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Impact of GST on Advance Payment Received for Future Supplies

GST on Advance Payment Received

While paying tax for a transaction under GST, it is very necessary to determine the norms for the time of supply. The GST on advance is charged based on the time of supply made. Check out the below terms.

Given below are the general norms for the time of supply for services –

  1. Date of issue of invoice
  2. Date of receipt of payment/advance*
  3. Date on which invoice should be issued

The second point – date of receipt of advance – indicates that if the buyer pays has paid an advanced before the invoice is issued, the date of receipt of advanced would be the time of supply. Read More

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What are the key features of the Simplified GST Quarterly returns?

key feature new gst quarterly return

GST Quarterly Forms for Small Traders and Business Owners

The new GST quarterly returns norms have come as a welcome relief for small traders and business owners who were grieved by burdening compliance procedures and rules. In this blog, we discuss salient features of the new GST quarterly returns.

GST Quarterly Returns: Eligibility and Features

Business owners, traders as well as new and old taxpayers with turnover not exceedings 5 Crores in the previous financial year can file quarterly returns. Such individuals can also opt for monthly returns if they wish to do so once during a year when the financial quarter begins. Read More

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What are the key features of the Simplified GST monthly returns?

key feature new gst return

The new GST monthly returns were accepted by the GST Council in the 28th Council meeting. For feedback, these were kept in the public place like businesses, CAs and industry bodies. In the new GST returns, the important change is the clarified monthly return which is to be filed by the person whose turnover is more than Rs 5 crores. Given below are the key features of the new monthly GST returns: Read More

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Queries Over Trading & Manufacturing via a Single GST Number?

queries-over-trading

After the launch of GST on 1 July 2017, almost all the departments of the government started working towards an absolute transition to the newly implemented indirect tax reign. Several questions have been raised by the Central Board of Excise and Customs relating to GST concerning individual sectors. From IGST (Integrated Goods and Service Tax) to GSTIN to trade to Special Economic Zones: the government highlighted many situations to clarify GST. Read More

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Ten Major Issues after GST implementation in India: Needs Attention!!

gst issues and challenges

As evident GST implementation in India has been a great success in terms of Revenue collection and the detection and control of the invasion of the Revenue. But as we all know every subject and work has its own pros and cons and so has been with the GST implementation.

Though declared by the world bank as the most complex taxation system, the Tax collection department along with the Government has worked very hard to get the GST fully implemented in India and bring the best out of it and has been a success to a great extent. Read More

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AAAR Fixed 18% GST Rate for Solar Power Projects

aaar-fixed-18-percent-gst-on-solar-industry

Putting all questions and doubts to rest, the AAR Maharashtra has confirmed that all EPC activities will be subjected to 18% GST. This decision could affect India’s Solar Capacity. Reportedly, the cost of setting a solar plant would increase post the ruling. Most importantly, solar plants are considered immovable property under GST and hence there are no provisions of Input Tax Credit claim on the supply of input services. Read More

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Refund Under GST – Refund Can Now Be Claimed Online On Excess GST

claim-gst-refund-online

A FICCI survey revealed in July that 59% of the people were not pleased with the ability of the Goods and Services Tax Network (GSTN) portal. And a massive 96% of people felt that GSTN needs improvement. Paying attention to public demand, portal now added a new functionality wherein refunds are concerned.

“Facility to claim the refund on account of excess payment of tax has been enabled on GST Portal for the taxpayers,” the entity announced today. GSTN is a non-government and non-profit company which provides IT infrastructure and services to taxpayers, the State and Central Governments and other stakeholders for implementing the Goods and Services Tax (GST). Read More

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