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How to report ITC in Form GSTR 3B as per latest circular
In order to bring uniformity in reporting of ineligible and reversal of credits, CBIC has issued a circular (No. 170/02/2022- GST) regarding furnishing of information regarding ITC availed, reversal and ineligible ITC in Table 4 of GSTR-3B.
Format of GSTR 3B - Table 4
Circular 170/08/2022 - GST - Tabular Format - In a simple manner and easy to understand
GST in RCM in case of ocean freights
The idea of introducing 'composite supply' was to ensure that various elements of a transaction are not dissected and the levy is imposed on the bundle of supplies altogether.
Reporting of ITC in GSTR 3B and other details in GSTR 1 and GSTR 3B
The GST Council in their 47th meeting at Chandigarh proposed changes in Form GSTR 3B as well as suggested new disclosure requirements for GSTR 1 and GSTR 3B. We have summarised the Circular No 170/02/2022-GST dated 6th July 2022 as well as presented the changed Form GSTR 3B for better understanding and clarity.
A simple guide to knowing your hourly billing rate
What should be your hourly billing rate as a Freelancer or an Independent Professional?
Case Study 2 - Prevention of Money Laundering Act 2002
XYZ Limited is a company engaged in real estate and construction business. In order to build a land bank in various parts of India that were likely to see commercial development and anticipating a future upward trend in land prices in various parts India.
Notifications pursuant to 47th GST Council Meeting
CBIC has issued Non-Rate Notifications giving effect to the recommendations of the GST Council meeting
How to handle litigation under GST
Post 5 years of GST implementation, it is seen that GST still remains an evolving law, leave alone a settled law so to speak. While some of the issues are ironed out, there are still plenty of issues that need consideration in terms of ground-level reality check.
All about Form GSTR-9C
Earlier, every registered person whose aggregate turnover during a financial exceeds Rs. 2 crore was required to get his accounts audited as specified under section 35 (5) of the CGST Act and was required to furnish a copy of audited annual accounts and a reconciliation statement, duly certified from GSTR-9C.
Gist of CBIC notifications dated 5th July 2022
In compliance of recently concluded GST Council meeting and recommendations made by the Council therein, the CBIC has issued various notifications to give effect to some of those recommendations on 05.07.2022.
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