Our Blogs

gst annual return due date Extension of GST Annual Return Due Date (12/8/2018) by Editor@HostBooks - Although GST has successfully covered a long walk in India, yet a large number of taxpayers across the nation feel it be difficult. Lack of awareness regarding GST and low literacy ratio with respect to online services, internet issues in remote areas, etc. are some of the factors that have become a roadblock in GST. Many times, the taxpayers miss out on the deadline of filing the GST returns. Thus, keeping in view the ease of the taxpayers of all Read More...
GST invoice mismatches How to Avoid GST Return/Invoice Mismatches in 5 Easy Steps? (12/7/2018) by Editor@HostBooks - Reconciliation of GST Returns/Invoices is a recurring event and needs to be performed periodically to claim the maximum credit as well as to avoid mismatches on a larger scale. But as a fact, mismatch in GST Returns and/or invoices has always been one of the most tedious tasks in the GST regime. Most of the businesses usually talk about the problems faced in terms of this issue. Reconciliation under GST is all about matching the data filed by the supplier Read More...
GST Due Dates Extension of GST Return Due Dates (11/30/2018) by Editor@HostBooks - The entire social and business life have got badly affected due to the catastrophic cyclone appeared recently in two Indian states i.e. Tamil Nadu and Andhra Pradesh. Thus, keeping in view the ease of taxpayers of both these states the government of India has extended the different due dates for various GST Returns. As per the announcement made by the Dept. of GST (Govt. of India) – The previous due date for GSTR-3B (for the month of September and October Read More...
e way bill fastag E-Way Bills will now be linked with FASTag and LDB (11/27/2018) by Editor@HostBooks - With a strong view to making the E-way Bill mechanism more efficient and transparent, the Govt. of India is going to introduce new terms to E-Way Bills. This will check tax evasion by tracking the movement of goods and establishing direct linkage between what is declared and what is actually being moved. The Department of Goods and Services Tax (GST) is planning to integrate E –Way Bill with NHAI’s FASTag mechanism and DMICDC’s Logistics Data Bank (LDB) services. It is Read More...
National Anti-Profiteering Authority Rulings National Anti-Profiteering Authority (NAA) Rulings (11/22/2018) by CA@HostBooks - NAA: Profiteering not established where base price reduction exceeds additional ITC available National Anti-Profiteering Authority (NAA) dismissed application alleging a violation of provisions of Section 171 of CGST Act, 2017 by Respondent, observed that Respondent reduced the base prices of products (“Bathing bar” and “Instant Drink Powder 50Gms”) to maintain the same MRP (Pre-GST MRP) inspite of increase in tax rate. It noted that actual pre-GST tax rate on the products was 14.5% (Nil Central Excise Duty+ 14.5% VAT) in Read More...
Maharashtra AAR Judgments Maharashtra Authority for Advance Rulings (AAR) under GST (11/20/2018) by CA@HostBooks - Maharashtra AAR: Education/Training provided through co-operative training centres/district co-operative boards, not exempt Maharashtra AAR held that activity of applicant, a state level apex training institute, conducting education and training programs through its 13 co-operative training centres and 33 district co-operative boards as per statutory requirement of Maharashtra Co-operative Societies Act, 1960 is covered within the scope of services, therefore liable to GST. It observed that the applicant is neither providing any services to the Central Govt., State Govt., Union Territory Read More...
GST HC Judgement Goods and Services Tax (GST) Judgments by Delhi HC, Allahabad HC & Kerala HC (11/16/2018) by CA@HostBooks - Delhi HC: Directs hand-over of premises sealed for over a month, sealing cannot assume ‘indefinite’ life Delhi HC directed removal of seal where premises of assessee was sealed on behalf of Delhi Goods and Services Tax (DGST), u/s 67 of CGST Act, 2017 for non-possession of books and accounts sought. The hon’ble HC noted assessee’s plea that DGST lacks statutory power and authorization to indefinitely seal the premises and that authorization does not name the ‘assessee’ but only lists the Read More...
E-Way Bill Generation Enhancements Proposed by the Govt. in the Generation of E-Way Bill w.e.f. 16.11.2018 (11/16/2018) by CA@HostBooks - National Informatics Centre (NIC) proposed improvements in e-way bill generation, being released on 16.11.2018. The following improvements have been proposed: 1. Checking of Duplicate Generation of e-Way Bills Based on the Same Invoice Number The e-way bill system is enabled not to allow the consignor/supplier to generate duplicate e-way bills based on one document. Here, the system checks for duplicate e-way bills based on the consignor’s GSTIN, document type, and document number. Simply put, if the consignor has generated one Read More...
