valuation for related person

Goods and Services Tax – Started By: – arun aggarwal – Dated:- 6-4-2017 Last Replied Date:- 14-4-2017 – Sir I would like to knows the procedure of valuation under GST regime as compare to the excise rules of today, in the case where intermidate goods manufactured and supplies to a related firm and valuation done as per CAS 4 and charged accordingly. Tnx – Reply By MARIAPPAN GOVINDARAJAN – The Reply = No clear picture in GST in this regard. – Reply By arun aggarwal – The Reply = Tnxand lets wait for the clarification in this regard.Arun – Reply By Rajagopalan Ranganathan – The Reply = Sir, According to Section 15 (1) of CGST Act, 2017 the value of a supply of goods or services or both shall be the transaction value, which is the price actua

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of Draft Rules dated 31-3-2017 for GST – Determination of Value of Supply – The value of the supply of goods or services or both between distinct persons as specified in sub-section (4) and (5) of section 25 or where the supplier and recipient are related, other than where the supply is made through an agent, shall,- (a) be the open market value of such supply; (b) if open market value is not available, be the value of supply of goods or services of like kind and quality; (c) if value is not determinable under clause (a) or (b), be the value as determined by application of rule 4 or rule 5, in that order: Provided where the recipient is eligible for full input tax credit, the value declared in the invoice shall be deemed to the open market

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GST on Reimbursement of Expenses

Goods and Services Tax – Started By: – SANDESH SHINDE – Dated:- 6-4-2017 Last Replied Date:- 6-4-2017 – Dear Sir,Please explain the impact of Reimbursement of Expenses under GST regime and also advise regarding availment of GST credit on the expenses incurred by the Service provider.Thanks and Regards, Sandesh Shinde. – Reply By KASTURI SETHI – The Reply = Sir, No benefit of preparation for GST in advance as many changes are taking place frequently. We will have to wait for GST impact till its

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GST in India – Is it really a “One Nation One Tax”

Goods and Services Tax – GST – By: – Rakesh Garg – Dated:- 6-4-2017 Last Replied Date:- 6-4-2017 – 1. Structure of GST in India The term GST stands for Goods and Services Tax , and would be a comprehensive indirect tax levy in India on manufacture, sale and consumption of goods as well as services at the national level. Its main objectives are to cover most of the indirect tax levies into a single tax, replacing multiple tax levies, facilitating seamless credit across the entire supply chain, overcoming the limitation of current indirect tax structure, and creating efficiencies in the tax administration. Its first target is to eliminate number of taxes and duties presently levied and imposed under the category indirect taxes in India; and to achieve the same, it will subsume Central Excise Duty, CVD, SAD, Service Tax, Central Sales Tax, VAT, Entry Tax, Entertainment tax, Luxury tax, various Cesses relating to supply of goods or services, etc. All services and goods, except alcoholic l

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ic intent of the Government, which is ease of doing business , has been diluted. It is often stated that the taxpayer shall file almost 37 returns per year under the GST. Let us understand various compliances through an illustration: To illustrate: If ABC Ltd. have it Head Office at Delhi, Factory at U.P., and Warehouse cum Office at Haryana, HP and Punjab (Total 5 offices), it would have to make at least following compliances: ABC will have GST registrations in all the 5 states in CGST, IGST and respective State GST. It will be treated as distinct person for every State even for the purposes of CGST and IGST. Therefore, ABC would have 15 registrations on PAN India basis (CGST, IGST & SGST for each and every State). We understand that it would be treated separately in all the State GST Act. But, even for the purposes of CGST and IGST, even if governed by the same statute in every state, it would be considered as distinct person. Therefore, it would have 5 registrations in the CGST

