Here, by this post user can know about all the GST observations in India, how many returns have been filed from July 2017 to May 2018? And how many taxpayers have chosen for composition scheme, applications approved, rejects etc. To know more about GST issues, just go to gstforumindia.in. Here you solve any type of queries related to GST by our experts. This is the platform where users can ask their queries and get the solution by our CAs and experts.
Total Return Filed 1. No. of 3 (B) returns which are filed for July 2017 63,95,556 2 No. of 3(B) returns which are filed for August 2017 68,63,945 3 No. of 3(B) returns which are filed for September, 2017 71,25,202 4 No. of 3(B) returns which are filed for October 2017 67,97,880 5. No. of 3(B) returns which are filed for November 2017 67,88,825 6 No. of 3(B) returns which are filed for December 2017 67,77,191 7. No. of 3(B) returns which are filed for January 2018 67,37,400 8. No. of 3(B) returns which are filed for February, 2018 66,41,318 9. No. of 3(B) returns which are filed for March, 2018 60,66,551 10. No. of GSTR 1 returns which are filed for July, 2017 56,91,216 11. No. of GSTR 1 returns which are filed for August, 2017 22,51,097 12. No. of GSTR 1 returns which are filed for September 2017 60,74,232 13. No. of GSTR 1 returns which are filed for October 2017 22,65,274 14. No. of GSTR 1 returns which are filed for November 2017 22,59,271 15. No. of GSTR 1 returns which are filed for December 2017 57,69,486 16. No. of GSTR 1 returns which are filed for January 2018 20,28,400 17. No. of GSTR 1 returns which are filed for February 2018 18,60,907 18. No. of GSR 1 returns which are filed for March 2018 31,14,413 19. No. of GSTR 2 returns which are filed for July 2017 25,72,552 20. No. of GSTR 4 returns which are filed for quarter July-September, 2017 9,25,926 21. No. of GSTR 4 returns which are filed for quarter October-December, 2017 13,45,580 22. No. of GSTR 4 returns which are filed for quarter January-March, 2018 11,71,471 No. of Taxpayer 1. No. of completely migrated taxpayers 64,36,320 2. No. of transited (migrated) taxpayers 66,33,402 3. No. of applications approved 44,10,338 4. No. of applications rejected 6,15,991 5. Total No. of new applications received for registration 51,31,469 6. No. of taxpayers who have opted for composition scheme 20,07,119 7. Total No. of taxpayers; new + migrated (3 + 5) 1,08,46,658
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As expected, GST influenced almost every major and minor business in India. In the same sequence, GST has an impact on IT and ITES industry too. This is the industry which is the source of various IT revolution and development. So by this post, we discuss some of the faqs on it and ites under GST.
Q. What is the GST tax rate on IT services? Ans. 18% GST rate is applicable on IT services Q. Do software export services attract GST? Ans. Exports and supplies to SEZ units and SEZ developers are zero-rated in GST. The zero rating effectively means that there is no tax on exports, but the input/input services used in connection with the exporter/supplier exports are input tax credits. Exporters have two options for zero rating, which are as follows: (1) To pay the integrated tax on supply for supply and to get a refund of tax paid after export of supply. (2) To supply the export under the letter of a bond or undertaking and to claim the return of taxes on input and input services in relation to such exports. Read Also: Faqs on RCM (Reverse Charge Mechanism) Under GST Q. How to explain the supply of IT / ITES services? Ans. The location of supply of IT / ITES services is the location of the recipient in terms of section 12 and 13 of the IGST Act, 2017. However, if the recipient is not registered and the address is not available on the supplier’s record, then the supply will be the place of a supplier. Q. How to determine the recipient’s location? Ans. The location of the service recipient is defined in section 2 (14) of the IGST Act. The recipients of the services are believed to be located outside of India, if they are outside the place of their business, where they are served, or if they do not have a business place, then their general location is outside India. Q. ‘A’ is the dealer of computer and computer parts, which have a turnover of 8 lakhs annually; Should A ‘be registered under GST? Ans. Every supplier located in a state or federal area, whose financial year “total business” is more than Rs 20 lakh, it must be registered under GST. This limit of business for a special category state is 10 lakh rupees. ‘A’, whose total turnover is 8 lakh per annum, is therefore not responsible for registration. Q. The registered person ‘B’ receives small parts of the software code from those individuals which he integrates and supplies to customers as a package. These individuals have a small business of 5 to 10 lakh rupees, and hence are not registered in GST. Is there any liability on ‘B’ in relation to the services provided by such persons? Ans. If supplies by unregistered suppliers, then the GST can be paid by the recipient, who is a registered person, Under Section 9 (4) of the CGST Act, 2017. Therefore, in this