In common parlance, Invoice indicates the amount receivable by the person issuing the invoice from the person to whom the invoice is issued. However invoice used under GST framework is tax invoice which contains statutory details as prescribed under CGST/SGST Act and Rules framed thereunder. Section 2(66) of CGST/SGST Acts, defines Invoice as a meaning assign to under section 31.
Under a Self-Assessment tax governance system, it is an obligation of a taxpayer to discharge its tax liability along with interest and penalties. In discharging of this obligation, several instances occur where the taxpayer deposits it tax in excess or avail its entitlement less. Under those circumstances, the, taxpayer is entitled to get refund of the amount of excess deposited to government exchequer.
The GST Council has in its meeting held on 9th September 2017 decided to extend the deadline for filing GSTR 1 for July 2017 to October 10 2017. The issue of filling final GST return on the GST tax filling portal was raised in the meeting, after which the team […]
The GST Council has on its meeting held on 9th September 2017 exempted clay idols from the tax. It was also decided that “For artisans, artists, folk arts and tribal arts, no registration will be required up to Rs 20 lakh (turnover).
The GST Council has also recommended that following indigenous handmade musical instruments shall attract NIL rate of GST.
The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers:
If you are carrying out any business and have an annual aggregate turnover in the preceding financial year exceeding Rs. 20 lakhs (Rs. 10 lakhs in Special Category States), you need to register in all States/Union Territories from where you are making taxable supplies. However, you need not register if you are engaged exclusively in the supply of exempted goods or services or both.