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inter-State supply, charge IGST. Even for B2C transaction of more than specified value, it might have to ascertain the address of the customer, and charge tax accordingly. Since GST is a destination based tax, if a customer comes to Delhi from UP for making purchases, tax must go to UP. ABC would maintain following ledgers for all 15 registrations separately: – Electronic Credit Ledger; b. Electronic Cash Ledger; c. Electronic liability Ledger. These ledgers are State-specific: Amount cannot be transferred from one state to another. It will pay tax very carefully for all the 15 GSTINs separately. If the IGST of, say, Delhi is wrongly paid as CGST of Delhi: then it shall first pay the IGST not paid, and then claim refund of CGST wrongly paid. ABC will file separate returns for every tax period for all the 5 States. In every State, effectively there would be 3 returns (GSTR-1/2/3) for every tax period comprising three Statues (SGST/CGST/ IGST) in every return: thus, effectively 9 return

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to its compliance list of all 15 registrations. If ABC wants to transfer its GST credit rating to input services from one unit to another, it would require separate registration as Input Service Distributor. ABC might have to deduct TDS on certain supplies; if yes, then separate TAN for deduction of TDS. If ABC transfers its office from Delhi to Mumbai, it will get cancel its registration in Delhi, and obtain new registration in Maharashtra. The list does not end here, and 5 to 6 points can easily be added looking at the nature of business. Above list certainly gives the apprehension whether GST is really a One Nation One Tax . Certainly, the Governments would not have intended the same; and therefore, the Governments and GST Council must come forward, study the GST legislations, rules and procedures deeper and between the lines, and make all the efforts to make it simpler, and easy to comply; otherwise, it would be a hard time in GST, particularly for medium and small sized industrie

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GST – COMPOSITION LEVY

Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 6-4-2017 Last Replied Date:- 7-4-2017 – Composition levy The term composition levy has not been defined in Central Goods and Services Tax Bill, 2017 ( Bill for short). Section 10 of the Bill provides for the composition levy. Section 10(1) provides that notwithstanding anything to the contrary contained in this Act but subject to the provisions of Section 9(3) and 9(4) of the Bill (Dealing with reverse charge mechanism), a registered person may opt to pay, in lieu of GST payable by him, if his aggregate turnover in the preceding financial year did not exceed ₹ 50 lakhs. The Government may increase the above said limit to ₹ 1 crore on the recommendation of GST Council. Aggregate turnover Section 2(6) of the Bill defines the term aggregate turnover as the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplie

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d person shall not be eligible to opt unless such registered persons opt to pay tax under this scheme. Lapse of option Section 10(3) provides that the option availed by a registered person shall lapse with effect from the day on which the aggregate turnover during a financial year exceeds ₹ 50 lakhs. Rate for composition levy Section 10(1) of the Bill reads with Rule 5 of Composition Rules provides that the category of registered persons, eligible for composition of levy and the specified rate as detailed below- Manufacturers, other than manufacturers of such goods as may be notified by the Government – 1%; Suppliers making supplies referred to para 6 (b) of Schedule II – 2.5%; Any other supplier eligible for composition of levy under Section 10 and the rules – 0.5% Section 10(1) provides that the an eligible registered person may opt to pay an amount calculated at the above rate but not exceeding- 1% of the turnover in State or turnover in Union territory in case of a manufactur

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from un-registered person; he was not engaged in the manufacture of goods as notified in Section 10(2)(e) during the preceding financial year. Section 10(4) provides that a taxable person, who opts this scheme, shall not collect any tax from the recipient on supplies made by him nor shall be entitled to any credit of input tax. Intimation of option Rule 1 makes an obligation to the person who opt composition levy to intimate the same in the prescribed form. Rule 1(1) provides that any person who has been granted registration on a provisional basis shall electronically file intimation in Form GST CMP – 01, duly signed, on the common portal prior to the appointed day, but not later than 30 days after the said day. Such period may be extended by the Commissioner in this behalf. Where the intimation is filed after the appointed day, the registered person shall not collect any tax from the appointed day but shall issue bill of supply for supplies made after the delay. Rule 1(2) provides tha

