Indian GST & TAXES

Taxpayers have some queries related to proposed GST payment process. In this article, there are some important answers of related question mentioned below, which may be useful for all article readers: Q.1. Which are the mode of payments through which dealer can pay their tax? Ans.:   Three modes of payment through which dealers can pay their tax are as follows—- Payment by taxpayers through Internet Banking through authorized banks and through credit card/debit card; Over the Counter payment (OTC) through authorized banks if payments upto Rs. 10000/- per challan Payment through NEFT/RTGS from any bank (including other than authorized banks). Q.2. What are the main features of GST payment process? Ans.:  The payment processes under proposed GST regime should have the following features: - Advertisement - Electronically generated challan from GSTN Common Portal in all modes of payment and no use of manually prepared challan; Facilitation for t...

ASSESSMENT To enhance the positive economic environment government consolidated all most all indirect taxes in to one tax called Goods & Services Tax (GST). It is the major step of Indian government in the global scenario. Today I am sharing an article on Assessment under GST. It means determination of tax liability under GST law. There are various types of assessment under GST mentioned below:- Types of Assessment under GST - Advertisement - Section 59-64 of the Central Goods and Services Tax (CGST) Act explain the concept of assessment. Self-assessment Provisional assessment Scrutiny assessment Assessment of non-filers of returns         Best Judgment assessment Assessment of unregistered persons Summary assessment It is to be noted that only self-assessment is done by the taxpayer himself. All the other assessments are by tax authorities. - Advertisement - Self-Assessment As per Section 59 of CGST Act...

Due dates for the month of July 2018. GSTR-3B (Jun 2018)-Jul 20th, 2018 GSTR-5 (Jun 2018)-Jul 20th, 2018 GSTR-6 (Jul'17 - Jun'18)- Jul 31st, 2018 GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018 GSTR-5A (Jun 2018)-Jul 20th, 2018 Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018 Turnover exceeding Rs. 1.5 Crores or opted to file monthly Return GSTR-1 (Jun 2018)- Jul 10th, 2018 15th July 2018 PF Monthly PF payment for June 2018 ESIC payment for the month of June 2018 7 July 2018 - Due date for deposit of Tax deducted/collected for the month of June, 2018. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 7 July 2018 - Due date for deposit of TDS for the period April 2018 to June 2018 when Assessing Officer has permitted quarterly deposit of TDS under section...

CHECK LIST FOR GST RETURN PREPARATION (GSTR-1 and GSTR-3B) : FROM MAY 2018 DUE DATE FOR FILING GST RETURNS : 1. MONTHLY GSTR-1 (SALES INVOICE DEATILS) SHOULD BE FILED BEFORE 10 OF NEXT MONTH Eg. For May, 2018 month, GSTR-1 should be filed before 10.06.2018. 2. MONTHLY GSTR-3B (Consolidated Payment Return) SHOULD BE FILED BEFORE 20 TH. Eg. For May, 2018 month, GSTR-3B should be filed before 20.06.2018. SALES : 1. Check Continuation of Sales Bill serial number from previous month. To check whether any additional bill is made last month after filing the GSTR1/3B of last month. 2. Check continuous serial number of sales bills this month. Any omissions in between. Cancellations, omissions in books has to be noted and handled accordingly. 3. Documents issued. Documents Cancelled. 4. Check correct rate of tax is applied. Based on customer GSTN whether correct tax IGST (for other state GSTN) /CGST & SGST is ch...

DUE DATE*   Avoid Last Minute Rush with Early Filing Filing after Due Date Attracts Late Fee and Interest e-Verify  Your Return for Speedy Processing *- For salaried and specified class of taxpayers

Bogus Balance Sheet prepared to avail Bank Loan can be basis for Addition: Calcutta HC asks to proceed against CA Firm for Inflating Value of Assets [Read Judgment] June 26, 2018 1:05 pm| By : Tax Scan Team “The matter is typical of how business is conducted in this country and why loans obtained from banks remain unpaid.” The Calcutta High Court, last week held that the addition to income can be made on the basis of balance sheet and profit and loss accounts certified to have been prepared on estimate basis to avail bank loan and having no relation with the actual. While upholding the addition, Justices Sanjib Banerjee and Abhijit Gangopadhyay has asked to proceed against the Chartered Accountant firm for inflating the value of assets of the assessee to avail the credit facilities from the bank. The judgment dated 21st June starts with a quote that “The matter is typical of how business is conducted in this country and why loans obtained from banks remain unpaid....

or GST E-Way Bill Non-Compliance E-Way Bill has become mandatory for the Inter-State as well as the Intra-State movement of goods after 1st April 2018. Let us discuss the provisions/penalties for GST E-way Bill Non-Compliance in this article. Provisions/Penalties For GST E-Way Bill Non-Compliance Many questions have been raised on whatsaap groups, facebook groups as well as other mediums. We will try to answer as many questions as possible. When and How GST E-Way bill is applicable? Answer:  GST E-Way Bill has been made compulsory for inter-state supplies from 01 April 2018. However, for intra-state supplies, E-Way has been enabled in various states earlier. E-Way bill has to be given for inter as well as intrastate supplies exceeding Rs. 50,000. What will happen if goods are transported without the cover of Invoice or GST E-Way bill? Answer:  If goods are transported without invoice or E-Way bill then penal provisions would be applicable. A penal...