The provisions of TDS and TCS is applicable from 1st October 2018. Notification No. 50/2018 – Central Tax When TDS needs to be deducted The central or state government may mandate the following enterprises to deduct TDS at the rate of 2% (1% SGST +1% CGST) from the payment made
GST Payment Due Date The due date for payment of GST is 20 days from the end of the month. For persons registered under composition scheme, the due date will be 18 days after the end of the quarter. GSTR-3B or GSTR-4 can be filed only after payment of GST.
CGST Act contains the provisions regarding appointment of GST Tax Practitioner (GSTP). GSTP is a person who is authorized by the GST Department for performing certain functions on behalf of the registered persons under GST. Although any person can perform GST functions whether authorized or not. Such registration will increase
A car is purchased by Mr. Rohit for Rs. 10 lakhs and it includes GST amount of Rs. 2 lakhs. Now if he resells it after 4 years for Rs. 5 lakh then if GST is imposed on such Rs. 5 lakh then it leads to double taxation. Therefore there
There are three types of audit under GST. They are Audit by Chartered Accountant Audit by Tax Authorities Special Audit Audit of Accounts by CA or CWA Every registered person whose turnover exceeds Rs. 2 crore during a financial year has to get his accounts audited under GST. Accounts is to
GST is a consumption based tax. So the tax should be received by the government of the state or union territory where goods/services are consumed. So there should be proper determination of the place where supply took place. Also there is a requirement to determine whether sales is within state
Accounting Entries by Businesses other than those Registered under Composition Scheme The Accounts to be maintained by a normal dealer are Input CGST A/c Input SGST A/c Input IGST A/c Output CGST A/c Output SGST A/c Output IGST A/c GST Payable The person who is registered in Union Territory has to
Format of Invoice as per GST Rules – Invoice Format HSN Codes Requirement in Invoice Invoicing for Sales of Goods Invoicing for providing Services Details to be mentioned Manner of issuing Revision of Invoices issued before issue of registration certificate Invoices not required to be issued below specified amount Bill
Requirements Regarding Maintenance of Accounts Additional Requirements for an Agent Additional Requirements for Work Contractor Person operating a warehouse and transporter Commissioner’s Power regarding Accounts Maintenance Rules Retention of accounts and records Requirements Regarding Maintenance of Accounts Every registered person is required to maintain at his principal place of business,
Time of Supply of Goods Time of supply of goods is earlier of the following dates- Date of invoice Last date on which invoice is required to issue under section 31(1). Invoicing in GST The date on which seller receives the payment The date on which the supplier receives the