case ‘B’ is responsible for paying GST, on the services provided by these individuals. ‘B’ can claim the credit of this tax paid by them on a reverse charge. Q. Is GST software also considered as goods or services? Ans. In the context of Schedule 2 of the CGST Act 2017, permission to use, design, programming, optimization, optimization, upgradation, enhancement, implementation of information technology software and temporary transfer or use of any intellectual property rights are considered as services. Q. We are a registered private limited company in India and also have a 100% owned subsidiary in the USA (management of both companies is the same). We build software/websites for US/foreign clients via our US subsidiary. The Pvt Ltd. Company (Parent firm) then invoices our own subsidiary for the work done after including transfer pricing. The money is received in USD from our US Subsidiary. Will this transaction incur GST or will it be considered export of service? Ans. It will be Considered as Export of Services. Read more: Faqs on IT and ITES Industry In GST, the person who sells the goods or services in general, charges GST from the customer and deposits it to the government. But under certain circumstances, the responsibility of the GST is not on the Supplier but on the person who receives the item or the service, it is called Reverse Charge Mechanism (RCM). In the Reverse Charge, the buyer deposits the GST directly to the government by not paying the seller. Partial Reverse Charge is also done in some situations i.e. the responsibility of some part of the GST is on the purchaser and the rest is responsible for the seller. Here in this post we describe some of faqs on RCM under GST:- Q. Can any registered dealer bound to pay tax under RCM if he purchases from unregistered dealer? Ans. Yes, any registered dealer pay tax under RCM if he purchases from unregistered dealer in the following cases: a) Daily total expenses is greater than 5,000 Rs from an un-registered dealer b) Import of Services c) Necessary RCM services like Transporter/Legal services Read Also: GST E-Way Bill: Features, Objective & Benefits Q. If I buy from a registered dealer, then in that case can also I am obliged to pay RCM? Ans. No,Payment of RCM is to be done only when you have purchased from an unregistered dealer (excluding mandatory services like transport services and lawyers). In the case of compulsory services, RCM always has to pay when purchased from registered merchant. Q. What i do, If i purchase goods for office expenses includes from registered as well as un-registered dealer? Ans. In that case, you need to pay RCM for purchases made from un-registered dealer. Q. How much tax amount percent can i claim as ITC? Ans. You will get a 100% ITC claim for the tax paid under RCM. However, there are some expenses such as Food and Beverage, Cab rental, Club membership on which you will not get ITC claim for payment of RCM. Otherwise, you will get ITC on most of the expenses. Also Read: Frequently Asked Questions and Answers on GSTR-1 Q. If I am getting 100% ITC on RCM amount,then what will government get? Ans. As we know that all over process done by government to decrease the degree of un-registered purchases and cover to maximum number of people under GST. Q. Do i need to pay RCM for office expenses of Rs.6000 from big bazaar on groceries items for transaction? Ans. No,since Big Bazaar or any other such big store must be a registered dealer so you need not to pay RCM for this expense. Q. If i purchased stationary of Rs.5500 from a shopkeeper who does not have GSTIN. Do i need to pay RCM? Ans. Yes, in that case you purchase stationary from an un-registered dealer, so you must pay RCM for it. Q. I have purchased an office stationery from a non-registered dealer in which ball pen was imposed on 12% and 18% tax levied on register and letter pad in single bill. So how do I pay RCM for this? Ans. You should calculate 12% tax and 18% tax on the amount spent on ball pens & letter pad which is on the amount spent on the register and letter pad and then pay RCM to the government. Q. Do I need to pay RCM for expense on airplane / rail tickets for my office employees? Ans. NO Visit the Source: GST Forum India GST E-way bill is an electronic bill, which will be necessary for the movement of goods in the value of goods exceeding Rs. 50 thousand. The bill can be generated from the GSTN portal and every registered taxpayer needs to have this e-way bill with the goods transferring. Features of E-way Bill
Objectives of E-way Bill
Benefits of E-way Bill
Read Also: Frequently Asked Questions and Answers on GSTR-1 If you want to know more about faqs on E-way bill and want to discuss on this latest topic, just join our GST Forum India community where you get the solution of each and every faq by our experts which is directly related to GST and E-way bill. Know about E-way bill in hindi by this video:- GSTR-1 is the return which is filled by every taxpayer and registered person in a monthly or quarterly basis. It contains all of the details regarding supplies. Through this blog, we will learn about some simple questions of GSTR-1 which are commonly asked by users.
