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  • Deduction of Value of Land – Notional or Actual ??

    Challenging the deemed value of land shall be far more difficult than what it seems. It shall be better if an alternate structure is adopted for transfer of land (e.g. separation of land owner and developer) to keep the fair value of land outside the ambit of GST.


    1. Paragraph 2 of the Rate Notification No. 11/2017 – CT (R) reads as

  • PM Modi Ji announces 99% Goods To Be Taxed Below 18% GST

    The broad notion on GST from the economic perspective can be that of a very optimistic and consumer-centric tax regime. This can be clearly noticed from the rising tax base and conducive impact on the traders having GST registration, during the current fiscal year.

    In a bid to further simplify the Goods and Services Tax, the honourable Prime Minister of India Sh. Narendra Modi has announced that the

  • Summary of GST Taxability on Sale of Capital goods


    In case of sale of capital goods under GST, the tax liability for the same has to be calculated in a special manner. The treatment of Capital goods under GST is covered under the below sections:

    1. Section 18 (6) of the CGST Act

    2. Schedule I of the CGST Act

    3. Schedule II of the CGST Act

    4. Rule 44 of the CGST

  • Liability in Certain Cases under GST

    There are liability to pay in certain cases under Section 85 to 94 of Central Goods and Services Tax Act, 2017 which includes Liability in case of Transfer of Business, Liability of Agent and Principal, Liability in case of Amalgamation or Mergers of Companies, Liability in case of company in Liquidation, Liability of Director of Private Company, Liability of Partners of firm to pay Tax, Liability of Guardians, Trustees etc.,

  • GST Action Plan for September-October, 2020

    September 2020 is considered to be a significant month for any Financial Year as it includes major compliances under the Goods & Services Act. Here, I provide you with the list of activities which should be performed by a registered person under GST. Extension of Due Date of various Returns and reduction in the Interest and Late fees due to COVID -19 Pandemic The Government of India has extended various returns on account of the pandemic

  • All About GSTR-9C Audit Checklist

    What is GSTR 9C (GST Audit Form)?
    GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.

    Under this, the authorities have also introduced the format of GSTR 9C in the notification No. 49/ 2018 – Central tax dated

  • Guide On GST Audit

    The Goods and Services Tax (GST) law aims to simplify and implement a taxpayer friendly indirect taxes regime in India. The GST law has brought several multi-tiered central and state taxes under its ambit. The GST has reduced the cascading effect on the prices of goods and services.

    The GST law has paved for the way for increased levels of transparency in reporting, administration and governance. The GST has its backbone in the form

  • Handbook on GSTR-7- Meaning, Eligibility, Due date & Format

    What is GSTR-7?
    GSTR-7 is a monthly return form filed by all taxable persons who are required to deduct TDS (Tax Deducted at Source)under GST ie, the deductor needs to file this GSTR-7.

    GSTR 7 should incorporate the following details:

    Deducted TDS
    TDS liability payable / paid
    TDS refund claimed if any
    Interest, late fees etc payable / paid.
    The deductor deducts TDS at

  • A Guide to GSTR 6A

    What is GSTR 6A?

    GSTR 6A is an auto-generated read-only summary for an Input Service Distributor (ISD) to view all inward supplies details from the supplier.


  • A Guide to GSTR 2A- GSTR 2 Vs GSTR 2A

    The extension of due dates to file GSTR-1, GSTR-2 and GSTR-3 of July 2017 is a welcome move, as it provides an additional time for businesses to prepare the accurate returns for better compliance.. Now, the businesses are required to file GSTR-1 by 10th October, 2017, GSTR-2 by 31st October, 2017 and GSTR-3 by 10th November, 2017. To know more on the revised due

  • All About GSTR 1- Purpose Of Filing GSTR 1, GSTR 2 & GSTR 3

    What is GSTR 1?
    GSTR 1

    A Complete Guide on GST ITC 01

    What is GST ITC-01?
    Registered person who is entitled to claim credit of input tax under section 18 (1) is required to file a declaration in Form ‘GST ITC-01’. The credit may be availed for inputs held in stock, inputs contained in semi-finished or finished

  • Handbook on GST ITC-02

    What is ITC-02 and who must file it?
    In case of transfer of business by way of sale of business, merger or demerger, a registered taxpayer can transfer the input tax credit unutilised and available in his electronic credit ledger into another business by filing

  • Note on Electronic Credit Ledger Under GST

    Goods and Services Tax, allows taxpayer to maintain electronic ledgers on the GST portal. Taxpayer pays income tax form these electronic ledgers. Whenever a taxpayer undertakes an activity related to these electronic ledgers, the concerned ledger then gets updated in real-time. The details in the electronic ledgers get auto-populated from previous returns that were

  • FAQs On GST Payment & Refund Status

    How to track GST payment status online?

    Step 1

    Go to the GST Portal. To track payment you don’t have to login.


  • Details on Invoice Registration Portal (IRP) under GST

    IRP, known as the Invoice Registration Portal is instrumental in validating the genuineness of the invoices used in the GST ecosystem. It generates and assigns IRN to every GST invoice.

    The infrastructure to support the new e-invoicing system will be available for voluntary use from 1 January 2020. The Invoice Registration Portal (IRP) will play a key role in running the show.

    What is Invoice Registration Portal

  • Handbook on E-Invoicing

    The CBIC has notified the latest e-invoice schema on 30th July 2020. The e-invoicing system is slated to be implemented from 1st October 2020. It will apply for for large taxpayers with an annual turnover of more than Rs 500 crore in FY 2019-20. E-invoice does not mean the generation of invoices from a central portal of the tax department. It is because such

  • Details on Use of Cash/ITC For Payment Under GST Demand

    Manual on Utilizing Cash/ ITC for Payment of Demand

    How can I make payment towards outstanding demand appearing in Electronic Liability Register (Part-II) at the GST portal?

    Handbook on Filling PMT-09 on GST Portal

    The Central Board of Indirect Tax and Customs (CBIC) recently introduced the PMT 09 form with a view to facilitate the transfer of cash from one head to another head of the electronic cash ledger. Using this form, taxpayers will be able to transfer any amount of tax, interest, penalty or cess accumulated in their electronic cash ledger under the heads of IGST, SGST

  • Handbook on GST CMP-08

    The GST Council made third amendment to the CGST Rules by inserting a provision in rule 62 with regards to filing return by a composition dealer.
    The revised rule states that every composition dealer must make payment of tax in form GST CMP-08 and file an annual return in form