GST Tip – 424

Taxpayers can now claim the refund of the tax amounts using the refund application online for the refund amount raised “On account of Assessment / Provisional Assessment /  Appeal / Any other Order.

GST Tip – 291

In section 3.2 of GSTR – 3B, outward supplies of inter-State supplies made to unregistered persons, composition taxable persons and UIN holders have to be shown at a summary level along with the taxable value, tax amount by place of supply wise.

GST Tip 290

In Section 3.1 of GSTR – 3B, details of the outwards supplies along with the inwards supplies on which reverse charge is applicable has to be shown. It should be shown in summary format for the above supplies with the taxable value for each category along with the tax amounts. Outward supplies for Zero Rated, Nil Rated and exempted supplies have to be shown separately in the same section.

 

 

GST Tip – 216

As per the Determination of Value of Supply Rules, the formula is given to derive the tax amount from the total value of supply in cases where the value of supply includes GST taxes.  Tax amount= Value inclusive of taxes X tax rate in % of IGST or as the case may be CGST, SGST or UTGST divided by (100+ sum of tax rates, as applicable, in %).

 

GST Tip – 113

In the GSTR Returns, the matching of the buyers and sellers invoices is done in the following manner first by matching (a) GSTIN of the supplier (b) GSTIN of the recipient (c) Invoice/Debit Note date (d) Invoice/Debit Note number (e) Taxable value (f) Tax amount. If all attributes are matched, once supplier makes the payment of taxes, the same will be updated in the buyers Electronic Credit Ledger.

GST Tip – 62

Under GST, input credit is available on payment and matching of the seller and buyers data in the following sequence GSTIN of the supplier, GSTIN of the recipient , Invoice/Debit Note date, Invoice/Debit Note number ,Taxable value & Tax amount.