Dear Experts

Partner of the firm has borrowed some funds from a bank in her individual name and invested the entire loan amount in her Partnrship Firm. Now whether can the firm claim the interest amount as expense. Whether it is an allowable expense?

Dear Experts,
Pls suggest me

I've raised a bill of Rs. 74859+13474.62(IGST) = 88333.62
later i found that Rs. 74859 is the Total Inv. Value including GST i.e (Rs.63439.83 + 11419.16)
Means I've wrongly charged GST on Rs.74859/- and filed my GSTR-1 and paid the liability of the same
Can I raise the credit note of Rs.13474.62(IGST) only of tax Amount.
If yes, Is it need to report in GSTR-1 as I'm raising credit note of only tax amt. ?????

RESPECTED SIR

WE HAVE DEVELOPED DISCOUNT COUPON APPLICATION WHEREIN REGISTERED SUPPLIER CAN PUT THEIR DISCOUNT COUPON & CUSTOMER CAN USE DISCOUNT COUPON AT ANOTHER REGISTERED BUSINESSMAN WITH US.

BUSINESSMAN WILL HAVE TO MAINTAIN PREPAID ACCOUNT WITH US .

FROM PREPAID ACCOUNT WE WILL DEDUCT FOLLOWING AMOUNT AS UNDER:-

AT THE TIME OF ISSUE :-RS.1

CUSTOMER CAN REDEEM THAT DISCOUNT COUPON AT ANOTHER REGISTERED BUSINESSMAN & NOT SAME BUSINESSMAN AT TIME OF NEXT PURCHASE:

AT THE TIME OF REDEMPTION RS.25 WILL BE DEDUCTED FROM BUSINESSMAN

OUT OF THAT RS.25, RS.20 WILL BE CREDITED TO CUSTOMER ACCOUNT AS LOYALTY POINTS

I WANT TO KNOW POINT OF SUPPLY UNDER GST FOR ABOVE MENTIONED TRANSACTION :-

1) WHETHER GST WOULD BE APPLICABLE AT TIME OF MAKING PREPAID BALANCE OR DEDUCTING RS.1 ON ISSUE OF DISCOUNT COUPON ?

2) WHETHER ANY GST LIABILITY WILL ARISE AT TIME OF REDEEM OF DISCOUNT COUPON AND IF YES ON WHAT AMOUNT RS.25 OR RE.5 ?

PLEASE HELP ME IN THIS REGARD


THANKS IN ADVANCE

I am facing problem in Gstr 9. 17-18. Means
I have Input Tax Credit in 3B = 5 lakh
I have Input Tax Credit in Books= 6 lakh.
Sir/Mam what i will do in above case where my Input Tax Credit in Books is more than from 3B. Please help how i will reconcile my book with Gstr9 ?

Is sale in transit allowed under GST ?
Please advise.

Namaskar Sir / Madam
Sir need your help. Sir I Have Taken wrong input tax credit in Gstr 3B in Month of July 2017.Sir not reverse these wrong Itc in any monthly return 3B and in f.y 2017-2018 , 2018-2019, 2019-2020 Sir just wanted to knew that how i will be reverse these wrong itc in Gstr 9 ???
Example. Itc In 3B in F.Y 2017-2018 = 10000
Wrong itc include in above amount = 2000
Sir these 2000 amount i was forgot to reverse these amount in any f.y 2017-2018,2018-2019,2019-2020. But i want to reverse these amount in Gstr 9 . So please guided me

How can we provide HSN/SAC summary in GSTR 9, when we purchased a lot of goods & services from such entity who have their annual turnover below Rs.1.5 Crore and therefore they are not bound to mention HSN/SAC on their Outward Supply Bill according to GST Council's Notification No.12/2017 Dt- 28th June 2017

My friend is selling his residential property in village for Rs 20 Lacs and intends to purchase a house in urban area Rs 18 Lacs on NOTARY. The seller is asking the money in CASH only. My questions are :
(1) Would he be able to claim exemption U/s 54F (As it is a notary and not a registry)
(2) what would be the implications to him as he is withdrawing cash from his bank account and paying in cash.

Kindly suggest urgently as he wants to close the deal early.

Thanks & Regards

Dear Sir,

My dad who was a Chartered Accountant in practice used to follow cash system of accounting while filing income tax return of his firm till 31.03.2018 and was not showing any Debtors in Balance sheet.

Now due to his sudden demise in April, 2019, we have started recovering amount from the Debtors as the firm will get dissolved in the current financial year. The amount is getting credited in Firm's bank account as we have kept the account in operation for receiving the outstanding amount.

My query is while filing income tax return for y.e. 31.03.2019 should we show the debtors amount now in Balance sheet and change the Accounting system to Mercantile while filing the return.

I am stuck in a very unwanted situation and worried about filing the firm's return since no Debtors were shown till 2018.

Please advise me on how should I go about filing the returns for F.Y. 2018-19.

Regards,
Divyesh Jain

Case LD along with gst deducted from supplier in aug 2018. as of now the same deducted amount to be refunded amount is approx 3 lacs before tax. We are public sector and refund to be made to pvt owner. In the said cases whether gst tds applicable can any body tell this