GST Set Off Rules: GST set off rules tell us that how to utilise input tax credit for payment of output IGST, output CGST and output SGST Old GST Set Off Rules- up to 01.02.2019 The following sequences were required to be maintained up to 01.02.2019 IGST LIABILITY CGST LIABILITY SGST LIABILITY IGST CREDIT CGST Read more about GST SET OFF RULES[…]
How to file GSTR 1 Access the www.gst.gov.in URL. The GST Home page is displayed. Login to the GST Portal with valid credentials i.e. your userid and password The File Returns page is displayed. Select the Financial Year & Return Filing Period (Month) for which you want to file the return from the drop-down list. Read more about How to file GSTR 1[…]
Due Dates for filing GSTR-3B Return Changed with effect from 22nd Jan’20 Until now, due date for filing GSTR 3B return was 20 th of every month for all tax payers. Now last date for filing GSTR 3B has been categorized on the basis of annual turnover of the taxpayers in the preceding year- Whose Read more about Due Dates for filing GSTR-3B Return Changed with effect from 22nd Jan 2020[…]
In case of purchase of finished goods Purchase A/C Dr Input GST A/C to creditors A/C (Being purchase made ) In case of Sales of finished goods Debtors A/C Dr to sales A/C to output GST (Being sales made ) In case of professional fee Professional fee A/C Dr Input GST A/C Read more about Transactions with GST[…]
GST is an indirect tax on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India. There are following component of GST- CGST: CGST means Central Goods and Service Tax which is collected by the Central Government on an intra-state sale (Eg: transaction happening within UP) Read more about What is GST?[…]
GST Registration Person liable for registration under GST Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.) Businesses with turnover above the threshold limit of Rs. 40 Lakhs (Rs. 20 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand) Casual taxable person Non-Resident taxable person Agents of a supplier & Input service Read more about GST Registration[…]