Articles under GST

33rd GST Council Meeting important decisions

33rd GST Council meeting held on 24 th February,2019 main recommendations   33 rd GST Council Meeting held on 24 th February, 2019 has made the key recommendations to boost the residential segment of the real estate sector. GST rate on under-development properties in ordinary class down to 5 percent from the prior 12 percent. The GST Council has additionally decreased GST rate for moderate lodging to 1 percent from the prior 8 percent. Be that as it may, engineers won't almos

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Explain Del-credere agent (DCA) under GST

What is Del-credere agent (DCA) under GST   A del-credere agent is a selling agent who is engaged by a principal to assist in supply of goods or services by contacting potential buyers on behalf of the principal. The factor that differentiates a DCA from other agents is that the DCA guarantees the payment to the supplier. In such scenarios where the buyer fails to make payment to the principal by the due date, DCA makes the payment to the principal on behalf of the buyer (effecti

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Functions of National Anti-Profiteering Authority (NAA)

National Anti-Profiteering Authority (NAA)- Functions   The National Anti-Profiteering Authority (NAA) is required to determine whether the benefit of input tax credit or reduction in the tax rate has actually resulted in a commensurate reduction in the price of the goods or 555 services or both. The NAA has the power to identify the registered person who has not passed on the benefit of reduction in tax rate or input tax credit by way of commensurate reduction in prices and it m

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Input Tax Credit utilization under GST

  How can ITC be utilized under GST   The ITC available in the electronic credit ledger can be used for payment towards output tax under the CGST or SGST or IGST Act(s). The CENVAT credit of central excise duty or service tax wrongly carried forward as transitional credit or the arrears of central excise duty, service tax can be recovered as central tax liability through the utilization of amounts available in the electronic credit ledger.  Any other amount be i

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Common mistakes while generating E-Way Bills

How to avoid mistakes while generating E-Way Bills?   Some of the Tax Payers and Transporters are making the mistakes while generating the E-Way Bills. These mistakes may be happening as operators want to generate the e-Way Bills fast. The followings are some of the general mistakes. Total of Tax Values of SGST, CGST, IGST and Cess are being entered more than ‘Value or Taxable Value’ of the product. Abnormal value is being entered for ‘Value or Taxable Val

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