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ntimation in respect of all other places of business registered on the same PAN. Stock details Rule 1(4) provides that any person who files an intimation to pay tax shall furnish the details of stock, including the inward supply of goods received from unregistered persons, held by him on the day preceding the date from which he opts to pay tax under the said section, electronically in Form GST CMP – 03, on the common portal, within 60 days of the date from which the option for composition levy is exercised or within such further period as may be extended by the Commissioner in this behalf. Effective date Rule 2(1) provides that the option to pay shall be effective from the beginning of the financial year, where the intimation is filed under Rule 1(3) and the appointed date where intimation is filed under Rule 1(1). The intimation shall be considered only after grant of registration to the application. His option to pay tax shall be effective from the date fixed under Registration Rule

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of such reply, either accepting the reply or denying the option to pay tax under composition levy from the date of option or from the date of the event concerning such contravention, as the case may be. Such person shall electronically furnish at the common portal, a statement in Form GST ITC 01 containing the details of the stock of inputs and inputs contained in semi-finished or finished goods held in stock by him on the date on which the option is withdrawn or denied, within 30 days from the date from which the option is withdrawn or from the order passed in GSTCMP 07. Any intimation for withdrawal or denial of the option in respect of any place of business in any State or Union territory shall be deemed to be intimation in respect of all other places of business registered on the same PAN. Penalty Section 10(5) provides that if the proper officer has reasons to believe that a taxable person has paid tax despite not being eligible under this scheme, such person shall, addition to a

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THE GOODS AND SERVICES TAX (COMPENSATION TO STATES) BILL, 2017 – AN OVERVIEW

Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 5-4-2017 – Constitution amendment Section 18 of the Constitution (One Hundred and First Amendment) Act, 2016 provides that parliament shall, by law, on the recommendations of the Goods and Services Tax Council, provide for compensation to the States for loss of revenue arising on account of implementation of the goods and services tax for a period of five years. Compensation to States The Goods and Services Tax (Compensation to States) Bill, 2017 ( Bill for short) provides for the following- to provide that the financial year 2015-16 shall be taken as the base year for calculating compensation amount payable to States; the revenue to be compensated shall consist of revenues from all taxes levied by the States which are to be subsumed under the GST, as audited by C&AG; to provide that the compensation shall be released bi-monthly provisionally and final adjustment shall be done after getting audited accounts of the

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nsation shall be paid from GST Compensation Fund; and any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the States.50% of the amount remaining unutilized in the GST Compensation Fund at the end of the transition period shall be transferred to the Consolidated Fund of India as the share of the Centre and the balances of 50% shall be distributed amongst the States and Union Territories in the ratio of their total revenues from the SGST or UGST, as the case may be, in the last year of the transition period. Bill The Bill has been introduced in the Lok Sabha. The Bill has 14 sections and one schedule. This Act extends to whole of India. The bill provides for- ascertaining the base year for calculation of compensation; calculation of base year revenue; projected revenue for any year; and The bill also proposes to levy GST compensation cess. The bill provides the procedure of levying the cess, payments, filing

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e under the erstwhile entry 54 of List II of VII Schedule to the Constitution; the CST; the entry tax, octroi,local body tax or any other tax levied by the concerned State under the erstwhile entry 52 of List II of the VII Schedule to the Constitution; the taxes on luxuries, including taxes on entertainments, amusements, betting and gambling or any other tax levied by the concerned State under the erstwhile entry 62 of List II of the VII Schedule to the constitution; the taxes on advertisement or any other tax levied by the concerned State under the erstwhile entry 55 of List II of the VII Schedule to the Constitution; the duties of excise on medicinal and toilet preparation levied by the Union but collected and retained by the concerned State Government under the erstwhile Article 268 of the Constitution; any cess or surcharge or fee leviable under entry 66 read with entries 52, 54, 55 and 62 of List II of VII Schedule to the Constitution by the State Government under any Act notified

