You may have read our previous blog, which would have given you an overview on why it is the right time to buy a computer for your business. Given the changing landscape of the Indian economy as well as business, which is moving towards digitization, and also the introduction of GST, which is going to take tax compliance to a whole new level of transparency, a computer is no longer just an option, but rather a must for the typical small Indian business today.
What is a consignment sale?
A Consignment Sale is a trade arrangement in which a seller sends the goods to a buyer or reseller; but the payment to the seller happens as and when the goods are sold. The seller remains the owner of the goods or, in other words, the title holder of the goods until they are paid for in full and also, after a certain period, takes back the unsold goods. In most of the cases, such resellers work on a commission basis. Consignment sales under GST has a relatively new treatment which need to be evaluated by businesses.
Through the press release of the 21st GST Council meeting held in Hyderabad on 9th September 2017, it had been clarified that that the due date to file GST TRAN-1 has been extended till 31st October, 2017. The decision was applauded by most businesses, since it provided an additional month’s time to prepare and file TRAN-1 in the GST Portal. Also, it was decided to allow businesses to revise the details submitted in TRAN-1.
However, the circular dated 18th September, 2017 on extension of the last date to file GST TRAN-1 has started creating confusion among taxpayers on the correct due date to file GST TRAN-1.
In our previous blog, we discussed about what is GSTR-2 and the relevance of GSTR-2A with GSTR-2. We also understood, that auto-populated details of inward supplies from GSTR-2A will be available in GSTR-2. Though the details are auto populated, you are required to prepare the return before submitting it. The preparation here refers to reconciliation of inward supplies available in GSTR-2A with the books of accounts, determining the additions, modifications and rejections which are required before submitting GSTR-2.
The extension of due dates to file GSTR-1, GSTR-2 and GSTR-3 of July 2017 is a welcome move, as it provides an additional time for businesses to prepare the accurate returns for better compliance.. Now, the businesses are required to file GSTR-1 by 10th October, 2017, GSTR-2 by 31st October, 2017 and GSTR-3 by 10th November, 2017. To know more on the revised due dates, please read ‘GST Return Dates: for August and September, 2017’.
In our series of blog posts on “How to File Form GST TRAN-1”, we have discussed about various business scenarios in Part-1 to Part-5. In this blog, we shall discuss about the following: :
- Applicability of Table 8 of Form GST TRAN-1
- How to fill Table 8 of Form GST TRAN-1
In our series of blog articles on “How to file Form GST TRAN-1”, we discussed the applicability and section-wise details of Table 5, 6, 7(A) and 7(B) of Form GST TRAN-1. In this article, we will discuss about:
- Applicability of Table 7(C) and 7(D) of Form GST TRAN-1
- How to file Table 7(C) and 7(D) of Form GST TRAN-1
Last updated on September 25th, 2017 at 12:13 pm
The GST filing period has begun!
“How do I and my tax consultant file GST returns for my business?” – is the one question that is likely to linger on top in your head, among others. This blog suggests the best method for filing returns accurately.
In our previous blog ‘All you Need to Know about e-way Bill under GST’, we introduced and and explained in details the provisions of E-Way bill under GST. In this blog, we will take you through the E-way Bill format in GST.