Taxpayers can again claim the ITC after payment to the supplier which has been already reversed on non-payment. It is important to check the books of accounts for any such entry on which ITC can be claimed. 3. Checking credit for Reverse Charge It is important to cross-check your books ...
ITC on GST paid on rent can be claimed if all of the requirements for claiming Input tax credit are met. Take a look at the provisions relating to TDS on commercial property rent. The individual paying rent must pay the GST to the owner of the rented property...
GST on Reverse Charge is levied if there is intra State supply of goods or services or both by an unregistered supplier to a registered person and the value exceed Rs 5000 in a day. Know more ... GST Sale of a Composite Supply in Tally.ERP9 ...
1.How to record expenses incurred in the furtherance of business like rent, telephone expenses, stationery and so on, and claim them under GST? Expenses incurred for the furtherance of business, such as rent (commercial), telephone bill, stationery and so on, can be claimed under GST by rec...
24.Basic of tax deduction at source 25.TDS on salary 26.TDS on payment to contractors 27.TDS on payment of rent 28.TDS on fees for proffessional/technical services 29.Payment of TDS 30.Advance Tax 31.Self-assessment 32.Permanent Account Number Annexure.key answers...
As per GST Law, aggregate turnover does not include value of supplies on which tax is levied on reverse charge basis, and value of inward supplies. This post explains about categories included under GST and categories excluded under GST in India. ...
Hence, GST will be levied on his remuneration and the company shall be liable to pay the same on reverse charge basis. Consideration for services of a Whole-time Director The circular also clarified that the employer-employee relationship of a director in a company may be established on followi...
On goods and/or services where the receiver pays tax on reverse charge basis On goods lost, stolen, destroyed, written off or disposed of as a gift or free samples Treatment of input tax credit already availed in exceptional scenarios
Taxpayers may add or delete any of these heads but all heads of expenses on which GST has been paid/was payable are to be declared here. A. Purchases B. Freight / Carriage C. Power and Fuel D. Imported goods (Including received from SEZs) E. Rent and Insurance F Goods lost, stolen,...
Help with Rent Agreement Help with NOC Help with current bank account opening GET STARTED Resources We are profoundly dedicated to train, groom and support GSK owners for new business. VIEW MORE GST Glossary Know the basics of GST Terms and their definitions. Catch up with the list. ...