Hi

Is GST applicable on sale of capital goods -vehicles like car , lorry 1) which are used in business and 2) which are not used in business

Reply please

Dear Experts

Assesee turnover for the year is Rs 15 lakhs. He maintains proper books of accounts and files the return for net profit of Rs 98,000 which is less than 8%.

Is tax audit mandatory? What are the penal provisions in these cases.
Assesee doesnt want to opt or 8% scheme as he as to submit detailed financials to the bank for loan pupsose.

Dear Experts

Assesee is selling a house property constructed in the year 1995. He doesnt have the cost of construction details. How to arrive at the indexed cost of acquistion?

Please help

Sir,

Please clarify my doubt.

Whether surrender value of Wealth Plus Policy of LIC is taxable?

M/s A has received some services from M/s B and paid GST under reverse charge and also claimed ITC on it from July to October 2017. Invoices had not contained GST. For the month of Nov and Dec 17 no GST is paid by M/s A also as reverse charge postponed.
However M/s B is registered supplier from July 2017.Now M/s B wants to pay GST from July 2017 till to date with interest.
(1) How both the parties will correct the accounting entries in their books??
(2) Is it required to pay GST by M/s B, as GST is already paid by M/s A under reverse charge??
(3) And if M/s B gives the credit note to M/s A from the period July to Dec 17 and reissued new bill with GST, how M/s A will reverse the entries in books which are done for RCM Liab and RCM credit and how M/s A will report these reversal in GSTRs??
(4) Is there any way to settle these transactions in both parties books??

Dear Experts,
We want to return the goods in purchase return. Pls tell me can we send the goods for purchase return by debit note.

Also in some case we send the goods for replacement can we send the goods for replacement by delivery challan,

Pls guide me....

Thanks & Regards
Mohit Chandra

Dear all any one clarification of my doubt please

Firm partner buying a new car booked name of the invoice partner name not firm name . My doubt is the car asset booked in firm account or not .because firm is paid to car loan this is write or wrong any one solution give me i am totally confused .he is tell no problem asset is booked in firm account my doubt is wrong because car invoice name is partner name.

We have forgot one Invoice of Nov month to show in GSTR3B and GSTR1.

what action to be take now.

Please guide.

Dear Sir,

I filled TRANS-1 in Nov-17 where there was a service tax input credit approx 20 mln and at the same time while filing GSTR 3B for the Nov-17 i reported the same amount as ITC considering the credit for that month under GST but after some time when i refer the availavable credit on GSTN portal i came to know that there is double credit even though we have not actually utilised the credit twice.

now i understand that i shouldn't have reported this credit under 3B, so please help me how to correct this mistake.

Regards
JAI Prakash

A Trust registered under sec 12A of the Income tax Act, 1961 had sold one of its immovable property at market value to one of its trust members. Shall auditor has to report the same transation under point 6 of Application or use of income or properties for the benefit of persons referred to in sec 13(3) of form 10B