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Showing posts from August, 2018

GST BLOCKED CREDIT, BLOCKED CREDIT UNDER GST, SECTION 17(5) OF CGST ACT 2017

GST में भूल से भी न ले इन चीजों का INPUT TAX CREDIT  Section 17(5) ITC will not be available in respect of the following: 1. Motor vehicles and other conveyances 2. The following supply of goods or services or both— i). food and beverages, beauty treatment, cosmetic and plastic surgery, health services, outdoor catering, ii). Membership of a club, health and fitness centre; iii).Rent-a-cab, life insurance and health insurance iv). Travel benefits extended to employees on vacation such as leave or home travel concession 3. Works contract services 4. Goods or services or both received by a taxable person for construction of immovable property 5. Goods or services or both on which tax has been paid under section 10
6. Goods or services or both used for personal consumption 7.Goods oLost or oDestroyed or oStolen or owritten off or oDisposed off or oBy way of Gift or Free Samples

Input tax credit under GST - Concept clarity

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Most beneficial feature to GST is Input tax credit Flow.
here we will discuss the followings:
•What is input tax credit?
•Who can claim ITC?
•which Type of Goods ITC cannot be claimed?
•Reversal of Input Tax Credit
•Documents required for claiming ITC





What is input tax credit?

Input Tax Cretit (ITC) means Tax paid on Purchases can be set off from Tax to be paid on Sale.
lets take and example
Mr. A purchased Material of Rs.20000 and paid GST on the same 2400, his sale in that month was Rs.50000 on which he have to pay GST of Rs.6000. here he can take benefit of GST of RS.2400 as ITC so he have to pay Rs.3600 (6000-2400) as his final liability

Who can claim ITC?

ITC can be claimed by a person registered under GST only if following conditions satisfied
•The dealer should be in possession of tax invoice
•The said goods/services have been received
•Returns have been filed.
•The tax charged has been paid to the government by the supplier.
•When goods are received in installments ITC can be cl…

TAX AUDIT REPORT NEW CLAUSES 30C (GAAR) AND 44 (GST) POSTPONED TILL 31.03.2019

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GOVERNMENT DECIDED TO DEFER  CLAUSES 30C (GAAR) AND 44 (GST) TILL 31.03.2019Circular No. 6/2018F.No. 370142/9/2018-TPL Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
TPL Division
**** New Delhi, Dated the 17th of August, 2018 Order under section 119 of the Income-tax Act, 1961 Section 44A B of the Income-tax Act, 1961 (`the Act’) read with rule 6G of the Income-tax Rules, 1962 (`the Rules’) requires prescribed persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD. The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018. Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred. The matter has been examine…

Penalty on Late filing of Income Tax Return, Section 234F, अगर ITR टाइम पर FILE नहीं करोगे तो देनी पड़ेगी PENALTY जाने DETAIL में

अगरITRटाइमपरFILEनहींकरोगेतोदेनीपड़ेगीPENALTYजानेDETAIL में


NEW SECTION 234 F INSERTED: ØAPPLICABLE FROM FY 2017-18 AND AY 2018-19. ØAs per this section, an individual would have to pay a fee of up to Rs.10000 (maximum) for filing income tax return after the due dates specified in section 139(1) of the Act.


LATE FEE AMOUNT: The fee to be levied is on the basis of time of delay and Income: ØIncome Up to Rs.500000: The maximum penalty will be Rs.1000 till 31st March of the relevant assessment year ØIncome Above Rs.500000: 1.A fee of Rs.5000 in case return filed after the due date but before December 31 of the relevant assessment year

GST REGISTRATION, HOW TO GET GST NUMBER, GST NUMBER, GST REGISTRATION LIVE

HI
MANY OF YOU WANT TO REGISTER YOURSELF UNDER GST OR REQUIRES GST NUMBER.

Below is the video through which you can get GST number yourself without any cost. It's Free Free Free.

https://youtu.be/80VCKv2n4kM

Thanks
Team CA Guruji

ITR 4 who can file, how to file,

ITR 4 (SUGAM) FILE करने से पहले ये CONDITIONS जरूर जान लें BREIF:
ØITR 4 is for Presumptive Income from Business & Profession ØSections are 44AD, 44AE, 44ADA ØIf you are having GST number than you should enter the same in ITR 4 and also Turnover declared in GSTR 1 (In case you are not having GST number than it is not mandatory)
What is Business Income on Presumptive Basis: ØAs per section 44AA income Tax act 1962, every person who is carrying on business or profession is required to maintain books of accounts. However, to give relief to small tax payers from maintaining books of accounts Income tax act has come up idea of presumptive taxation scheme under section 44AD, 44ADA and section 44AE. ØPresumptive taxation means income is calculated on presumptive basis rather than on actual basis. A person opting for presumptive income has to declare income on certain percentage and is relived from maintaining books of accounts and getting audited under section 44AB.

CONDITIONS: ØTurnover must be…