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l, motor spirit, natural gas, aviation turbinefuel and alcoholic liquor for human consumption; tax levied under CST on the sale or purchase of petroleum crude, High speed diesel, motor spirit, natural gas, aviation turbinefuel and alcoholic liquor for human consumption; any cess imposed by the State Government on the sale or purchase of petroleum crude, High speed diesel, motor spirit, natural gas, aviation turbinefuel and alcoholic liquor for human consumption; the entertain tax levied by the State but collected by local bodies under any Act under the erstwhile entry 62 of List II of the VII Schedule to the Constitution, prior to coming into force of the provisions of Constitution (One Hundred and First Amendment) Act, 2016; Projected revenue for any year Section 6 provides that the projected revenue for any year in a State shall be calculated by applying the project growth rate over the base revenue for that State. Calculation of compensation Section 7(1) provides that the compensati

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es as certified by the C&AG; the total compensation payable shall be the difference between the projected revenue and the actual revenue calculated by a State. Section 7(4) provides the method for calculation of the loss of revenue at the end of every two months is as detailed below- the projected revenue that could have been earned by the State in absence of GST till the end of the relevant two months shall be calculated on a pro-rata basis as a percentage of total projected revenue for any financial year during the transition period; the actual revenue collected by a State till the end of relevant two months period shall be- the actual revenue from State tax collected by the State, net of refunds given by the State; the IGST apportioned to that State, as certified by the Principal Chief Controller of Accounts of CBEC; and any collection taxes levied by the State under the Act, net of refund of such taxes; the provisional compensation shall be the difference between the projected

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e on implementation of GST with effect from the date from which the provisions of CGST Act is brought into force, for a period of 5 years or for such period as may be prescribed on the recommendation of the Council. Such levy is not there in case of composition levy under Section 10 of CGST. The cess shall be levied as specified below, on the basis of value, quantity or on such basis at such rate not exceeding the rate as notified by the Central Government on recommendations of the GST Council- Sl. No. Description of supply of goods or services Tariff item, heading, sub heading, Chapter or supply of goods or services, as the case may be The maximum rate at which GST compensation cess may be collected (1) (2) (3) (4) 1 Pan Masala 2109 09 20 135% ad valorem 2 Tobacco and manufactured tobacco substitutes, including tobacco products 24 Rs.4170/- per thousand sticks or 290% ad valorem or a combination thereof, but not exceeding ₹ 4170/- per thousand sticks + ₹ 290% ad valorem 3

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ds Section 9 provides that every taxable person shall- pay the amount of cess as payable under this Act in such manner; furnish such refunds in such forms, along with the returns to be filed under the CGST Act; and apply for refunds of such cess paid in such form as may be prescribed. Crediting proceeds of Cess to Fund Section 10 provides that the proceeds of the cess shall be credited to a non lapsable fund known as the GST Compensation Fund, which shall form part of the public account of India. It shall be utilized for purposes specified in Section 8. All amounts payable to the States shall be paid out of the fund. Distribution of balance amount 50% of the amount remaining unutilized in the Fund at the end of the transition period shall be transferred to Consolidated Fund of India as the share of Centre and balance 50% shall be distributed amongst the State in the ratio of their total revenue from the State tax or the UGST, as the case may be, in the last year of the transition perio

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Conditions for purposes of appearance

Rule 25 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 25 – 25. Conditions for purposes of appearance (1) No person shall be eligible to attend before any authority as a goods and services tax practitioner in connection with any proceedings under the Act on behalf of any registered or unregistered person unless he has been enrolled under rule 24. (2) A goods and services tax practitioner attending on behalf of a registered or an unregistered person in any pr

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Provisions relating to a goods and services tax practitioner

