Feb-20 GSTR-3B having incorrect Total Taxable Amount, showing amount as 4 crores but in actual it is 4 lacs due to this FY19-20 turnover is exceeding 5 crores what can be done to correct this.

One of our Client is having turnover from Shares Delivery based as dealing in shares is his regular business. Rs 51 Lcas and from Profession Medical Rs 1050000/- can be shown Shares sale under 44AD and Medical Profession U/s 44ADA. or we will be covered under audit of professional as our combined receipt are more than 50 Lcas

Hi Sir,

What is the maximum Exemption limit for Interest on Housing Property if property is Self Occupied and Let out Property in FY 2020-21.

Please clarify

Thanks & Regards
Ratheesh

My Client during the year 2019-20 has sold land for Rs.20.00 lakhs. He has purchased land during the year 2004-05 for Rs.4.96/- lakhs and he paid Regularisation charges for Rs.1.60 lakhs during the year 2019-20 before sale of land (i) can we calculate the regularisation charges as cost of improvement sale of the land on capital gains

A GST registered taxpayer of Maharashtra is making ex-factory sale i.e., the customer takes the delivery of the goods from the factory itself located in Mumbai. The Customer (registered at West Bengal) will be taking the goods through own conveyance to West Bengal.

Whether this type of ex-factory sale shall be treated at Intra-State Supply or Inter-State Supply of goods?

Hi,

Please clear to us.
We have received the services from 3 transporter fright GR Value Rs.98000/- and deposit the RCM for RS.4900/-
In November 2020 We have claimed the ITC in 3B. But out of 3 Transpoter one has deposit amount 1900/-under RCM same shown in my GSTR-2A Under reverse Charges Yes. So Can i Claim ITC which was shown in my 2A or note
(2) Why 2 transpoter has not deposit the RCM

Please Suggest Sir,

Hi...
I am new to this GST working and need an advise on it.
Actually i am opening medical and convenience shop which would be operational in 1 or 2 months. It's on proprietorship.

So for the same if I have to purchase Ac , Computers , accessories I will pay GST on it. So can I utilize this as Input Tax Credit ??
If yes than for how much time the claim would be valid...?

My Shop Current Account is not yet opened and I will pay for purchases from my Saving Account. (Single Name)

Thanks in advance
Zubin

A GST regd taxpayer has issued credit note to customer in Sept 2020 against goods returned on sale. He reported the same in GSTR 1 and took its effect in GSTR 3B for Sept.

The assessee has noticed that the customer has already issued debit notes against the good returned in August 2020 GSTR1 and is reflecting in October GSTR 2B of supplier.

The assessee has reduced his output liability in GSTR 3B of sept but due to debit note effect, ITC is reflecting in GSTR 2B of Oct. Thus the GST portal is having double effect of this credit note amount

How to take the correct effect?

An assessee made IGST sales during the month of Oct 2020. He has also issued Credit Notes during the oct month with CGST & SGST.

Now while filing the GST return how he will make the adjustment in the return. Since he cannot adjust CGST SGST with IGST in table 3 of outward supply? In month of Nov & Dec, the assessee will not be making any CGST SGST sale with which he can make adjustment in future months.

Please guide ahead.

Dear Sir,

We are deducting TCS @ 0.075% from 01.10.2020 onwards on supply of goods.

Kindly advise is it required to deduct balance outstanding as on 30.09.2020 is also applicable TCS.

Best regards
Mahesh