We have cgst input 5000 sgst input 5000.
Output liab in igst 2000 cgst 5000 sgst 5000.
As per new setoff rule which tax we have to pay and how much amt

I have claimed a total of 75k excess input credit in the year F.Y 2018-19, due to non receipt of Credit Notes from suppliers. I have Unutilized input credit of around 2.5 Lac into my GST Portal in the whole year. Am I still be liable to pay interest if I reverses the excess credit in the February return?

Or can I simply reverse the excess input without paying interest on it?

HI

I HAVE FILED FORM INC-20A (DECLARATION FOR COMMENCEMENT OF BUSINESS) FOR A PRIVATE LIMITED COMPANY ON 08/03/2019. BUT UPTO NOW, CERTIFICATE WAS NOT AVAILABLE FOR DOWNLOAD FROM MCA LOGIN. NO MAIL RECEIVED FROM MCA WITH ATTACHMENT OF CERTIFICATE. STATUS OF SRN SHOWS "APPROVED". PLEASE CLARIFY WHETHER CERTIFICATE OF COMMENCEMENT OF BUSINESS RECEIVED THROUGH MAIL?

THANKS IN ADVANCE

Dear Sir , I have client having main business as Restaurant as well as Retail outlet of selling other Goods like biscuts etc , he is opting for composition scheme.As per recent ammendment has to file under this Notification No. 2/2019-Central Tax (Rate) or continue as earlier 5 % for Hotel and 1% for trading in composition scheme.

I am a resident senior citizen tax payer. I do invest in ELSS MF(Growth option) each financial year to save tax under section 80C of Income tax Act.
I had invested as usual in some ELSS schemes in March 2016 which I intend to redeem now after completion of 3-year lock in period. Since introduction of LTCG tax by the central budget 2018, this the first time I will sell ELSS units.
As such I am in need of some clarifications on calculation of LTCG from experts.
The following example will be helpful for me.
I had purchased 1690.846 units of a particular ELSS on 09.03.2016 at a price of Rs.29.57/unit. The total investment was Rs.50,000/-
NAV of these unit on 31.01.2018 was Rs.44.8938/unit
My sale price on 12.03.2019 is Rs.46.253/unit
Appreciation in value since 31.01.2018=(46.253-44.8938)=Rs.1.3592/unit
Hence total gain= 1.3592*1690.846=Rs.2298
Since, LTCG upto Rs.100000/- is tax free in a financial year, I am not required to pay any tax for this gain.
Am I correct?
Kindly, give me expert opinion.

I have two queries ...
1) I received advance Rs.5 Lakh and filed the same in GSTR1 at 11A in JAN-2019. Now, final invoice raised for Rs.20 Lakh in the month of FEB-2019. Please suggest me the presentation in GSTR1.

2) I received advance Rs.10 Lakh and filed the same in GSTR1 at 11A in JAN-2019. Now, Advance has refunded in the month of FEB-2019 as service has cancelled. Please suggest me the presentation in GSTR1.

It is very urgent. Please note above two issues related to two tax payers and not a single file.

WE PAID INSURANCE SURVEYOR CHARGES ( FOR IMPORT GOODS CONSIGNMENT AT PORT)
THE EXP. OF INSURANCE SURVEYOR CHARGES QUANTUM IS HUGE.

PRESENTLY WE ARE DEBITED TO PROFESSIONAL CHARGES.

PLEASE SUGGEST SUITABLE ACCOUNTING HEAD.

If an Indian resident buys property in India from OCI holder then what is rate of TDS? It is under sec. 194IA or 195 ?

EK SHARE 2016 200 RS PER PURCHASE KIA OR 31 JAN 18 TAK UNLISTED PER 8FEB 18 KO EXCHANGE PER LIST HUA 1600 RS PER FIR SALE KIA FEB 2019 MAIN 900RS PER NOW 112 A SHARE PER EFFECT AE GA KYA....?

Kindly help me on following issue. For the FY 18-19, we have not opted for composition levy scheme. However from FY 19-20, we want to opt for composition scheme. When we tried to do it from GST portal it shows the following message. " The facility to Opt-In for Composition Levy (Form GST CMP-02) for Financial Year 2018-19 is disabled for now." We want to opt for composition scheme so kindly suggest the process for the same.

Read more at: https://www.caclubindia.com/experts/application-to-opt-for-composition-levy-2652459.asp