Details of returns which are to be filed under GST with dates and requirements are as follows: Now we will take each return separately in individual post Given under is format of Form GST 1 Given under is format of GSTR2 For sake of simplicity we have tried to explain various fields of returns by
Registration Process a) Registration Requirement As per sec 22 following are liable for registration i) Every Supplier if his turnover exceeds 20 lacs (10 lacs in case he is from special category of states) ii)Every person who was registered on appointed day iii)Any business that was registered is transferred owing to succession or otherwise as
Reverse Charge means “the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3 ) or sub-section (4 ) of section 9, or under sub-section (3 ) or subsection (4 ) of section 5 of the Integrated Goods and
(i) Such goods were not wholly exempt from duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985 or were not nil rated.
(ii) Document for procurement of such goods is available with the registered person.
(iii) Registered person availing this scheme and having furnished the details of stock held by him in accordance with the provisions of clause (b) of sub-rule (2) of rule 1, submits a statement in FORM GST TRAN— at the end of each of the six tax periods during which the scheme is in operation indicating therein the details of supplies of such goods effected during the tax period.
(iv) The amount of credit allowed shall be credited to the electronic credit ledger of the applicant maintained in FORM GST PMT-2 on the Common Portal.
(v) The stock of goods on which the credit is availed is so stored that it can be easily identified by the registered person.
Normal Input Credit Provision
This concept was in vogue in service tax but now with the advent of GST it is important to understand. Please refer to sec 7 to sec 14 of IGST Act Place of Supply and location of supplier these two terms are relevant here.Place of supply is the place where recipient is located and location
There may be a case that the original invoice has to be revised There must be goods return case There must be so that the goods may be never supplied or the services may be never made Revised Invoice: It must contain following particulars the word “Revised Invoice”, wherever applicable, indicated prominently; (b) name, address
Since GST has been implemented w e f first of July 2017 so now the first thing is the invoicing under GST. The format of invoice has been given under Rules and a template invoice by the name GST INV-01 . Basically two types of invoice can be issued under GST. Tax Invoice Bill of supply
This is the post excerpt.