Common credit will be proportionally distributed while paying GST dues. Common credit arrives after reducing the ITC of taxable supplies from the total ITC..
The electronic credit ledger is maintained in electronic form on the GST portal for every taxpayer. Balance in credit ledger will be used to pay tax dues.
Exports are treated as inter-state supplies in GST and registration is compulsory in case of goods. Exemption limit under GST on export of services is 20 lakh.
Aadhaar Authentication process has been introduced under GST law with effect from 21.08.2020 for the persons applying for GST registration.
Sections 49(5), 49A, 49B, rule 88A and Circular No. 98/17/2019 GST together prescribe the order of utilisation of input tax credit (ITC). Restrictions on utilisation of ITC
Step by step guide to view submitted Letter of Undertaking (LUT) on the GST official website.
Bill of supply is issued by the registered person in prescribed format instead of a tax invoice when GST is not levied or when GST need not be collected
ITC shall be transferred in the ratio of the value of assets held by the transferee on the date of registration. Easy steps to file Form GST ITC-02A on the GST portal
Easy steps to submit Form ITC-04 on the GST portal. The form can be filed on the GST portal either directly online or by using an offline excel utility.
Renting immovable property in India is a taxable service and would attract GST @18%. Provisions in GST on rental income from shop, office, residential property.
Easy steps to file Form ITC-02 on the GST portal.