Further as per Rule 36 sub rule (1) clause (b) of the CGST Rules 2017, the Self Invoice is the document which is required to claim ITC on GST paid under RCM basis.EXTRACT OF RULE 36(1) clause (b) :The input tax credit shall be availed by a registered person on the basis of ...
CGST Rule 36(4) For FY 2019-20, taxpayers have some more complexities to face. For ITC reconciliation, they have to take care of the inclusion of CGST Rule 36(4). This rule has added a few restrictions and changes in how ITC was being claimed. ...
RCM Time of Supply Rule Changes Effective from November 1 Now, let us look at GST due dates for December 2024. Here is a comprehensive image of our December GST Due Dates Calendar or GST Compliance Calendar. It has all the GST Due dates for December 2024 so that you never miss the Dece...
The GSTN advisory for taxpayers on reversing the Input Tax Credit under rule 37(A). View More The GST department has published the advisory for ITC mismatch – GST DRC-01C. View more 10th November 2023 An advisory regarding the amnesty for taxpayers who missed the appeal filing deadline for...
However, Rule 36(4) introduces a new restriction on claiming ITC. Now, you cannot claim more than 105% of the ITC reflected in GSTR-2B as provisional credit. This 5% provisional ITC rule does not apply to the import of goods, input service distributors and, reverse charge mechanism (RCM...
Independent director as defined under section 149(6) of the Companies Act, 2013, read with Rule 12 of Companies (Share Capital and Debentures) Rules, 2014 makes it amply clear that such director should not have been an employee or proprietor or a partner of the said company, in any of th...
Compliances for Services under RCM Every tax invoice must mention whether the tax is payable on reverse charge in accordance with section 31 of the CGST Act, 2017 and Rule 46 of the CGST Rules, 2017. Similarly, you also need to mention in the receipt voucher and refund voucher if the tax...
TDS rule for Per Contract Value and Threshold Amount in the same Invoice IN GST: UID Validation issue GST posted for 0 price invoice GST being posted even when there is no structure Reference Information Reference No. HF364945, HF365847, HF365848,...
TDS rule for Per Contract Value and Threshold Amount in the same Invoice IN GST: UID Validation issue GST posted for 0 price invoice GST being posted even when there is no structure Reference Information Reference No. HF364945, HF365847, HF365848, HF365857, HF364136, HF368289, HF367652...
As per the Composition Scheme rule under GST, a dealer needs to issue a bill of supply. Every bill must mention “composition taxable person, ineligible to receive tax on supplies.” What are the Advantages and Disadvantages of the Composition Scheme?