Andhra Pradesh AAR under GST Andhra Pradesh Authority for Advance Ruling (AAR) under Goods and Services Tax (11/15/2018) by CA@HostBooks - AAR: Denies input tax credit on the civil structure for plant & machinery installation Andhra Pradesh AAR denies GST input tax credit (ITC) to applicant engaged in the manufacturing of steel and production of power; This is in respect of the goods and services used for installation of plant and machinery and for protection of plant and machinery by creating shades; On account of photographic evidence AP AAR rejected applicant's contention to treat civil structures as structural support to plant Read More...
Resolve GST Queries of the MSMEs CBIC Sets up Help Desks to Resolve GST Queries of the MSMEs (11/15/2018) by CA@HostBooks - The Central Board of Indirect Taxes and Customs (CBIC) will monitor the grievances of the MSMEs relating to GST on a daily basis. This is being done on account of the GST issues that the MSMEs are coming across. The CBIC is all set to resolve these issues that are being faced by small businesses in the new indirect tax regime. The government has initiated a major support and outreach programme for MSMEs to ensure growth and expansion of the Read More...
Issues Revolving Around GST Audit & Annual Return Issues and Challenges Revolving Around GST Audit & Annual Return and Precautions for Compliances (10/29/2018) by CA@HostBooks - GST Audit is mandatory for every registered person whose aggregate turnover in a financial year exceeds ₹ 2 Crores which should be computed for the company on PAN India basis and not individually for each State. GST Audit should be made either by a Chartered Accountant or a Cost Accountant and shall include a reconciliation between Audited Financial Statements and turnover declared in the annual return. However, the entire process for this reconciliation can be a time-consuming activity as there Read More...
Maharashtra & Rajasthan AAR under GST Maharashtra & Rajasthan Authority of Advance Ruling under GST (10/29/2018) by CA@HostBooks - Maharashtra AAR: Electric Overload Travelling Grab Crane classifiable under HSN 84261100 taxable at 5% IGST Maharashtra AAR held that ‘Electric Overload Travelling Grab Crane (EOT Grab Crane)” to be supplied for use in the waste-to-energy project gets covered by Sl. No. 234 of Schedule I of Notification No. 1/ 2017 dated June 28, 2018 – Integrated Tax (Rate) as ‘Renewable energy devices and parts for the manufacture of waste to energy plants/ devices’, liable to 5% IGST. The AAR explained Read More...
GST Authority for Advance Ruling Latest Judgments by GST Authority for Advance Ruling (10/23/2018) by CA@HostBooks - Punjab AAR: Forward contract settled by differential rate payment considering prevailing market rate constitutes ‘securities’, not liable to GST • Punjab AAR held that forward contract in cotton sales and cotton purchases, being settled by applicant with another party to contract by way of payment of differential of forward rate and prevailing market rate on settlement date, falls within purview of ‘securities’ defined u/s 2(101) of CGST Act, 2017, therefore not eligible to GST; • However, where settlement takes place Read More...
Lottery an Actionable Claim ‘Lottery’ an Actionable Claim, Liable to GST, Upholds Levy of Differential Tax: Calcutta HC (10/23/2018) by CA@HostBooks - •  HC held that lottery can be taxed under Central CGST Act as well as West Bengal (WB) GST Act, 2017 while rejecting assessee’s plea that lottery is neither ‘goods’ or ‘service’ under said Acts; •  Relying upon SC ruling in Sunrise Associates wherein it was held that the distinction drawn in H. Anraj between the chance to win and right to participate in the draw was unwarranted, held that, “lottery is an ‘actionable claim’ and goods or moveable property”; Read More...
GSTR-3B Filing Due Date GSTR-3B Filing Due Date Extended till October 25, 2018 (10/23/2018) by CA@HostBooks - The Finance Ministry on Sunday extended the deadline for filing summary sales return GSTR-3B for the month of September by five days i.e. till October 25. The due date extension has benefitted the businesses that wish to claim Input Tax Credit (ITC) for July 2017-March 2018 period. The Central Board of Indirect Taxes and Customs (CBIC), under the Finance Ministry said that trade and industry had expressed apprehension relating to October 20 due date, for claiming ITC under GST for Read More...
