Accounting Treatment of Inward Supplies

Dear Friends, please find below the accouting treatment for inward supplies under GST 6(a) Accounting Treatment of Inward Supplies under GST “Inward supply” in relation to a person, shall mean receipt of goods or services or both whether by purchase, acquisition or any other means with or without consideration- Section 2(67) of the CGST Act. […]

FAQs on form GSTR 9-Annual Return under GST Law

Q1. What is Legal provision for filling GST Annual Return? Ans. Legal requirement of filing Annual return hereafter called GSTR-9 is governed by section 35(5) and section 44(1) of CGST Act. Section 44(1) of CGST Act read with Rule 80(1) of CGST Rules requires that every Registered person other than – an Input Service Distributor, […]

GSTR 3B FAQs

Dear Friends, we have received many queries about the GSTR 3B form to be filed by 20/08/2017. So, we decided to write this blog for the benefit of all. 1. What is GSTR 3B? GSTR 3B is a simple return form introduced by the CBEC for the month of July and August. You must file […]

GST FAQs on Pharma Sector

Question 1: Whether formulations cleared have to be assessed to GST under transfer price mechanism or on the basis of MRP printed on them? Answer: The assessment of drugs and formulations under GST would be on the basis of transaction value at each level of supply with end to end ITC chain for neutralizing the […]

E-Commerce (FAQs)

Question 1: What is Electronic Commerce? Answer: Electronic Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both, including digital products over digital or electronic network. Question 2: Who is an e-commerce operator? Answer: Electronic Commerce Operator has been defined in Sec. 2(45) […]

FAQs on Exports and Imports

Friends, Here is some of the FAQs on exports and imports. Hope this should be helpful to you: Question 1: How will imports be taxed under GST? Answer: All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. […]