Here I would be throwing light on role of ITC in the GST reform-. In order to submit a comment to this post, please write this code along with your comment: 4e93d6b4ac33acedf7ccdeeb94766869. Your email address will not be published. > After 11th of the next month, the recipient shall be able to accept, reject or keep pending a particular invoice but the maximum limit of eligible ITC will be based on the invoices uploaded by the supplier upto 10th of the subsequent month.
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> Option to change from monthly to quarterly or vice-versa shall be allowed only once and at the beginning of any quarter. > All taxpayers except small taxpayers, composition dealer, Input Service Distributor (ISD), Non-resident registered person, persons liable to deduct tax or collect tax at source u/s 51/52 of CGST Act, 2017 shall file one monthly return. The GST which is to come into force would help to remove the cascading effect which is now faced by the industry and borne by the consumer eliminating the multiple tax with the single tax rate.
Conditions where a registered person would be denied credit, When a taxable person switches over to composition scheme u/s 8 or the goods/service becomes exempt u/s 10.
For recovery of credit distributed in excess the tax along with interest shall be collected and the provisions of section 51 shall apply. Below mentioned are the due date for filing of returns under GST regime pertaining to the FY 17-18: i) Form GSTR 3B for March’18 – Last date for filing the return is 20th April 2018, ii) Form GSTR 1 for Feb’18 – Last date for submitting the details is 10th April 2018, iii) Form GSTR 1 for Mar’18 – Last date for submitting the details is 10th May 2018, iv) Form GSTR 6 (July’17 – Mar’18) – Last date for filing the return is 31st May 2018, v) Form GSTR 4 (Jan’18-Mar’18) – Last date for filing the return is 18th April 2018. 1st October 2020, Summary of Performance Audit on MEIS and SEIS, Brief regarding Rules of Interpretation of statutes, Benefit of Immunity under CFSS-2020 not Available to MSME-I, E-Form INC-20A can be Filed till 31st December, 2020, DIR-3-KYC for FY 2018-19 & 2019-20 can be Filed till 31.12.2020, E-Form Active (Inc-22A) can Be Filed Till 31st December, 2020, Compulsory Maintenance of books of account under Income Tax, Digital GST Ready Reckoner (Book) by Taxguru Edu, How to Register Digital Signature for eFiling of Income Tax Returns, Empanelment for Concurrent Audit with Union Bank of India, Capital Gain on Conversion of Capital Asset into Stock in Trade, Empanelment with Punjab National Bank for Stock Audit, Roll-back provisions of TCS under section 206C(1H), A person who has applied for registration within the prescribed time i.e.
> After the due date for filling of the return is over, the recipient shall check & verify ,as he is able to see the return filling status of the supplier & be aware whether the tax liability on purchases made by him has been discharged by the supplier or not. Now, even the tax payers would make sure that the supplier they are choosing are uploading the data and filing returns in order to avail credit.
With provisional basis of allowance of credit after filing being made available with a view to bring ease in business is advantage to tax payer even though few were of different opinion in the case. To availing the credit only … 5 Cr.
If the aggregate turnover is above ₹ 1.5 crore then the taxpayers have to file monthly return.