GSTR-4 Return Filing GSTR-4: Meaning, Eligibility, Due Date, Format, Process & Penalty (10/22/2018) by CA@HostBooks - Under the broad and crystal clear circumference of GST regime, every taxpayer needs to execute his/her liability seriously and on time. Keeping in view one’s, ease various kinds of GSTR forms have been brought by the Govt. GSTR-4 is like other GSTR Forms, which is subjected to dealers registered under composition scheme of GST and they have to furnish this GSTR-4 electronically by 18th of the month succeeding quarter. This blog post contains abundant information regarding your queries for- What Read More...
GSTR 4 Update GSTR-4 Update: Composition Dealers not required to furnish ‘inward supply’ details in quarterly returns (10/18/2018) by CA@HostBooks - Finance Ministry issued a clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4; It explained that such taxpayers need not furnish the data in serial number 4A of Table 4 of FORM GSTR-4 i.e. Inward supplies received from a registered supplier (other than supplies attracting reverse charge); A clarification has been issued pursuant to doubts regarding the manner of filing such Quarterly Return in absence of auto-population of details of inward supplies (other than supplies attracting Reverse Read More...
gst practitioner How to Become a Registered GST Practitioner? (10/16/2018) by CA@HostBooks - In accordance with the new GST rules, before one starts helping one’s clients, one mandatorily needs to register oneself as a GST Practitioner.  In the present arena, the process of GST migration has been on its full swing. Report says, around 60 to 70 percent (in lakhs) businesses are going to be registered on the GST portal (www.gst.gov.in) before the window closes. There are a number of businesses which are still oblivious regarding the appropriate procedure required for filing GST Returns Read More...
GST Authority for Advance Ruling (AAR) GST Authority for Advance Ruling (AAR) (10/16/2018) by CA@HostBooks - Maharashtra AAR: Composite contract with Govt. Dept. for water supply from tube-well after excess iron removal, taxable at 12% Maharashtra AAR holds that turnkey contract entered with Public Health Engineering Dept. Govt. of Bihar for the supply of water from tube-well after removal of excess iron and lifting it to overhead tank, shall be taxable under Tariff Sub-Heading 9954 (Construction services). It observed that, in order to perform the contract entered with Public Health Engineering Dept., Bihar, the applicant has Read More...
Annul-Return-GSTR-9-Filing Annual Return GSTR-9: Meaning, Eligibility, Due Date, Filing Format & Penalty (10/15/2018) by CA@HostBooks - The Goods and Services Tax regime came up with a number of returns to be filed by the taxpayers. One such important return that the taxpayer cannot miss out on is the Annual Return: GSTR-9. Majority of the traders or businesses registered under GST are supposed to file this return. Here in this blog post, we will discuss what GSTR-9 is all about along with the eligibility, due date, the format prescribed and the penalty that is to be paid Read More...
GSTR-3B-Return Filing GSTR-3B Filing Process, Eligibility, Due Date & Penalty (10/13/2018) by CA@HostBooks - The implementation of GST created a hassle across the country. A lot of returns were introduced and needless to say the return filing process further added to the hassle. However, with GST Council Meets being held every month, the Govt. is on its way to make GST easy and convenient for the taxpayers. Speaking of the GST returns, GSTR-3B is considered to be one of the most important returns to be filed under the GST regime. In this blog post, Read More...
GSTR-6 Return Filing Know All About GSTR-6 Return Filing, Format, Eligibility & Due Dates (10/13/2018) by CA@HostBooks - With a prime and clear vision of ‘One Nation – One Tax – One Market’, Goods and Services Tax was introduced by the Government. Apart from its various benefits, it has been playing a major role too in removing cases of tax evasion, bribery and other forms of corruption from the country. Keeping in view the ease of different types of tax-payers, different kinds of GST Return Forms have been introduced as well. And presently, everything pertaining to Tax has Read More...
IGST refund to exporters Govt. Substitutes Rule 96(10) Pertaining to IGST Refund to Exporters w.e.f. October 23, 2017 (10/12/2018) by CA@HostBooks - Govt. on October 9, 2018 substituted Rule 96(10) w.e.f. October 23, 2017. It said rule pertains to refund of IGST to exporters receiving supplies from persons availing benefit under specified Notifications. The Govt. thus consequently amended CGST Rules, 2017. CBIC notified Central GST (Twelfth Amendment) Rules, 2018 to amend Rule 96(10) and Rule 89(4B) of CGST Rules, 2017. It also substituted Rule 96(10) to provide that persons claiming refund of IGST paid on exports of goods or services should not Read More...
