Tax India (Accotax Business Solutions)

 Can you identify, whether self supply taxable under GST or not ? Lets Understand the term and learn the GST implication in this case- In maximum cases we can see that  we are supplying ourselves  and can not identify the GST implication but in this article we are going to clear your confusion - Read this article in complete to clear your doubt. As per section 25(4) and section 25(5) of the CGST Act, 2017, two different registration of a same person are treated as distinct person and as per para 2 of Schedule I the CGST Act, 2017 read with section 7(1)(c) of the CGST Act, 2017 supplies between distinct person in the course or furtherance of business is treated as supply, although without consideration. Therefore, interstate self supplies such as stock transfers, branch transfer or consignment sales shall be taxable under IGST even though such transaction may not involve payment of consideration. Every supplier is liable to register under the GST law in the state or union...

 Necessary elements that constitute supply under CGST/SGST Act In order to constitute a `Supply`, the following elements required to be satisfied, i.e- The activity activity involves supply of goods or services or both, The supply is for a consideration unless otherwise specifically provided for, The supply is made in the course or furtherance of business, The supply is made in the taxable territory, The supply is a Taxable supply, and The supply is made by a Taxable Person. Suppose in a transaction any one or more of the above criteria is not fulfilled, still considered as supply under GST? Can you identify any transaction based on this? Yes, certain transaction such as import of services for a consideration whether or not in the course or furtherance of business (Section 7(1)(b)) or supplied made without consideration, Specified under schedule- I of CGST/SGST Act, where one or more ingredients specified in answer to previous illustration are not satisfied, it shall be treated as ...

  The calculation of AATO is based on return filed by taxpayer.  The detailed calculation method of AATO has been elaborate in this article later.  An opportunity has been given on dashboard to modify AATO where you believe that AATO figure is wrong and in that situation you can rectify AATO. If the figure you have changed beyond certain limit as per Advisory by GST below, the changed figure shall be sent to jurisdictional officer for appropriate action, if it deemed fit. Some taxpayer have changed the figure of AATO just for confirmation which is not required. If AATO shown on dashboard is correct, then not required any action.   Please Read the Advisory by GST carefully:- ·    This facility shows to the taxpayer AATO (Annual Aggregate Turnover) based on the returns filed by him/her in the last financial year. ·    The facility of turnover update has also been provided to the taxpayer in this functionality, if the said taxpayer feels ...

  Govt were extended earlier the date, now going to Resume for blocking e way bill- Taxpayer advice regarding the ban on the E-Way Bill (EWB) production facility resumed on August 15, 2021. 04/08/2021   1. As you may be aware that the E way block evacuation site was temporarily suspended due to the epidemic, in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill production facility of a person is liable for a ban, in the event of a person failing to submit forms build on form GSTR-3B / statement in CMP-08, consecutive term of two months / Quarterly or more.   2. Government has now decided to restart the closure of the EWB production facility on the EWB component, for all taxpayers in terms of Act 138 E (a) and (b) of the CGST Rules, 2017, from 15 August onwards.   3. Therefore, after 15 August 2021, the Program will consider the status of refunds filed on Form GSTR-3B or statements filed on Form GST CMP-08, and limit the implementati...

  Over the past few days, small business owners have complained about the closure of their bank accounts, as they have used many circulars on the issu e.   RBI extends Deadline For Maintenance of current account- Read Here The Reserve Bank of India (RBI) has allowed time for banks until October 31 to make changes to existing account management, following reports that small businesses have been hit by account ice a few days ago. The central bank quoted circulars issued in August, November and December last year as saying that this was aimed at strengthening borrowers' morale and facilitating better lending monitoring. The RBI, however, has made it clear that the procedure is set for banks to open and use existing accounts and cash credit / overdraft CC / OD institutions. "Banks were required to apply these regulations in a non-disruptive manner while maintaining the direct business interests of their borrowers," the RBI said in a statement. The RBI on Wednesday s...