Ques 1. If there are no sales in a month then Can I file GSTR-1? Answer. Yes, GSTR 1 filing is mandatory for all of the registered people. If your annual turnover of the year is less than Rs 1.5 crore then you need to file the return on a quarterly basis. Ques 2. After bill uploaded on GST. Can I change it? Answer. Yes, you can changes it several times. But you can change it only before submitting a return file. After submitting the return you can't change it. Ques 3. Can I still file a GSTR-1 after filing GSTR-3B? Answer. Yes, GSTR-3B is a simple return file which is filed by traders only till March 2018 on a monthly basis. It is necessary to file the return on a monthly or a quarterly basis by the users. Ques 4. Can i file GSTR-1, If i have selected for composition scheme? Answer. After selected for composition scheme on the quarterly basis, GSTR-4 will be filled by the taxpayer not GSTR-1. Ques 5. Can I make GST payment after filing GSTR-1? Answer. Yes, GSTR-1 is only a return where details of sales are filed with the government. The tax has to be paid at the time of filing GSTR-3B (until March 2018). Ques.6 Where can I file Table 6A of FORM GSTR-1? Answer. Table 6A of FORM GSTR1 can be filed from the returns section of the GST Portal. In the post-login made, you can access it by going to services > returns> returns dashboard. After selecting the financial year and tax period, Table 6A of FORM GSTR1 in the given period will be displayed. Please click prepare online button to fill in the details. Ques.7 My annual sale are below rs. 1.5 lakh, can I file a quarterly or monthly return, if I filed GSTR-1 for July 2017? Answer. You need to file a quarterly return. If you filed GSTR-1, In this case, you should omit July sales from your return. Ques 8. What is Table 6A of FORM GSTR-1? Answer. Table 6A of FORM GSTR 1 is a table of GSTR-1- Outward Supplies Statement of the supplier, which an exporter desiring refund of taxes paid on exports or ITC related to exports is required to furnish on the GST portal. He has to declare the details of export invoices in this table. If you want to know more about the question and answer on the GST then you can also visit our GST Forum India site and know more about it. WELCOME TO GSTFORUM INDIA gstforumindia.in is a platform where Tax Payers and TAX Consultants like CA, CS, and Advocates are come together on sites and discuss all of the GST related queries in India. In India, GST has come as a new tax system which removes all of the indirect taxes and creates a single tax system. GST will help to improve Indian economy faster. The journey of GST has been started in India under the past prime minister Atal Bihari Vajpayee in 2000. Groundwork of GST has been started by finance minister P. Chidambaram in 2006 and almost the rollout date of GST was fixed for April 2010 in India. Due to some issue, this rollout could not be done. Rollout date of GST has been postponed more than 10 times in India. After a lot of hindrances, the GST was finally fully implemented in India on 1st July 2017. TOOLS OFFERED BY GSTFORUMINDIA.IN
GST Calculator The GST calculator is an online calculator that calculates both the interstate and intrastate GST tax rate of the product and services which is given.
How to calculate GST in India For proper use of GST calculator, you must need to understand the process of calculating the tax rate and what formula is used for it. The GST calculation formula is based on many factors including the transaction type(interstate and intrastate), GST tax rate of product and GST type. The Indian government has introduced four different type of tax rate including 5%, 12%, 18% and 28% for different products. Besides, two different types of GST taxes, named SGST (State GST) and CSGT (Central GST) will be appropriate for all intrastate transactions (within the same state), while a single IGST (Interstate GST) tax will be implemented on all interstate transactions (across different states). How GST calculator works We understand the calculation process by following steps :
HSN/SAC Code HSN (Harmonized System of Nomenclature) code is a code for the product which is originated by WCO (World Customs Organization) for a proper and systematic classification of different tradeable assets. Under GST system, HSN code is used to identify every taxable product category in India. SAC (Service Area Code ) is the unique code assigned to every type of particular services. The HSN code is followed by many countries.
While filing tax returns taxpayers are required to mention HSN code
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