Section- 2(13) of the CGST Act defines Audit as the examination of records, returns and other documents maintained or furnished by the registered person under the Act / rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of the GST Act or the rules made thereunder.
*No audit is required for businesses with turnover less than INR 2 crore.
Types of GST Audit
There are 3 types of GST audits:… Read more
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
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
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.
- 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.
- 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