What is the due date for filing GSTR-1? GSTR-1 is a monthly return that must be filed by all regular taxpayers to report details of outward supplies (sales) of goods and services. The return includes information about invoices, credit notes, debit notes, and advances received. Due Date for Filing GSTR-1: Late Filing of GSTR-1: Provisions […]
What is the penalty for late filing of GST returns? Penalty for Late Filing of GST Returns Under the Goods and Services Tax (GST) regime in India, failure to file GST returns by the due date attracts penalties. The penalties vary based on the type of return, the duration of delay, and whether the taxpayer
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How is the GST audit conducted? GST Audit in India: Overview, Acts, Provisions, and Landmark Cases The GST audit is a critical part of the Goods and Services Tax (GST) compliance process in India. The audit helps ensure that the businesses are adhering to the GST law, filing returns correctly, and paying the appropriate amount
What is the reconciliation process in GST? The reconciliation process in the context of Goods and Services Tax (GST) refers to the act of ensuring that all the tax-related records, such as sales, purchases, output tax, input tax credit (ITC), and GST returns, are accurate and consistent. This process is crucial for ensuring compliance with
How are GST refund processed? The Goods and Services Tax (GST) system allows taxpayers to claim a refund for various reasons, such as excess tax paid, input tax credit (ITC) accumulation, export of goods and services, or when a taxpayer is not liable to pay GST in certain circumstances. The GST refund process is designed
How is the tax liability calculated under GST? The tax liability under the Goods and Services Tax (GST) is calculated based on the value of supply and the applicable tax rate (CGST, SGST, IGST, or UTGST). The calculation of tax liability is a critical part of ensuring compliance with GST law, as it directly affects
What is input tax credit (ITC) under GST? What is Input Tax Credit (ITC) under GST? Input Tax Credit (ITC) is a key feature of the Goods and Services Tax (GST) system, which allows businesses to claim credit for the tax paid on inputs (goods and services) used to produce or provide taxable output supplies.
How is ITC reversed? In India, Intra-Territorial Conflict (ITC) is not a standard legal term in the context of constitutional law. However, if you are referring to the reversal or suspension of provisions of the Indian Constitution or changes in the application of the Constitution in specific territories (like state boundaries, governance, or other constitutional
Can ITC be claimed on exempt supplies? In the context of Indirect Taxation in India, ITC refers to Input Tax Credit, which allows businesses to offset the tax paid on inputs (goods or services) against the tax they collect on their output (sales). This is a critical aspect of the Goods and Services Tax (GST)
What is the time limit for claiming ITC? In India, the time limit for claiming Input Tax Credit (ITC) is governed by the provisions of the Goods and Services Tax (GST) Act, not the Constitution of India. The provisions for claiming ITC are defined under the Central Goods and Services Tax Act, 2017 (CGST Act),