Constitution of NFRA Constitution of NFRA (10/11/2018) by CA@HostBooks - MCA Notification dt. 1 Oct. 2018: Section 132(1) & (12) of Companies Act, 2013 to commence from 1 Oct. 2018 S.O. 5098(E).- In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st October, 2018 as the date on which the provisions of sub-sections (1) and (12) of Section 132 of the said Act shall come into force. The Central Government has notified the Read More...
HostBooks GST Software How HostBooks GST Software can help you become GST Compliant? (10/4/2018) by CA@HostBooks - After the birth of GST, most of the businesses started looking for an appropriate, affordable, secure, and advanced GST Software. Below are some of the features of HostBooks GST Software that will help you know how it can help you become GST compliant in the true sense. 1. 100% cloud-based with anytime anywhere access Being associated with Amazon Web Services (AWS), HostBooks GST Software is 100% Cloud-based that offers you the freedom of accessing your account anywhere and anytime. Moreover, Read More...
Enhancements in E-Way Bill Form Latest Enhancements in E-Way Bill Form (10/4/2018) by CA@HostBooks - Display of only relevant document types in the “Document Type” dropdown list based on the selected Transaction “Supply Type” and “Sub Type” by the taxpayers. Auto-population of the state name based on the pin code entered in consignor and consignee addresses. Standard rates for the tax are provided in the drop-down list for selection, based on the type (intra-state/inter-state) of transactions. Additional fields for “CESS Non-Advol Amount” & “Other Value” have been introduced to enter CESS Non-Advol amount and any Read More...
Appellate Authority for Advance Ruling Appellate Authority for Advance Ruling under GST (AAAR) (10/3/2018) by CA@HostBooks - 1. AAAR: Absent natural bundling, EPC contract for solar power plant involving PV module and other supplies, not a ‘composite supply' Based on the review of the case the Karnataka Appellate Authority for Advance Rulings agrees with findings of AAR that supply of Photovoltaic (PV) module is a transaction originated and in distinct nature by itself and not to be construed as naturally bundled with supply of remaining components and parts of ‘solar power plant’; Notes that appellant has transformed Read More...
30th GST Council Meet Highlights of the 30th GST Council Meet (10/1/2018) by CA@HostBooks - The 30th GST Council Meet concluded on September 28, 2018. It was chaired by Finance Minister, Sh. Arun Jaitley via video conferencing along with other state finance ministers. Here are some takeaways from the latest Council Meet. 1. Calamity Cess Keeping in view the grave flood situation in Kerala, the state proposed the imposition of cess on SGST for the purpose of rehabilitation and other flood related works. The GST Council decided to constitute a GoM i.e. a Group of Read More...
E Way Bill Registration A Quick Guide on E Way Bill Registration Procedure Under GST (9/24/2018) by CA@HostBooks - Under GST, E Way Bill has become mandatory for the transportation of goods with a value of more than ₹ 50,000. On the other hand, it becomes helpful for the purpose of tracking the exact location of transport and goods across India. It is compulsory to get registered on the E Way Bill portal first to generate the GST E-Way Bill. As a quick guide on E-Way Bill Registration procedure under GST, this blog post will be quite helpful. Requisites Read More...
Tracking GST Registration Application Status How to track GST Registration Application Status through ARN? (9/11/2018) by CA@HostBooks - GST Registration has been made mandatory for the businesses having an aggregate annual turnover of ₹ 20 lacs. The threshold limit is ₹ 10 lacs in North-eastern states (Assam, Arunachal Pradesh, Mizoram, Nagaland, Tripura, Meghalaya, Sikkim & Manipur) and Hilly states (J&K, Himachal Pradesh & Uttarakhand). This blog post will help readers to track their GST Registration Application Status through ARN and to understand the various status of registration. After the successful submission of GST Registration Application online, the unique Read More...
GST for SME/MSME sector GST Council brings 15 key suggestions on simplifying GST for SME/MSME sector (9/7/2018) by CA@HostBooks - The 29th GST Council meeting took place at Vigyan Bhawan in New Delhi on 4th August 2018 under the chairmanship of Mr. Piyush Goyal, the current Finance Minister of India. The exclusive focus of this GST Council meet was thoroughly adhered to simplify GST for SME and MSME sector. With a firm determination for making GST Law as Good and Simple Tax for SME/ MSME sector forming the heart of Indian Economy, the present Chairman of Indirect Tax Committee as Read More...
