Category: GST

TAX COLLECTION AT SOURCE (TCS) UNDER SECTION 206C (1H) OF THE INCOME TAX ACT, 1961 w.e.f. 1st October, 2020 Finance Act, 2020 inserted sub-section (1 H) in section 206C of the Act which mandates that with effect from 1 st day of October, 2020 a seller receiving an amount as consideration for sale of any […]

GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis of the information furnished by their suppliers, in their respective Form GSTR-1 & 5 and Form GSTR-6 filed by ISD. Taxpayers can now reconcile data generated in Form GSTR-2B, with their own records and books of accounts. Using this reconciliation, they can now […]

As per notification no. 40/2017-central tax (rate) and 41/2017-central tax (rate) both dated 23.10.2017, the registered supplier would supply the goods to the registered recipient on a Tax Invoice charging GST as follows : In case of intra-state supply – CGST is payable @0.05% and SGST is payable 0.05% In case of inter-state supply – […]