Rule 24 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 24 – 24. Provisions relating to a goods and services tax practitioner (1) An application in FORM GST PCT-01 may be made electronically through the Common Portal either directly or through a Facilitation Centre notified by the Commissioner for enrolment as goods and services tax practitioner by any person who: (a) (i) is a citizen of India; (ii) is a person of sound mind; (iii) is not adjudicated as insolvent; (iv) has not been convicted by a competent court,- and satisfies any of the following conditions: – (b) that he is a retired officer of the Commercial Tax Department of any State Government or of the Central Board of Excise and Customs, Department of Revenue, Government of India, who, during his service under the Government, had worked in a post not lower in rank than that of a Group-B gazetted officer for a period of not less than two years; or (c ) that he has been enrolled as a sales ta

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rule (1), the officer authorised in this behalf shall, after making such enquiry as he considers necessary, either enrol the applicant as a goods and services tax practitioner and issue a certificate to that effect in FORM GST PCT-02 or reject his application where it is found that the applicant is not qualified to be enrolled as a goods and services tax practitioner. (3) The enrolment made under sub-rule (2) shall be valid until it is cancelled: Provided that no person enrolled as a goods and services tax practioner shall be eligible to remain enrolled unless he passes such examination conducted at such periods and by such authority as may be notified by the Commissioner on the recommendations of the Council: Provided further that no person to whom the provisions of clause (c) of sub-section (1) apply shall be eligible to remain enrolled unless he passes the said examination within a period of one year from the appointed date. (4) If any goods and services tax practitioner is found gu

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has been furnished by the goods and services tax practitioner authorised by him, a confirmation shall be sought from the registered person over email or SMS and the statement furnished by the goods and services tax practitioner shall be made available to the registered person on the Common Portal: Provided that where the registered person fails to respond to the request for confirmation till the last date of furnishing of such statement, it shall be deemed that he has confirmed the statement furnished by the goods and services tax practitioner. (8) A goods and services tax practitioner can undertake any or all of the following activities on behalf of a registered person, if so authorised by him to: (a) furnish the details of outward and inward supplies; (b) furnish monthly, quarterly, annual or final return; (c) make deposit for credit into the electronic cash ledger; (d) file a claim for refund; and (e) file an application for amendment or cancellation of registration: Provided that

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Details of inward supplies of persons having Unique Identity Number

Rule 23 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 23 – 23. Details of inward supplies of persons having Unique Identity Number (1) Every person who has been issued a Unique Identity Number and claims refund of the taxes paid on his inward supplies, shall furnish the details of such supplies of taxable goods or services or both electronically in FORM GSTR-11, along with application for such refund claim, through the common portal either directly or throu

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Final return

Final return – Rule 22 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 22 – 22. Final return Every registered person required to furnish a final return under sectio

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Annual return

Rule 21 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 21 – 21. Annual return (1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return as specified under sub-section (1) of section 44 electronically in FORM GSTR-9 through the Common Portal either directly or through a Facilitation Centre notified by the Co

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Communication and rectification of discrepancy in details furnished by the e-commerce operator and the supplier

Rule 20 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 20 – 20. Communication and rectification of discrepancy in details furnished by the e-commerce operator and the supplier (1) Any discrepancy in the details furnished by the operator and those declared by the supplier shall be made available to the supplier electronically in FORM GST MIS-3 and to the e-commerce operator electronically in FORM GST MIS-4 on the Common Portal on or before the last date of th

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Matching of details furnished by the e-Commerce operator with the details furnished by the supplier

Rule 19 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 19 – 19. Matching of details furnished by the e-Commerce operator with the details furnished by the supplier The following details relating to the supplies made through an e-Commerce operator, as declared in FORM GSTR-8, shall be matched with the corresponding details declared by the supplier in FORM GSTR-1- (a) State of place of supply; and (b) net taxable value: Provided that where the time limit for f

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Refund of interest paid on reclaim of reversals

