RULE 16 OF CGST 2017 Suo moto Registration

RULE16 CGST 2017 provides for the provisions for the situations where the Department can issues Registration to the concerned Assessee on Suo Moto basis. As per the RULE16 OF CGST 2017, Suo moto Registration can be issued to any assessee in following cases: Where, pursuant to any survey, enquiry, inspection, search or any other proceedings under the Act, the proper officer finds that a person liable to registration under the Act  has failed to apply for such registration, such officer may register the said person on a temporary basis and issue an order…

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RULE  9 OF CGST 2017 Verification of the application and approval.

RULE  9 OF CGST 2017 Verification of the application and approval. The application shall be forwarded to the proper officer who shall examine the  application and the accompanying documents and if the same is found to be in order, approve the grant of registration to the applicant within a period of three working days from the date of submission of the Where the application submitted under rule 8 is found to be deficient, either in terms of any information or any document required to be furnished under the said rule,…

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RULE 8 of CGST 2017 Application for Registration.

RULE 8 of CGST 2017 Application for Registration 1.Every person, other than a non-resident taxable person, a person required to deduct tax at source under section 51, a person required to collect tax at source under section 52 and a person supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient referred to in section 14 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) who is liable to be registered under sub-section (1) of section 25 and…

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What are the Questions for which Advance Ruling Can be Sought?

GST Advance Ruling?

What are the Questions for which Advance Ruling Can be Sought?[SECTION 97] of CGST What is Advance Ruling? An advance ruling is a Remedy available to the applicant that aids them in planning their activities which are liable for payment of GST, well in advance. It helps Applicant in determining the Tax Liability, as the ruling given by the Authority for Advance Ruling (AAR) is binding on the applicant as well as TAX Authorities. Advance Ruling is an initiative to reduce the long, tedious and expensive Litigation at later date…

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Checklist for Internal Audit of GST

Checklist of internal audit

GST is new for everyone. It came to effect from 1st July 2017. As the corporate industry has implemented GST in their business, audit for the same is a must. We here came up with some of the checklists for newly implemented GST. Following are the general GST matter checklist for Audit Purpose:   For Apr to June 17 Transactions: 1.       Input credit reflected in ST 3/ VAT / ER 1returns for all purchases Up to Jun 17 2.       Capital goods received before Jun 30, 17 -has 50% credit been…

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Meaning of Inter-State and Intra-State Supply

goods and services tax

Meaning of Inter-State and Intra-State Supply (SEC-7 and 8 OF THE IGST ACT) In terms of Sec- 7 (1) & (3) of the IGST Act, the supply of goods or services in the course of inter-state trade or commerce means any supply where the location of the supplier and the place of supply are in: Two different states Two different union territories A State and a union territory On the other hand, in terms of Sec – 8 (1) & (2) of the IGST Act, the intra-State supply of goods…

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Composition Scheme Under GST

goods and services tax

Composition Scheme Under GST Section 10 stipulates that a Registered Person, whose turnover in the preceding F.Y. does not exceed  ₹ 50 lakh, may opt to pay an amount calculated at the prescribed rates during the current F.Y. in lieu of the tax payable by him. However, the Government may, by notification, increase the said limit of  ₹ 50 lakh to such higher amount, not exceeding  ₹ 1 crore, as may be recommended by the Council.   The GST Council had recommended an increase in the turnover limit for composition levy for CGST & SGST purposes from ₹…

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Penalty and Offences under GST

goods and services tax

SECTION 122 CGST ACT Penalty for certain offenses 1. Where a taxable person who – (i)    Supplies any goods or services or both without issue of any invoice or issues an incorrect or false invoice about any such supply; (ii)    issues any invoice or bill without a supply of goods or services or both in violation of the provisions of this Act, or the rules made thereunder; (iii)    collects any amount as a tax but fails to pay the same to the Government beyond a period of three months from the date on…

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Turnover Limit to Mention Harmonised System of Nomenclature (HSN) Codes.

Goods and Serviced Tax

Any Registered Person having an annual turnover in the preceding financial year as specified in column (2) of the Table below shall mention the digits of Harmonised System of Nomenclature (HSN) Codes.     Serial Number Annual Turnover in the Preceding Financial Year Number of Digits Of HSN Code (1) (2) (3) 1. Up to rupees one crore fifty lakhs Nil 2. more than rupees one crore fifty lakhs and up to rupees five crores 2 3. more than rupees five crores 4 For Full Official Text CLICK HERE

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