  From 15th August your E-way Bill going to block, Do your Home work to Avoid- CBIC had previously imposed a ban on the issuance of e-way bill for non-GST return files, providing taxpayers compliance assistance during COVID taxpayers who did not complete GST return for two months or quarters until June 2021 will not be able to produce E-way bills from August 15, GST Network reported. The move, experts say, will help boost taxes on goods and services by August as GST tax returns are expected. The Central Board of Indirect Taxes and Customs (CBIC) had previously imposed an e-way bill system for non-GST taxpayers, giving taxpayers exemption from compliance during the COVID epidemic.   In an August 4 advice to taxpayers, GSTN said, "The government has now decided to restructure the EWB (eway bill) in the EWB, for all taxpayers… from August 15 onwards". Therefore, after August 15, 2021, the system will consider the status of return filed on Form GSTR-3B or statements filed...

where supply comprising of two or more supplies, one of which is a principle supply.   Lets understand this term with an example:- Suppose : A professional training institute gets its training material printed from a printing press. The content of the material is provided by the training institute who owns the usage rights of the same while the physical inputs including paper used for printing belong to the printer. Are you Able to Identify, whether supply of  training material by the printing press constitute supply of goods or supply of services ? Let us Identify: First understand the term  What is composite Supply?  composite supply means a supply made by a taxable person to a recipient and: - comprises two or more taxable supplies of goods or services or both, or any combination thereof. - are naturally bundled and supplied in conjunction with each other, in the ordinary course of business - one of which is principle supply ( Section 2(30) of the CGST Act 2017 ) ...

 Annual Aggregate turnover,New Function in GST Dashboard

Negative Liability Appearing in GSTR 4 Completion of annual return by Composite taxpayers. – Negative Figure on GSTR-4 22/07/2021   Completion of annual return by Composite taxpayers. - Negative Liab in GSTR-4 conditions has come to the point where taxpayers report negative liab from their GSTR-4 Background: From FY 2019-20, composition taxpayers must pay the Liab in Form GST CMP-08 on a quarterly basis while GSTR-4 Return is required to be filed annually after the end of the financial year.   Reason for Bad Debt on GSTR4 : A full year liab is required to be declared in GSTR-4 under applicable tax rates. Taxpayers must complete table 6 of GSTR-4 mandatorily . If possible, no Liab, the specified table can be filled with a value of '0 '. If no Liab is declared in Table 6, it is assumed that no Liab is required to be paid, even if the taxpayer may have paid the debt in Form GST CMP-08. In such cases, the GST CMP-08 payable debt is tax deductible and is transferred to ...

Update Your Bank Account within 45 Days  The function of checking the status of renewal of bank account details of taxpayers who have taken a new registration on the GST Portal but have not yet offered the same, has been introduced, in terms of Rule 10A of the CGST Rules of 2017. Such taxpayers are required to have their Bank Account details updated within 45 days after the initial login.   Taxpayers can sign in and update your Bank Account details with a non-primary amendment as outlined in the table below. In the event that taxpayers who did not renew a bank account after registration and fail to renew within 45 days of logging in for the first time from now on, the system will compel them and compel them to comply with the requirements.   ü   Login to the taxpayer's website ü   Go to ‘Services’ ü   Click on ‘Registry’ ü   Click on the ‘Subscription Component Subscriptions’ tab ü   Select the ‘Bank Accounts’ tab ü   Enter ...

 GST on consideration received for agreeing to refrain from an act

 Case 1-  What is Applicability of GST if Mr. S.K. Gupta has Proprietorship Firm In the Name of Gupta & Sons in Jaipur. The Firm Registered under GST in the State of Rajasthan, manufactures Taxable Products. The Firm Also Provides Taxable Consultancy Services. Mr.   S.K. Gupta has provided the consultancy services to his brother- Mr. G.K. Gupta ( Located in USA ) without any consideration. The Products Manufactured by Mr.  S.K. Gupta similar to the ones Manufactured by Mr. G.K. Gupta. Mr  S.K. Gupta charges Rs. 4,00,000 for providing similar consultancy services to other independent customer located in USA.

 Whether GST applicable in case of Transfer of Stock to its another unit Located in another State?

Supply of Goods or Service within State ( Intra State)  , the supplier charge Dual GST that is CGST and SGST at the rate applicable on such supply.