Goods and Services Tax

GST Simplified for your Business

1
How to File Form GST TRAN-1: Part 2
2
How to File Form GST TRAN-1: Part 1
3
What is Form GST TRAN-1 and when to File it
4
GST Impact on Real Estate Buyers
5
GST Impact on Real Estate – Developers and Builders
6
GST Return Dates: for August and September, 2017
7
Persons who Need to Register under GST Irrespective of Their Turnover
8
GSTR-3B Due Date – 25th or 28th August?
9
How to Claim Transitional ITC in GSTR- 3B
10
GST Return Filing Guide for Tax Consultants

How to File Form GST TRAN-1: Part 1

Last updated on August 31st, 2017 at 02:45 pm

In our earlier blog What is Form GST TRAN-1 and when to file it , we discussed about the due date to file Form GST TRAN-1 and different scenarios in which  businesses are required to file Form GST TRAN-1 to claim the transitional input tax credit. The option to file Form GST Tran-1 is available in GST portal from 21st August, 2017. Following are the steps to file Form GST TRAN-1: Read More

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What is Form GST TRAN-1 and when to File it

Last updated on September 15th, 2017 at 04:13 pm

Businesses having carry over Cenvat credit and Input VAT credit are allowed to carry forward the eligible Cenvat/Input Credit (ITC) from earlier regime to GST. The Cenvat credit including Service Tax will be carried forward as CGST Input Tax credit and VAT including entry tax will be available as SGST Input tax credit. And, also in certain businesses circumstances, input tax credit on closing stock held on 30th June, 2017, will be allowed to carry forward to GST regime. Read More

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GST Impact on Real Estate Buyers

Introduction

In our previous blog, we read about the impact of GST on real estate developers. Given that the subsuming of multiple indirect taxes, and seamless availability of ITC is bound to reduce costs for the developers, it does translate into a positive impact of GST on property prices for buyers, which are bound to get more attractive.

Let us look into the impact of GST on home buyers, as well as commercial buyers:
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GST Impact on Real Estate – Developers and Builders

Introduction

The real estate sector is one of the most pivotal sectors of the Indian economy, ranked second only to agriculture. It has an average contribution of 5% – 6% to the Indian GDP, stimulating demand for more than 250 ancillary industries, and playing a vital role in generating employment across the nation. It has also been one of the prime areas of investments; having seen a substantial growth of 22% in the private equity space, and close to 9% in investments for residential properties in 2016.
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GST Return Dates: for August and September, 2017

Last updated on September 13th, 2017 at 03:50 pm

This blog post is updated with the GST Council’s decision to extend the return due dates

The GST committee’s decision to allow the transitional credit towards discharging July month’s tax liabilities, and extension of due dates for payment of tax, and filing of GSTR-3B to 25th August, 2017. This has provided much needed relief to the business who are filing their first GST return. No doubt, the extension of last date for payment of tax and filing GSTR-3B is a welcome move, and it will give an additional 5 day-window period for those tax payers who could not make it in the last minute. With due dates being revised, extended, and so on, the businesses need to re-align the compliance activities inline with the changes. To help you prepare better and not miss any important dates, we are listing down the important GST return dates.

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Persons who Need to Register under GST Irrespective of Their Turnover

Under GST, certain persons have to compulsorily register, irrespective of their turnover. This means that such persons should register even if their turnover does not cross the threshold limit of Rs. 10 Lakhs for special category states and Rs. 20 Lakhs for rest of India. These persons are:
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GSTR-3B Due Date – 25th or 28th August?

Last updated on September 21st, 2017 at 02:35 pm

The blog post is updated with the CBEC press release announcing the extension of GSTR-3B due date and payment of tax.

In the light of the recent clarification from CBEC, the businesses are allowed to use the transitional input tax credit in paying the July month’s tax liability. This is a much needed relief to businesses who had huge amount of transitional credit. This is because they feared that the non-availability of such option would have a severe impact on cash out-flow of the business. Also, listening to the request from tax payers to extend the due date of GSTR-3B and due to the last minute technical glitches in filing returns in GST Portal, the GST committee has decided to extend the last date to file GSTR-3B by 5 days.  Read More

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How to Claim Transitional ITC in GSTR- 3B

Last updated on September 22nd, 2017 at 04:30 pm

This post has been updated on 2o Aug, 2017.

Ever since the Form GSTR-3B format was released, the fundamental question which most of businesses have is ‘How can I capture the details of my Transitional ITC in Form GSTR-3B?’. With the extended dude date of 25th August, 2017, just a few days away, this questions seems to be one of the most concerned area for business in filing Form GSTR-3B. In this blog, we will be discussing on

  1. What is Transitional ITC?
  2. How can you claim Transitional ITC?
  3. Why is Transitional ITC a concern for businesses in filing GSTR-3B?
  4. What are the remedies for claiming Transitional ITC in Form GSTR-3B?

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GST Return Filing Guide for Tax Consultants

Last updated on September 21st, 2017 at 05:11 pm

This guide is written for GST Tax Consultants (GST Tax Practitioners). If you are a business owner, you might still find it interesting to read further and forward this to your tax consultant.

Topics Covered

  1. Introduction
  2. Details Required at invoice level
  3. Types of clients
  4. What are the challenges with clients who give you digitized GST invoices?
  5. What are the challenges with clients who give you manual GST invoices?
  6. Conclusion

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