Dear All,

Please kindly suggest your views relating to Input Tax credit in Asset Accounting:-

As per notification of the govt. After purchasing a Capital Asset, if we avail depreciation against it under Income Tax Act, ITC in GST is totally disallowed.
And then after certain year of use if we sale the asset we need to charge GST as a regular gst tax payer.

The resultant effect is that it is better to pay the GST without availing any credit just to avoid unnecessary notices & show cause orders from department. (Keeping in view of availing depreciation during certain year of use)

I am engaged in plastic manufacturing and reprocessing and already obtained Gat no. On that business now I want to surgical business trading item shall I do in same GST NO. Place of supply is same as of plastic business. HSN CODE IS DIFFER..??

Sir,namaste I purchased exempted goods paddy from Madhya pradesh state to our state karnataka.He made his sales invoice as this.
Party name:Buyers' name
GSTIN:Buyers' GSTIN
Purchase value:320330/-
Less:To Pay freight-Rs.43130/-
Net amount:277200/-
I paid lorry freight amount to transportation by trasferring the amount by neft through online rs.43130/-

Then how should i tkae journal entry in my books of accounts.Please guide me...

As we are aware that there is an amendment in the Finance Bill 2020 reg rate of TDS u/sec 194J Professional @ 10% and Technical services @ 2%.
Is purchase of software covered under Professional or Technical services?
Technically expert person can develop a software so I think it shall cover under "Technical" services. Please advice.

Please let me know about tds return dates for 2019-2020 and 2020-2021

please guide,
Due to Covid 19 , my landlord is not charging rent for Apr-2020.
Whether GST has to be paid on Notional Rent as per rent deed or no gst payable because no gst invoice issued/nil value invoice issued.

In COVID interest on late payment of TCS is reduced to 9%. But when i filled TCS Return with caluculation of TCS Interest @ 9 % then return is processed with defaults and default is of less Interest deposited. They are calculating interest @12%p.a. How can we take benefit of 9% ? Should we deposit Interest demand raised by them?

A Partnership Firm engaged in coaching work at Delhi and has to pay a sum of Rs.200000/- (Two Lacs Only) to a Nepal Resident who provided professional services in India. What is a TDS liability of Indian Partnership firm.

Vipin Kumar
Haryana

hello please guide me how i can calculated 42/43 reversal

i have find ITC reversal amount through following formula _ Exempted turnover /Total Turnover

kindly guide exempted turnover definition ??? as per my knowledge exempted turnover means Zero rated sales (export Sales )+ Nil rated sales +Non GST sales

Kindly guide

A freelancer software consultant likely to have 25-30lakhs turnover p.a for the current year from export software services has obtained recently the following registrations,
1. GST Regn
2. LUT fiing
3. IEC Regn

He provides his services via Upwork website-
1. Where he provides services to American clients but receives forex from Upwork.
2. Also, he sometimes directly provides services to American clients and receives forex in his payment gateway directly from American clients(ex:paypal)

In both the above cases, neither Upwork nor American client asks for his Export bill because they maintain a statement of hours worked and based on that they pay the Software consultant.

So, to satisfy LUT conditions in gst one has to
1. To receive forex (consideration) for his services
2. Obtain BRC/FIRC from the bank
and
3. Raise an Export Invoice for Services

In the said case, he receives forex and can request the banker for BRC/FIRC.

But how do we invoice the Upwork website or the American client ?

My doubts here are,
1. Should we raise an Export Invoice and mail them
2. Does our Invoice need acceptance from the recipient of Services
3. Or can we just raise the Invoice and keep it in our records and not submit to them.

Kindly guide me over these doubts. Also, kindly let me know if i have missed any points as far as export of services are concerned.