KnowyourGST-Blog on Indian Tax and Accountign Laws

6 digit HSN code or 4 digit HSN code

HS Code is an internationally accepted format of coding to describe a product. All around the world same HS codes are used to describe a product. Till now we were using 4 digit HS code in tax invoices, however the rule is changing from April 1, 2…

by Gst Payer 17/03/2021 under GST

CA, CS and CMA recognised as Postgraduate degree

University Grant Commission (UGC) has recognized CA, CS, and CWA equivalent to postgraduate degrees. Earlier these courses were recognized as professional courses only. Request to UGC was made by Institutes to recognize these courses as postgradu…

by Gst Payer 16/03/2021 under Students

Proposed Amendment in Sec: 16 vide Finance Bill, 2021

Section 16 – No Input Tax Credit (ITC) to be availed unless reflected in GSTR-2A / 2B Section 16 (2) (aa) of the CGST Act is proposed to be inserted to provide that ITC on invoice or debit note should be availed only when such details are u…

by Bhagyashree Bhatt 03/03/2021 under GST

Dividend Income U/s 8 of Income Tax Act 1961 new provision

Sec 8- of Income Tax Act Divinded Income For the purpose of inclusion in the total income of an assessee- 1. Any dividend declared (final dividend) by a company or distributed or paid by it within the meaning of sec. 2(22)(a)/(b)/(c)/(d)…

by Aarav Ruparel 28/02/2021 under Income-Tax

E-Invoice in GST

E-Invoicing or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. To whom it applicable: From 1st January 2021, e-Invoicing will be applicable…

by Pradyut Bag 22/01/2021 under GST

GST and TDS: How will it impact the Rental Income?

For a few years now, rented properties have been subjected to service taxes under specific conditions. Rental income that comes from real estate development in Hyderabad was previously being taxed under the ‘Income from House propert…

by Bbg India - Building Group 13/06/2020 under Investment

GSTR 9 Table 4 Information

Many assesses have confusion regarding Table 4 of GSTR 9 to have details from GSTR 3B or GSTR 1. As per the Press Release issued by department it was made clear that even though the auto populated figures of table 4 is tracked from GSTR 1 data but t…

by Mayur Arora 20/04/2020 under GST

New Returns under GST

As we already know that new returns are going to replace the old ones.Under new regime of GST Return system, first of all we have to categorize the tax payers on the basis of previous year's turnover. There will be two types of tax payers: …

by Sarabjeet Kaur 13/03/2020 under GST

Features of Making Payment on Voluntary Basis (Form GST DRC-03) on GST Portal

Making Voluntary Payment on GST Portal: A facility is given to taxpayers to make payment on voluntary basis, through Form GST DRC-03 (refer Rule 142(2) or 142(3) of the CGST Rules, 2017). Login into GST Portal and navigate to Services > User S…

by Suresh Paramasivam 15/11/2019 under GST

Steps to be taken by taxpayers to file GSTR 9C

Steps for filing GSTR-9C are as follow: 1. Digital Signature Certificate (DSC) * Digital Signature Certificate (DSC) must be PAN based * DSC must not be corrupted. …

by Suresh Paramasivam 30/10/2019 under GST

Compulsory to File GSTR 9?

GSTR 9 Annual Return for Turnover less than 2 Crore, is optional, and if taxpayer chose not to filed before 30th November it would be deemed to filed on due date. It means if you chose not to file annual return within due date for the reason that…

by Sonu Chimnani 13/10/2019 under GST

GST PMT-08 Form

The New Form GST PMT-08 is used to make payment of self-assessed tax by all taxpayers under the new simplified GST returns. This form shall be used every month thereby replacing GSTR-3B for declaring and paying the monthly tax liability and claiming…

by Tax And Law Practitioners 18/08/2019 under GST

Tax Invoice, Debit and Credit Notes

Tax invoice.- Subject to rule 54, a tax invoice referred to in section 31 shall be issued by the registered person containing the following particulars, namely,- (1) Name, Address and Goods and Services Tax Identification Number of the supplie…

by Suresh Paramasivam 24/07/2019 under GST

ALL ABOUT COMPOSITION DEALER

A taxpayer whose turnover is below Rs 1.5 crore can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh. Before making a decision to choose a composition scheme, it is necessary that The …

by Manoj Agarwal 11/04/2019 under GST

Decoding GST Number

GST Number or GSTIN is a 15 digit identity given to business and service providers registered under GST (Goods and Services Tax). Every registered person is issued a valid GST Number to comply with GST laws. GST Number is public information about…

by Pulkit Sharma 08/04/2019 under GST