Archive for January, 2020
GST ITC Availment restricted
As per Rule 36(4) of the CGST Rules 2017 notified w.e.f. 09.10.2019, restricts availment of credit to 120% of the eligible credit based on invoices/debit notes uploaded by the supplier in their GSTR-1s. From 1st January 2020, the eligibility has got reduced to 110% of such eligible credit. In case availment is in excess of
Read MoreAction point regarding GST notices
It is observed from last few days there are series of notices from the department in which it is instructed by the department to pay the excess ITC along with interest . In the first instance all these notice are without DIN ( Document Identification Number ) and department has itself declare that any communication
Read More*GST ITC restriction after the extended date of credit availment of GSTR 3B
As per Section 16(4) of the CGST Act, 2017 any of the registered persons filing their GSTR-3B return in respect of the last two financial years (July 2017-March 2018 and 2018-19) after 30.04.2019 and 20.10.2019 respectively, could not have availed any credit on invoices or a debit note pertaining to the relevant financial year except in
Read MoreLimits of cash transactions
How much cash can be kept at home by any person legally? A: There is no such limit for cash to be kept at home. But, in case of any inquiry, you need to explain the source of such cash balance. Unexplained source can lead to a penalty up to 137% of cash balance. Q:
Read MoreRegistration of trust in India
Budget 2020 has bring in certain change with regards to charitable trust NGO and other entities that are required to get income tax registration under sec 12A or 10(23C). The purpose changes in the budget 2020 are special down as under: Fresh Application under the new Provisions of sec. 10(23C) or 12(AB) need to be
Read MoreREFUND UNDER GST
Any person can claim the refund under GST ,or the interest paid thereon within 2 years from the relevant date .The relevant date depend on the nature of refund . Situation where refund is possible – Refund on tax paid on zero rated supplies of goods and services or both or input service
Read More
Recent Comments