An interactive Blog for GST (Goods and Service Tax) professional
1. What is a taxable event under the Goods and Services Tax (GST)?
The taxable event under GST shall be the supply of goods, services, or both made for consideration in the course of business. The taxable events under the existing indirect tax laws, such as for manufacturing, sales, and services, shall be subsumed in the taxable event known as ‘supply’.
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Under CGST Act Section 35, 2017, every registered dealer with an aggregate turnover of more than Rs. 2 crore in one financial year, is eligible for getting accounts audited. Aggregate turnover includes values of all taxable and exempt supplies (except inward supplies), interstate supplies, and exports made under the same PAN throughout India.
Continue reading “Criteria for GST Audit”
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
Continue reading “GST Returns and Due Dates”
The Central Board of Indirect Taxes and Customs (CBIC) has issued a comprehensive clarification in this regard vide Circular No. 108/27/2019-GST dated 18.07.2019. The key points clarified in the Circular are the following:
| Type of taxpayer | Form to be filed |
| Whether or not applicable to GST Audit | |
| A Regular taxpayer filing GSTR 1 and GSTR 3B | GSTR-9 |
| A Taxpayer under Composition Scheme | GSTR-9A |
| E-commerce operator | GSTR-9B |
| Applicable for GST Audit | |
| Taxpayers whose turnover exceeds Rs. 2 crores in FY | GSTR-9C |
GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. Points to note:
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With effect from 01-04-2019, effective rate of GST, after deduction of value of land or undivided share of land, on construction of commercial apartments [shops, godowns, offices etc.] by promoter in real estate project are as under:
Continue reading “Rate of GST applicable on construction of commercial apartments [shops, godowns, offices etc.] in a real estate project?”
The GSTR9C is an audit form that was introduced on September 13, 2018. It must be filed annually by taxpayers with a turnover above 2 crores, and it must be certified by a CA. It is basically a reconciliation statement between the annual returns filed in GSTR-9 and the taxpayer’s audited annual financial statements.
With effect from 01-04-2019, effective rate of GST applicable on construction of residential apartments by promoters in a real estate project are as under: