Lessor is Liable to Pay GST on Forward Charge Basis When the... Legal Advice December 15, 2023 Company Faces ₹5 Lakh Penalty for Breaching Registered Office Compliance: Ministry of... Legal Advice December 13, 2023 AI’s Growing Role in Uncovering GST Evasions Raises Concerns Among Busi...
7. Which Educational services attract GST on Reverse Charge? There are few examples of Educational services that attract GST under the reverse charge mechanism (RCM). Educational institutions are liable to pay GST on RCM for these goods or services – Sponsorship revenues from non-corporate entiti...
Goods Transport Agency (GTA) filing of Declaration in Annexure V when opting to pay tax under forward charge. View more The DGTS CBIC department will schedule the webinar on the GST Amnesty scheme. Meeting URL: https://dgts.webex.com/wbxmjs/joinservice/sites/dgts/meeting/download/d0b39...
4.How do we carry forward excess of Input Credit to next month in Tally.ERP 9? This happens automatically in Tally. ERP 9. There is no provision to capture input credit in GSTR-1 and GSTR-2. You can check the available input tax credit in GSTR-3 by logging in to GSTIN portal....
needs to pay tax is one of the key factors to consider when determining the time of supply. In the case of the reverse charge, the recipient is responsible for paying GST. Thus the time of supply for goods under reverse charge differs from the supplies that come under the forward charge....
You can claim a refund when the tax on the sale is lesser than the tax on the purchase. In such cases, there is often unclaimed input credit. In this case, you have an additional option of carrying it forward. You can claim the input tax credit on capital goods. However, you cannot...
GST is a comprehensive, multi-stage, destination-based tax. This is levied on every value addition. The law governing GST was passed in the parliament on the 29th of March 2017 and it was implemented across the country on the 1st of July 2017. ...
Under the Indian GST law, the supply of goods or services from one state to another is classified as interstate supply –on which the Integrated Goods and Services Tax (IGST) is applied. For tax liability, service recipient would be liable to pay IGST under reverse charge. Features of ...
Apart from these, there have been new GST changes including an advisory on opting for payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA) is released. Read all the latest GST news updates here: Top GST News of the month. Now, let us look at GST due dat...
The Inland Revenue Authority of Singapore (IRAS) said the B2B imported services would be taxed based on a reverse-charge mechanism, which required the local business clients to account for GST to IRAS on the services it imported. B2C imported services would be taxed through "Overseas Vendor Regi...