On our exports on CIF basis, we are required to declare freight and insurance on the shipping bill so that the correct FOB amount is available to work out the drawback amount. At the time of export, we do not know the actual freight or insurance amount. So, we declare it on an approximate basis.
We are making export invoice with IGST @ 18%
Now, my question is
1. If we include Freight and insurance in Export Invoice, whether it would attract GST? And such GST is payable?

IF YES;
In GSTR – 1, in table No.6A, taxable value goes basic + Freight + Insurance and same for IGST amount.
For Example
Export Goods Value – RS.100000
Freight Expense – RS.15000
Insurance Expense – RS.10000
Total – RS.115000
IGST @ 18% - RS.20700 (ON RS.115000)
Now, the refunds of IGST are adjusted on FOB basis that means IGST paid on Freight, insurance are not refundable so on ICEGATE taxable Value will be RS.100000 and IGST amount will be RS.18000 (18% of 100000).
Hence, it will create mismatch among invoices shown in table 6A and invoices on ICEGATE.
IF NO:
If we don’t charge GST on Freight and Insurance in Export Invoice. Will it be okay? And can we show Freight Insurance Amount in GSTR – 1 in 0% tax rate field?

Please guide us above case for Invoicing, Accounting and GST Return.

Can anyone please suggest SAC Code for an Online Aggregator who is providing Online Platform for Sell and which provides all sort of information through online portal.

Hello,

Holding company(Indian) need to write off investment in shares done in subsidiery company(registered in USA) as subsidiery is shut down.

Question:
Will this loss be treated as Capital Loss or a business loss.
What will be the accounting treatment for the same in the book of holding company.
What disclosure is to be made in Notes to accounts of a holding company as Tax audit needs to be done for the same.

Respected Expert
Please guide

What is rate of CGST & SGST for goods having HSN 61112000

How many digit HSN to be given in Invoice & GSTR-1 if GST registration is taken from August 2021. Turn over till now in less than 10,00,000.

Thanks & Regards

ASSESSEE RECEIVED RS. 8 LAC LICENCE FEE FROM SMALL MILK VENDERS(GST NOT APPLICABLE ON SALE OF MILK ) ON BEHALF OF COMPANY AS LICENCE FEE AND PAID RS. 8 LAC BACK TO COMPANY AS LICENCE FEE. WHETHER TDS APPLICABLE ON PAYMENT OF LICENCE FEE TO COMPANY (WHICH IS RECEIVED ON BEHALF OF COMPANY ITSELF). ASSESSEE BOOKS ARE SUBJECT TO AUDIT AND IS WHOLESALER OF MILK, TURNOVER 7 CRORE. ALL THE VENDORS ARE SELLING MILK OF THE SAME COMPANY.

what is time limit to issue debit note and credit note under GST.

Can you share how the own credit is calculated on financial instruments issued by the firm and how the changes in own credit is calculated for the change in own credit from date of issuance of the financial instruments to the reporting date (production date). One way to measure it is change in own credit = TV (Mt, Ft) - TV (Mt, Fi) [i] where, TV(Mt,Ft) : theoretical value of the financial instruments using backbone curve on the production date Libor + Own credit spread on the production date TV(Mt, Fi) : theoretical value of the financial instruments using backbone curve on the production date Libor + Own credit spread on the issuance date. But, the above approach has limitation in following hypothetical scenarios : let us assume Own credit curve on the production date and issuance date remain same but it's constituent changes. In that cases, the calculation will not correctly capture the own credit change: Production Date Own credit : 5% Libor : 4% own credit spread : 1% issuance Date own credit:5% libor : 3% own credit spread :2% in the above hypothetical scenario, if we put in the equation [i], the issuance date TV will be based on 6% (4% + 2%) your response and sharing will be highly appreciated.

Read more at: https://www.caclubindia.com/forum/own-credit-adjustment-treatment-under-ifrs9-586310.asp

Sir
I have 5 residential house property ( including this 1 plot + 4 Flat ) which was purchases by me in past. Out of 5 residential house property i am going to sale 1 property ( plot ) .
As per my calculation Rs 40 lakhs long term capital gain will be arise on such transaction.
So i have a question that , can i reinvest such capital gain in another new a residential house property even i have hold 4 house property ? Please explain rule regarding number of residential house property.

Dear Experts
Kindly advise suppose Mr.x not filed his ITR because his annual income is less then basic limit but he is saving Rs.eighty to ninety thousand from his salary since 2006 salary deposit by his employer. And he was deposit some cash in his saving account. He converted saving amount value to fixed deposit Rs.7 Lac in 2014.in 2017 he resigned his job.he got gratuity and PF withdrawal Approximately Rs.3 Lacs he.in 2019 he made one fd Rs.8 Lacs now he is working in private shop he got the salary in cash mode. He deposit saving from sb account in via cash so please suggest can he face any problem or any notice from IT department or bank

Cash deposit in sb account.
2006 - 11000
2007- 9000
2008- 24200
2009 3400
2010 to 2017 2 Lacs 85 thousand
2019 to March 2021 1 Lacs 10 thousand

I want to buy flat from developer named Sri Amara constructions,being managed by two partners, Should I make deposit payment in the firm name or can I give cheque in partner name.Pl clarify.