CGST/IGST Amendment Bill 2018 CGST/IGST Amendment Bill 2018: Key Highlights (8/28/2018) by CA@HostBooks - On 8th of August 2018, the Central Government of India introduced these four GST amendment bills in the Lok Sabha. CGST Amendment Bill – 2018 IGST Amendment Bill – 2018 UGST Amendment Bill – 2018, & GST (Compensation to States) Amendment Bill – 2018 We shall now review only the key highlights of CGST and IGST Amendment Bill 2018. A. Key Highlights of CGST Amendment Bill – 2018 (Section – 7) Scope of Supply - New sub-section is proposed to Read More...
29th gst council meeting Highlights of the 29th GST Council Meet (8/7/2018) by CA@HostBooks - Under the chairmanship of the present Finance minister Mr. Piyush Goyal, the 29th GST (Goods and Services Tax) Council Meet was held on 4th August 2018 (Saturday) at Vigyan Bhawan in New Delhi. The discussion was primarily based on various significant issues pertinent to (Micro, Small and Medium Enterprises) MSME sector. Some of the important issues were like the threshold limit for registration, input tax credit claim and reverse charge mechanism existing in the MSME sector. Since the completion of Read More...
how to gst return GST Council Introduces Simplified GST Returns (8/6/2018) by CA@HostBooks - GST (Goods and Services Tax) Council in its 28th GST Council meeting held on July 21st, 2018 (Saturday) in New Delhi under the chairmanship of Mr. Piyush Goyal (the union minister for Railways, Coal, Finance and Corporate Affairs) approved an enhanced and more simplified Format for GST Returns while keeping in view at the ease of small taxpayers, the council also introduced an option for filing the GST Returns on Quarterly basis. The following points will help us clearly understand Read More...
gst tran-1 Few Judicial Decisions Taken by High Court Regarding the Form GST TRAN-1 (7/26/2018) by CA@HostBooks - HC: Allows representation before Nodal Officer for revision of GST TRAN-1 Issue: Inability to revise Form TRAN-1 and unable to take ITC of VAT Decision: HC permitted the petitioner to prefer a representation to Nodal Officer with respect to inability to revise Form GST TRAN-1; As per the petitioner, there occurred a mistake while uploading the said Form and as such, it was unable to take ITC of VAT available on migration; Hence, it stated that upon representation by petitioner, Read More...
GST Debit Notes Credit Notes What are Debit Notes & Credit Notes Under GST? (7/23/2018) by CA@HostBooks - In the efforts to bring India into the category of advanced nations of the world, the advent of a new tax system had become mandatory. And definitely, the introduction and implementation of GST in place of the old Tax system (Specially Indirect Tax) will play a significant role for the overall development of India in coming few years. An excellent boost in Govt. revenue has been forecasted by the finance experts which will strengthen our country on the Economic front. Read More...
28th gst council meet Major Takeaways from the 28th GST Council Meet (New Delhi) (7/23/2018) by CA@HostBooks - The 28th GST Council Meeting was held on July 21st, 2018 in New Delhi. The meeting was chaired by Union Minister of Railways, Coal, Finance and Corporate Affairs, Mr. Piyush Goyal. The tax rates have been revised as a number of items have found a place in the lower tax slabs as against the highest tax slab of 28%. This GST meet was indeed a source of respite for the traders who were earlier finding it difficult to deal with Read More...
margin scheme under gst What is Margin Scheme under GST ? (7/11/2018) by CA@HostBooks - In India, under the slogan “One Nation One Tax” GST came into force on July 1st 2017, the biggest Tax reformation since independence. It is levied on the supply of goods and services across the country. And, the goods and services must fall under the ambit of supply as per section 7 of the CGST Act. However, in case of second hand goods, a concept known as the “Margin Scheme” is followed. Let’s now discuss what this scheme is all Read More...
Generate e-way bill through sms How to generate e-way bill through SMS? (7/5/2018) by CA@HostBooks - The implementation of GST e-way bill has paved a way for a smooth system of transportation. Also, it has brought about a transparency which helps the Government to keep a track of the movement of goods across the country. In order to make things more convenient, Government has come up with the SMS mode for the e-way bill. The businesses, as well as the transporters, can now generate their e-way bills via SMS. Furthermore, the SMS mode also enables a Read More...
electronic ledger under gst What are the various types of Electronic Ledgers under GST? (6/12/2018) by CA@HostBooks - Under the Goods and Services Tax, the taxpayers can maintain electronic ledgers on the GST portal. Whenever a taxpayer undertakes an activity related to these electronic ledgers, the concerned ledger then gets updated in real-time. Also, the details in the electronic ledgers get auto-populated from previous returns that were filed. The various types of electronic ledgers under GST are: Electronic Cash Ledger Any online payment by the taxpayer gets reflected in the electronic ledger. The payment can be made via Read More...
refund under gst How to claim the excess amount paid (Refund) under GST? (5/30/2018) by CA@HostBooks - While filling the GST challan, it is possible that a person might pay some extra amount of GST by mistake. This amount then reflects in the Electronic Cash Ledger. However, this amount can be claimed on the GST portal through an application known as the refund application, “RFD-01”. This amount can be claimed as a refund within 2 years from the date of payment. The steps to claim the refund by filing RFD-01 are: The first step is to login Read More...
