Blogs
Taxability of Advances under GST
Time of Supply is the key factor that determines the taxability of advances. Before analyzing the taxability of advances under GST, It is pertinent to note the taxability of advances under old laws (VAT, Excise & Service tax), which is as followed:
- Time of supply for for supply of goods, under old laws (Excise/VAT), time of supply date of Removal of goods / Date of Invoice.
- For the services, Time of supply in brief, was earliest of receipt of payment / date of completion of...
All you should know while filing GSTR -3B Return
Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id’s, issues in logins, interpretation issues in law, dealing with the procedural aspects and many more… The list can just go on. Amidst all these barriers, the show has to still go on and one has...
Read moreAll You Should Know while Filing GSTR-3B
Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id’s, issues in logins, interpretation issues in law, dealing with the procedural aspects and many more… The list can just go on. Amidst all these barriers, the show has to still go on and one...
Read moreSteps In Classification of Goods - GST
GST for goods has provided schedules in line with VAT but the principles are based on the customs classification ( also adopted in central excise) The need to classify properly is understood by all as it may lead to payment of differential tax with credit in case of self correction and maybe without credit otherwise. Also no credit beyond limitation period for ITC post the annual returns. We have made an attempt to share the possible steps to be followed to arrive at appropriate...
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