I have one query , Can you please confirm the cash sale limit to Registered & Unregsitered person in a day (per invoice). under the GST Act & Income tax act.
17 June 2020
Sir, I have one query, we have Import purchase, party Invoice dt.16.03.2020, but material received in our factory in the month of may 2020, bill of entry is in the month of April2020 my query in which year I shall book the expenses in the F.Y. 2019-20 & F.Y. 2020-21
19 June 2020
Sir Could you please help me to understand the below mentioned notification issued by Govt.
D) Monthly compliance with input Tax Credit ('ITC) restriction (i.e. 110% of matched credit) deferred till September 2020 Monthly compliance with the ITC restriction as envisaged under Rule 36(4) that a registered person cannot avail ITC exceeding 110% of eligible invoices uploaded by the vendors has been deferred till September, 2020 for the tax periods Feb, 2020 till Aug, 2020. However, the said ITC restriction shall be applied cumulatively for the period Feb 20 to Aug 20 and would be given effect (i.e. cumulative adjustment to be done) while filing GSTR3B for the month of Sep-2020 Rule 36(4) states that input credit availed related to invoices/debit notes not appearing in 2A shall not exceed 10% of the eligible credit uploaded by supplier. Condition under rule 36(4) shall not apply to input tax credit availed by the registered persons in the returns in FORM GSTR3B for the months of February, March, April, May, June, July and August, 2020, but that the said condition shall apply cumulatively for the said period and that the return in FORM GSTR3B for the tax period of September, 2020 shall be furnished with cumulative adjustment of input tax credit for the said months in accordance with the condition under rule 36(4). [Notification No. 30/2020 - Central Tax dated 3rd April, 2020
We have to file our GSTR1 & GSTR 3B for march, april and may 2020
CAclubindia