Input Tax Credit What is Input Tax Credit (ITC)? (5/7/2018) by CA@HostBooks - The Goods and Services Tax (GST) subsumed all the types of indirect taxes like VAT, Service Tax, Excise Duty, etc. that existed in the pre-GST regime. And, it has also eliminated the biggest drawback of the pre-GST regime i.e. the cascading effect. Earlier the taxpayers paid taxes on tax which rendered the taxation system ineffective. However, under GST, the taxpayers can claim the Input Tax Credit. What does Input Tax Credit mean? ITC is the credit that a taxpayer can Read More...
file CMP-03 on GST portal How to file CMP-03 on GST portal? (5/3/2018) by CA@HostBooks - After filing CMP-02, the taxpayer needs to file CMP-03 in order to declare the amount of stock held by him on the day of opting into the scheme. This has to be filed within 90 days from the day of filing CMP-02. The process of filing CMP-03 on the GST Portal is as follows: The first step is login to the GST Portal (www.gst.gov.in). Click on "Services", next click on "Registration", and then click on "Stock intimation for opting Composition Read More...
steps to file CMP-02 What are the steps to file CMP-02 on GST portal? (5/3/2018) by CA@HostBooks - The dealer who opts for the composition scheme has to make a declaration with the government by filing Form GST CMP-01 or Form GST CMP-02. CMP-01 is meant for the migrated taxpayer who wants to opt for composition scheme. The taxpayer has to inform the Government about his decision to opt for the scheme in the beginning of the financial year. And, if he opts for the same in the middle of a financial year, then the rules of the Read More...
gst composition scheme What is GST Composition Scheme? (5/3/2018) by CA@HostBooks - The implementation of the Goods and Services Tax (GST) has posed a massive challenge for the Small and Medium Enterprises (SMEs). These enterprises need to cope up with endless compliances under the GST law. And, while dealing with the compliances, the SMEs lose sight of their core business processes. Hence, the Government came up with GST Composition Scheme that helped in easing out the burden of the SMEs. What is the Composition Scheme all about? Under the composition scheme, the Read More...
Step for filing GST tran-1 form What is TRAN-1 and what are the steps for filing GST TRAN-1? (4/25/2018) by CA@HostBooks - What is TRAN-1? Transition Form or TRAN-1 is filed by those taxpayers who are eligible to claim the credit on the tax already paid in the pre-GST regime. The credit can be by the way of VAT/Service Tax/Excise Duty. In order to claim the complete amount as a credit, TRAN-1 is to be filed along with the particulars of stock carried forward. Who can file GST TRAN-1? All the persons registered under the Goods and Services Tax (GST) who may Read More...
GST-Tran-2 What is TRAN-2 in GST and what are the steps for filing the TRAN-2 form on GST Portal? (3/27/2018) by CA@HostBooks - What is TRANS-2? Transition Form 2 or TRANS-2 is filed by those registered taxpayers who are eligible to avail the credit in Electronic Cash Ledger with respect to eligible duties and taxes earlier paid on the inputs under the pre-GST regime. If the taxpayer does not have the invoice or any other document as an evidence of the tax paid, then he needs to declare the same in TRANS-1 followed by the filing of GST TRANS-2. What are the steps Read More...
GST-E-Way-Bill A Complete Guide on GST e-Way Bill (3/17/2018) by CA@HostBooks - What is an e-way bill? E-way bill or Electronic Way Bill has been rolled out by the Government on February 1, 2018, to facilitate smooth flow of goods within a state and between the states. The e-way bill is generated on the e-way bill portal when the value of goods and exceeds 50,000 INR. In the absence of an e-way bill in case of registered person where the value exceeds 50,000 INR, the movement of goods cannot take place. On Read More...
