We levied GST for multiple items @ 18% and the invoice got paid. Now we realised that for one of the items, the correct rate of GST is 28%. How do we fix this ? more
Dear Anand the simplest way is to issue debit note of difference of tax amount by mentioning the invoice number to the purchaser irrespective of registered or unregistered purchaser and get your amount from him. After that show in your current month's GSTR 3B and GSTR1 if the difference is of previous months. more
Dear Anand If you have raised the bill on a registered dealer, then talk to them and Raise a DR note ,mentioning the invoice number and particulars as short GST collected on such and such invoice. Report it through your GSTR1 of the current month and pay the TAX. Get this paid by the buyer who get ITC. If the buyer is unregistered dealer or an individual , then pay the difference to Government to the DR of your P&L. more
There is short charge of Tax amount so where is the difference of registered or unregistered dealer? In both the cases difference of tax amount has to be recovered from the purchasing dealer. On what basis you are advising to deposit the difference to the government and debit to P&L account? more
Nephew had applied for GST cancellation a couple of months back but continues to receive notices from GSTN for failure to file monthly return. His accountant tells him that GST office will not proc...
7 years post the launch of GST I must tell you that most retail services businesses in India still evade it and Govt has failed to do anything. From ac repair fellow to caterers and from...
My cousin’s friend runs a local bakery in Goa. He accepts only CASH. No UPI/CC/Debit Card-- nothing! Logic: if he accepts anything in 'white', he will pay around...
Interesting how poor people and commoners pay GST on pretty much everything they buy from biscuits to namkeen, milk to grocery And rich buys iPhone, Luxury Cars, etc as Business Expenses...
Cut & polished diamonds are charged 1.5% GST. Flour & curd are charged 5% GST. Diamond walas can fund politics but aate dahi doodh walas can’t?? Plea...
The GST Council has recommended 5% GST on dairy items like pre- packed, pre-labeled curd, lassi and butter milk and increasing GST on dairy machinery and milking machines from 12% to 18%. This move...
Bicycle will attract a GST rate of 12%, but diamonds will attract only 0.25%. At a time when people aren't able to afford petrol & the poor are forced to commute on cycles, the govt charges 12%...
The Private tutors and coaching classes runners should be registered by the local authorities like Panchayats, municipalities and metros through simple forms with names, addresses of operators, the...
Rs6.14 lakh crore as input tax credit (ITC) remains blocked under Rule 86A by the tax authorities without any due process being followed. Attached is data by state. Can LocalCircles take up this is...
Dear All, I live in an affordable housing society under PMAY in Gurgaon for the past two years. Maintenance is supposed to be free for five years. Builder has increased CAM charges twic...
By Gloria Joseph
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