How to adjust Input Tax Credit with GST Payable as per New Rules ?

ITC Rules in GSTR 3B for set off Tax credit —The government has amended CGST Act 2017 vide CGST Amendment Act 2018 with various changes w.e.f and one of the important amendment was made in Section 49 of CGST Act by introducing new section 49A & 49B after the section 49, which is as under: —49A. Notwithstanding anything …

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Treatment of sales promotion scheme under GST

The issue of availability of ITC on Free Sample and Gifts distributed As per Section 7(1)(a) of CGST Act, supply includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in …

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GSTN has enabled a new functionality in the GST Portal 

Comparison of Liability declared and ITC claimed enabled in GST Portal —The Goods and Service Tax Network (GSTN) has enabled a new functionality in the GST Portal “Comparison of Liability declared and Input Tax Credit claimed” What is Comparison of Liability declared and Input Tax Credit claimed The statement is called as Credit and Liability …

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What is Letter of Undertaking (LUT) and How to Renew ?

Under GST Law, Export of goods or services can be made without payment of integrated tax under the provisions of rule 96A of the Central Goods and Services Tax Rules, 2017 (the CGST Rules). Under the said provisions, an exporter is required to furnish a bond or Letter of Undertaking (LUT) to the jurisdictional Commissioner …

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What is the Legal Entity Identifier (LEI) code ?

 A Legal Entity Identifier (or LEI) is a 20-character identifier that identifies distinct legal entities that engage in financial transactions. Which Company Required LEI Code ? It has been decided to require banks to make it mandatory for corporate borrowers having aggregate fund-based and non-fund based exposure of Rs 5 crore and above from any …

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