Rule 18 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 18 – 18. Refund of interest paid on reclaim of reversals The interest to be refunded under sub-section (9) of section 42 or sub-section (9) of section 43 shall be claimed by the registered person in his return in FORM GSTR-3 and shall be credited to his electronic cash ledger in FORM GST PMT-05 and the amount credited shall be available for payment of any future liability towards interest or the taxable

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Communication and rectification of discrepancy in reduction in output tax liability and reversal of claim of reduction

Rule 16 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 16 – 16. Communication and rectification of discrepancy in reduction in output tax liability and reversal of claim of reduction (1) Any discrepancy in claim of reduction in output tax liability, specified in sub-section (3) of section 43, and the details of output tax liability to be added under sub-section (5) of the said section on account of continuation of such discrepancy, shall be made available to the registered person making such claim electronically in FORM GST MIS- 1 and the recipient electronically in FORM GST MIS-2 through the Common Portal on or before the last date of the month in which the matching has been carried out. (2) A supplier

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Final acceptance of reduction in output tax liability and communication thereof

Rule 15 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 15 – 15. Final acceptance of reduction in output tax liability and communication thereof (1) The final acceptance of claim of reduction in output tax liability in respect of any tax period, specified in sub-section (2) of section 43, shall be made available electronically to the person making such claim in FORM GST MIS-1 through the Common Portal. (2) The claim of reduction in output tax liability in res

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Matching of claim of reduction in the output tax liability

Rule 14 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 14 – 14. Matching of claim of reduction in the output tax liability The following details relating to the claim of reduction in output tax liability shall be matched under section 43 after the due date for furnishing the return in FORM GSTR-3:- (a) GSTIN of the supplier; (b) GSTIN of the recipient; (c) credit note number; (d) credit note date; and (e) tax amount: Provided that where the time limit for furnishing FORM GSTR-1 under section 37 and FORM GSTR-2 under section 38 has been extended, the date of matching of claim of reduction in the output tax liability shall be extended accordingly: Provided further that the Commissioner may, on the recomme

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Communication and rectification of discrepancy in claim of input tax credit and reversal of claim of input tax credit

Rule 12 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 12 – 12. Communication and rectification of discrepancy in claim of input tax credit and reversal of claim of input tax credit (1) Any discrepancy in the claim of input tax credit in respect of any tax period, specified in sub-section (3) of section 42 and the details of output tax liable to be added under sub-section (5) of the said section on account of continuation of such discrepancy, shall be made available to the recipient making such claim electronically in FORM GST MIS-1 and to the supplier electronically in FORM GST MIS-2 through the Common Portal on or before the last date of the month in which the matching has been carried out. (2) A supp

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Final acceptance of input tax credit and communication thereof

Rule 11 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 11 – 11. Final acceptance of input tax credit and communication thereof (1) The final acceptance of claim of input tax credit in respect of any tax period, specified in sub-section (2) of section 42, shall be made available electronically to the registered person making such claim in FORM GST MIS-1 through the Common Portal. (2) The claim of input tax credit in respect of any tax period which had been co

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Matching of claim of input tax credit

Rule 10 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 10 – 10. Matching of claim of input tax credit The following details relating to the claim of input tax credit on inward supplies including imports, provisionally allowed under section 41, shall be matched under section 42 after the due date for furnishing the return in FORM GSTR-3 (a) GSTIN of the supplier; (b) GSTIN of the recipient; (c) invoice or debit note number; (d) invoice or debit note date; and (e) tax amount: Provided that where the time limit for furnishing FORM GSTR-1 specified under section 37 and FORM GSTR-2 specified under section 38 has been extended, the date of matching relating to claim of input tax credit shall also be extended

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Notice to non-filers of returns

Notice to non-filers of returns – Rule 9 – Final Rules (Draft) – RETURNS – GST – RETURNS – Final Draft Rules 3-6-2017 – Rule 9 – 9. Notice to non-filers of returns A notice in FORM GSTR-3A shall be is

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