Goods and Services Tax (GST) – Neeraj Bhagat & Co.

June 20, 2020 / Goods and Services Tax (GST)

Clarification on Taxability of Director Remuneration in GST

The recent ruling by GST AAR Rajasthan in the case of M/s Clay Crafts India Pvt Ltd., it was held that the Directors of the company cannot be considered as the employee of the company and thus they are outside the purview of Clause (1) of Schedule III of CGST Act, 2017 and the consideration paid by the company to the directors in any manner, whether as salary or commission, shall be taxable under GST in the hands of …

May 26, 2020 / Goods and Services Tax (GST)

Relaxation in GST due to COVID-19 pandemic

Recently, changes have been made vide CGST Notifications dated 23-3-2020 and 3-4-2020, in respect of filing GSTR-3B and GSTR-1 returns for the period February 2020 to May 2020. The extension is due to COVID-19 pandemic (Corona Virus). There is impression in some quarters that due dates of filing of GSTR-1 and GSTR-3B return has been extended. In fact, it is not so. There are only relaxations in respect of filing these returns to be filed for tax period February 2020 …

April 30, 2020 / Goods and Services Tax (GST)

GST on Tour Operator Services

‘Tour Operator’ shall mean any person engaged in the business of planning, scheduling, organizing, arranging tours (which may include arrangements for accommodation, sightseeing or other similar services) by any mode of transport, and includes any person engaged in the business of operating tours. The definition is provided by the Explanation in Heading 9985 of GST Tariff Act, 2017.

For example, Make my Trip, Expedia etc. These companies provide a complete package of tour which includes Boarding & Lodging, Transportation, Local …

April 8, 2020 / Goods and Services Tax (GST)

Decisions Taken In 39th GST Council Meeting

Article summarises Decisions Taken In 39th Meeting of GST Council on 14th March 2020.

ANNUAL RETURN

Relaxation of MSMEs from furnishing of Reconciliation Statement in FORM GSTR 9C for the F.Y. 2018-2019, for taxpayers having aggregate turnover > Rs.5 crores.
Due date for filling Annual Return and the Reconciliation Statement for the F.Y. 2018-2019 to be extended to 30.06.2020.
Late fees not to be levied for delayed filing of the Annual Return and Reconciliation Statement forn F.Y. 2017-18 and 2018-19.

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April 8, 2020 / Goods and Services Tax (GST)

Pact to Link FASTag with GST E-way Bill System

The Indian Highways Management Company Ltd (IHMCL) and Goods and Services Tax Network (GSTN) will sign a memorandum of understanding on Monday for integration of FASTag with GST e-way bill system. The memorandum of understanding (MoU) will be inked at the ‘One Nation, One FASTag’ conference, which will be inaugurated by Road Transport and Highway Minister Nitin Gadkari. FASTag is a simple to use, reloadable tag which enables automatic deduction of toll charges and lets vehicle pass through toll plaza …

April 8, 2020 / Goods and Services Tax (GST)

GST Network starts online refund processing

GST Network, the IT backbone of the indirect tax system, on Thursday unveiled an online refund process as decided by the GST Council.
With the deployment of online refund functionality, taxpayers can now file refund application (in RFD 01 form) easily and tax officers can process the same online, GST Network said in a statement.
All communications between taxpayers and tax officers will also be online. The online refund process has become effective from September 25, 2019, on the GST …

April 8, 2020 / Goods and Services Tax (GST)

Unlocking GSTR 9C

What is GST Audit?
Audit is examination of records, returns and other documents maintained or furnished by the registered person under GST Law or any other law. The examination is to verify the correctness of:

Turnover declared;
Taxes paid;
Refund claimed; and
Input tax credit availed;

And to assess his compliance with the provisions of this act or the rules made there under.

Who is required to get his accounts audited?
Every registered person whose aggregate turnover during a financial …

April 8, 2020 / Goods and Services Tax (GST)

What is GSTR-9?

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It must be filed by the GST registered taxpayers (including those registered under composition levy scheme). It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year.

For Composition Registered taxpayers …

April 8, 2020 / Goods and Services Tax (GST)

Types of Audit under Goods and Services Tax with GST Audit Checklist

Audit under GST is the examination of records, returns and other documents maintained by a registered dealer. The aim is to verify the correctness of Turnover declared, Taxes paid, Refund claimed and input Tax Credit availed by an assessed as per provisions under GST along with is to assess the auditee’s compliance with the provision of GST Act and Rules.

Types of Audit

There are three types of Audit prescribed under GST laws which are graphically presented as below. We …