how-to-resolve-the-general-issues-arising-in-gst How to resolve the issues arising while filing GST Returns? (2/28/2018) by CA@HostBooks - Even though the Goods and Services Tax was introduced in July 2017, it’s been more than a year but the businesses are still coming across endless issues while filing their GST returns. However, the Government is taking the necessary steps to help the taxpayers overcome these issues and is devising solutions to make GST easy. Through this blog post we will discuss the both the problems and the solutions: General Issues faced in filing GST Returns Issues faced in filing Read More...
a-complete-guide-to-gst-registration-online A Complete Guide to GST Registration Online – Eligibility, Process, and Fees (2/27/2018) by CA@HostBooks - If you are about to get started on Goods and Services Tax, then it goes without saying that registration is the first step that needs your attention. So, if you are still unclear about the GST registration process, then this article would walk you through the entire registration process, eligibility, and fees. Let’s proceed step by step. GST Registration: Meaning and Importance GST registration is the process of registering goods or service provider as a normal taxpayer if his turnover Read More...
GST Resources for HB-GST (1/2/2018) by CA@HostBooks - 1. The various types of Returns under Goods and Services Tax GSTR-1 GSTR-1 is a monthly return of sales or outward supplies. Who is supposed to file GSTR-1? Every business that is registered under Goods and Services Tax must file GSTR-1. By filing this return, every tax payer makes a declaration of all the sales transactions made by him in the given period. The businesses having an aggregate turnover less than 1.5 crore INR need to file a quarterly return Read More...
goods-and-services-tax–transforming-the-indirect-taxation Goods and Services Tax – Transforming the Indirect Taxation System! (12/26/2017) by CA@HostBooks - That one word which can send a chill down the spine of every Indian is “Tax”. The tax season brings with it anxiety in galore. And, we couldn’t agree more. All of us are aware that the cascading effect of taxes earlier added more to the anxiety of the manufacturers. For the customers, it resulted in exorbitantly high prices. Payment of taxes over taxes somewhere rendered the Indian Taxation system ineffective. The need of the hour was a unified tax Read More...
jargons JARGONS FOR GST (12/23/2017) by CA@HostBooks - ARN No. : It is a unique number generated after one successfully registers on the GST common portal. B to B: It includes any sale or transaction that takes place between two registered persons. B to C: It includes any sale or transaction that takes place between one registered person and the consumer. Bills of Supply: A bill of supply is a non-formal document issued by a supplier of GST in case of exempted goods/services or by a composition dealer. Read More...
a-complete-guide-on-tds A complete guide on Tax Deducted at Source (TDS) (3/13/2018) by CA@HostBooks - What is TDS? Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of tax before making the payment to the receiver. The payment includes salary, commission, processional fees, interest, rent, etc. Now, let’s have a look at the TDS Tax Rates ABC Ltd. makes a payment of 50,000 INR by Read More...
a-step-by-step-guide-to-filing-e-tds-returns-online A step by step guide to filing e-TDS returns online (1/15/2018) by CA@HostBooks - It’s a well-known fact that filing TDS returns has never been an easy task. The whole process is time consuming and requires a great deal of cautiousness. But, technology by transcending all boundaries is making our lives better and easy-going. So, if you have been filing tax returns manually, it’s time to adopt the current practice i.e. e-TDS (Electronic Tax Deducted at Source)! With the implementation of e-TDS, the return Read More...
TDS Blog Resources for HB-TDS (1/2/2018) by CA@HostBooks - 1.What is TRACES? TDS Reconciliation Analysis and Correction Enabling System helps the deductors and the deductees by efficient and effective administration of the taxation system. It aims at improving the end-user satisfaction by providing timely and appropriate web services. 2. How should a deductor register and login on TRACES? http://contents.tdscpc.gov.in/en/deductor-registration-login-etutorial.html 3. How to go about in case of Online Correction? A .Online Correction Resolution for Overbooked Challan http://contents.tdscpc.gov.in/en/OC-Resolution-for-OverbookedChallan.html B. Add Read More...
jargons JARGONS FOR TDS (12/23/2017) by CA@HostBooks - Book Entry: This is meant for those maintaining Govt. Accounts in Govt. Departments where no physical movement of cash or cheque is involved. In this case, the voucher number needs to be furnished. BSR Code: Basic Statistical Return (BSR) is a 7 digit code that is allotted by RBI to the banks. The first 3 digits represent the bank and the next 4 digits represent the branch of the bank. It is Read More...
cloud accounting How Can Cloud Accounting Help Your Business? (5/23/2018) by CA@HostBooks - With the advent of cloud computing, the current face of technology has been completely transformed. The cloud technology has facilitated the ease of doing business that has helped the organizations succeed by leaps and bounds. Furthermore, cloud computing enables you to work smarter. The industries are now switching over to the cloud platform. Reason being it’s safer, more secure, and most importantly it is convenient. And, Accounting is one of those industries that is rapidly keeping pace with the cloud Read More...
