quarter (Oct-Dec 2017) if turnover up to 1.5 Cr with quarterly payment of taxes from Quarter 4.
  • GSTR-3B to be filed monthly till Dec 2017.
  • Reverse Charge Mechanism on supply from
Read more
Goods and Services Tax

Key Changes in GST (22nd Meeting of GST Council)

  1. In order to ease the compliance burden of SME Sectors, following amendments has been recommended:
    •  Composition Scheme will be available up to the turnover of Rs. 1 Crore. Tax Rate for Composition Scheme will remain same at present level.
    •  Person with a turnover up to 1.5 Crore will be required to furnish the quarterly return instead of monthly return. Tax will also be required to be paid on Quarterly basis. Switchover will take place from 1st October.
    •  Returns from July to September’ 2017 will still be required to be filed on monthly basis.
    •  Big Tax Payers filing monthly basis who
Read more
GST Advisor in Delhi

Interest on Late Payment of GST

Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST. The GST payment due date for general taxpayers is 20th of October.

All the registered taxpayers are required to make the payment of their taxes on GST Portal latest by the 20th of this october for a particular tax period. Taxpayers registered under composition scheme will have to pay GST only once every quarter.

GST Payment Due Date

  • GST Payment due date (normal
Read more
GST adviser in India

GST Clarifications

  1. Taxpayers who have not set off their tax liability for GSTR3B for July 2017 and have only done submit of their GSTR-3B, have now been given option to edit, Submit and file their return. But those who have already offset liability would not be able to edit GSTR-3B
  2. If something wrong done in GSTR-3B than Correction can be made in next month’s return or during reconciliation between GSTR-1, 2 & 3 with GSTR-3B.
  3. GST credit can be availed on spare parts used for vehicles repairs and vehicle is a truck used for moving goods.
  4. Under Tran-1 you have to give
Read more
GST on Goods Transport Agency

GST for Goods Transport Agency

Transport of goods by road is the most commonly used mode of transportation for businesses which supply goods. This transportation by road is facilitated either by a Goods Transport Agency (GTA) or common carriers such as autorickshaw or courier agencies. In this blog, we will understand what is meant by a Goods Transport Agency (GTA) and the GST rates for transportation service provided by a Goods Transport Agency. This is the first blog in the series wherein, we will understand the various tax provisions with respect to services provided by Goods Transport Agencies and the tax impact on persons taking … Read more

Goods and services tax

Frequently Asked Questions on GST (Goods and Service Tax)

  1.  Would head offices providing centralized HR, Finance and IT functions also need to raise invoices to its branch- Yes, if the head office and branches are distinct persons as specified in section 25(4), invoice is required to be issued and GST should also be paid.
  2. Where free replacement is provided to the customers without consideration under warranty, no GST is chargeable on such replacement. In such cases goods may be sent on delivery challan as provided in rule 55 of the CGST Rule, 2017
  3. How the invoicing should be done for free goods given along with sale so that corresponding
Read more
GST consultant in India

FAQ’s on levy of GST on supply of services to the co-operative society

  1. Services provided by the Central Government, State Government, Union territory or local authority to a person other than business entity, is exempted from GST. So, Property Tax, Water Tax, if collected by the RWA/Co-operative Society on behalf of the MCGM from individual flat owners, then GST is not leviable.
  2. Similarly, GST is not leviable on Non-Agricultural Tax, Electricity Charges etc, which are collected under other statutes from individual flat owners. However, if these charges are collected by the Society for generation of electricity by Society’s generator or to provide drinking water facility or any other service, then such charges collected
Read more
EXPORT WITHOUT PAYMENT OF IGST

Export Without Payment of IGST

Entities involved in export of goods or services having GST Registration are allowed to export goods without payment of IGST by furnishing an export bond or Letter of Undertaking (LUT) in Form GST RFD-11.

PROCEDURE FOR APPLICATION OF LETTER OF UNDERTAKING NUMBER:

According to the Central Goods and Services Tax Rules, 2017 any registered person exporting goods without payment of integrated tax is required to furnish a bond or a Letter of Undertaking (LUT) in FORM GST RFD-11. The following types of persons registered under GST will be allowed to submit a letter of undertaking and undertake export transactions.

  • Status
Read more
GST Clarification

Some Important Clarifications Regarding Transportation Charges In The GST Regime

Some Important Clarifications Regarding Transportation Charges In The GST Regime

1-    It is always better in the GST regime to declare the freight charges separately in the invoice as now services received from Goods Transport Agency ( GTA ) are attributable to liability of reverse charge at the rate of 5% . On these services the GTA has no liability of payment of taxes but the recipient of such services has to pay the tax at the rate of 5% on the freight charges claimed by the GTA and the recipient of such services can claim ITC of such tax … Read more

GST returns guide

Step by Step Guide to File GST Return-3B

GSTR-3B filling is under progress and the last date for GSTR-3B filling is 20 August 2017. Please find below the step by step guide on how to file GST Return-3B.

Step by step guide on how to file GST Return-3B
1. After login, select Return Dashboard
2. Select Financial Year 2017-18 and Month July. Click Search and Select GSTR-3B
3. Declare your liabilities and ITC claims in Section 3.1 and 4 respectively by clicking on the tiles and furnishing the required information. Transitional ITC cannot be claimed in GSTR 3B. It can be claimed only through TRANS 1 and TRANS … Read more

GST Returns

Reverse charge mechanism under GST and implications of exemption upto Rs. 5000 per day

Let’s look at the critical provisions of the GST law which have enabled reverse charge mechanism :-

Compulsory Reverse Charge even if the supplier is registered –

Sec 9(3) The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of … Read more

GST consultant in India

Points to remember for filing GST Returns

The first return of GST is here and is due for filing is 20th of August, 2017.

Points to remember for filing the first GST Return GSTR-3B.

  1.  It is Mandatory to file GSTR-3B and there is no exemption from filing GSTR-3B even if no business is carried in the month of July’2017. NIL GSTR-3B is also to be filed mandatorily.
  2.  GSTR-3B is the provisional return for the month of July’2017. Therefore all dealers who are required to file monthly returns under the GST Regime are required to file GSTR-3B. Composition dealers are required to file quarterly returns therefore dealers who
Read more
Chartered accountant in Delhi India

Reverse Charge Under GST

Points Related To Reverse Charge Under GST as Per FAQ Issued

  1. There are two type of reverse charge scenarios provided in law. First is dependent on the nature of supply and/or nature of supplier. This scenario is covered by section 9 (3) of the CGST/ SGST (UTGST) Act and section 5 (3) of the IGST Act. Second scenario is covered by section 9 (4) of the CGST/SGST (UTGST) Act and section 5 (4) of the IGST Act where taxable supplies by any unregistered person to a registered person is covered.
  2. Any amount payable under reverse charge shall be paid by
Read more
GST consultant in delhi india

Executive Summary of GST Transition Provisions

1. ‘Carry forward’ of Input Tax Credit (ITC) as available on appointed day (i.e 1stJuly, 2017)

(I) Every registered person under GST is eligible to claim ITC against CENVAT credit carried forwarded in return pertaining for the period immediately preceeding appointed day(i.e on 30th June 2017) subject to satisfication of certain prescribed conditions:

  • That amount of credit is admissible as ITC under GST also
  • That all Returns for preceeding 6 months were filed under existing laws and alsoadmissible credit is reflected in last returns filed (i.e as on 30th June 2017)

(II) Electronic application … Read more

Document required for gst registration

What is GST Registration?

Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. This process is of registration is referred as GST registration.

GST is the beggest tax reform in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to obtain … Read more