payroll-meaning-components Technical Jargons for Accounting (3/19/2018) by CA@HostBooks - Accounts Receivable The amount of money that the customer is liable to pay after the delivery of goods and services. Accounting It is the process of systematic recording, reporting, and analysis of financial statements of a business. Accounts Payable The amount of money that the company owes to its creditors or the suppliers in lieu of the purchase of goods and services. Accrual Basis Accounting This is a widely accepted form of accounting. It records the transactions when income is Read More...
Technical Jargons for Payroll Technical Jargons for Payroll (5/15/2018) by CA@HostBooks - 1. Allowance The fixed amount paid to all the employees is known as allowance. Allowance is paid in addition to the basic salary to cover up expenses like travelling to the workplace, renting a house, or eating food. These allowances are generally included in CTC of the employees. Allowances can be categorized into: Non-taxable allowances (Allowance paid by UNO, sumptuary allowances, etc.) Partly taxable allowances (House rent allowance, medical allowance, etc.) Taxable allowances (Overtime allowance, dearness allowance, etc.) 2. Basic Salary Read More...
payroll-meaning-components What is Payroll? Meaning & Components (3/21/2018) by CA@HostBooks - Payroll is an important tool that manages the details like the total amount of money that is paid to the employees. Simply put, it keeps a record of the employees’ salaries, wages, bonuses and also the withheld taxes. Hence, payroll plays a vital role in the smooth functioning of an organization. The primary objective of payroll is to ensure that all employees are paid accurately and on time after taking into account the correct withholdings and deductions. Also, the withholdings Read More...
Income Tax Appellate Tribunal Judgments Income Tax Appellate Tribunal Judgments (11/20/2018) by CA@HostBooks - Mumbai ITAT: Preference shares conversion into equity, not 'transfer'; Deletes LTCG addition Mumbai ITAT rules that conversion of cumulative and compulsory convertible preference shares (CCPS) into equity shares does not amount to ‘transfer’ u/s. 2(47), deletes long-term capital gains (LTCG) addition. During relevant AY 2012-13, upon conversion of CCPS into equity shares, AO had assessed the difference in the market value of equity shares and the cost of CCPS as LTCG on account of the transfer of shares by way Read More...
Income Tax Return Status How to Check Income Tax Return (ITR) Status (10/5/2018) by CA@HostBooks - Today, it has become very easy to file Income Tax Return online. However, until acceptance and confirmation is ensured, every taxpayer should check the status of his income tax return regularly. And, if the status appears other than ‘ITR processed’, the taxpayer can furnish a suitable reply instant to the income tax department in respect to the status pending in the account so as to avoid any complications in future. Being an honest taxpayer is good but your consciousness is Read More...
Defective Return Notice U/s 139(9) Defective Return Notice U/s 139(9): Reasons and Rectification (8/23/2018) by CA@HostBooks - It is very obvious to make a mistake or two while doing something that is new or is not done on regular basis– the best example is the annual filing of income tax returns. What meant by Defective Return Notice U/s 139(9)? Sometimes when we file our Income Tax Returns, we may miss to furnish certain information, while sometimes there could be an error. Nonetheless, in such circumstances, a Defective Return Notice is issued in the name of the tax Read More...
online Income Tax Return Filing A Complete Guide on How to File Income Tax Return Online (8/3/2018) by CA@HostBooks - Before knowing the details regarding how to file Income Tax Return Online, going through the Income Tax basics will help us to understand the process more clearly. Do You Know that- Taxes in India have been categorized as Direct Taxes and Indirect Taxes. Direct tax is a tax you pay against your income directly to the government while an Indirect tax is a tax that somebody else collects on your behalf and pays to the government, e.g. restaurants, theatres and Read More...
ITR Filing Common mistake Avoid these Common Mistakes while Filing Income Tax Returns (7/23/2018) by CA@HostBooks - Paying the right tax in the right way at the right moment is the sign of a responsible citizen and this boosts the growth of the country too. If one seeks to file one’s Income Tax Returns perfectly, containing no mistakes then going through this blog would be a wise decision. Do keep in mind the following points that cause common mistakes while filing Income Tax Returns: Getting the Incorrect Form:- It is of great importance to get the appropriate Read More...

Want to know more about HostBooks?

We’ll help you out!