GST Payment
We have filed GSTR1A and Subsequent GSTR3B for December 24 on 22.1.25 after depositing GST Tax liability. Our Customer(Buyer) is not making Payment of GST amount mentioning that it is not show ...
We have filed GSTR1A and Subsequent GSTR3B for December 24 on 22.1.25 after depositing GST Tax liability. Our Customer(Buyer) is not making Payment of GST amount mentioning that it is not show ...
Dear Client,
GST is a branch of law or legislation that eventually comes under the arena of Chartered Accountants and Tax Consultants, who have expertise and in-depth knowledge on the subject and may guide you properly on the subject. Hence, it is advisable to consult with them for more precise clarification on the subject to navigate the issue in the right way.
My mother made two settlement deeds in my favour one for ground floor and one for first floor of a house in 1984 and 1991.I made a settlement deeds in my wife's favour in 2023 and entered a JV with ...
Dear Sir,
It is purely a question related to financial matter and payment of taxes. Better go to the office of Auditor or Chartered Accountant who are well acquainted with the relevant acts and circulars and may guide you effectively.
Other Responses
Is GST ISD registration mandatory solely due to having multiple registrations from 01 april 2025, or is it required only when one unit or the head office intends to distribute ITC to other distinct un ...
Dear Client,
Companies having a presence in multiple states and distributing common input tax credits with branch offices will have to register as Input Service Distributors (ISD) with GST authorities by April 1, 2025. Businesses having multi-state GST registration will have to have themselves mandatorily registered as ISD to distribute among its branches any input tax credit (ITC) for services availed. The mechanism for sharing of ITC is prescribed in GST rules and broadly the common ITC is app
We have a consultancy that deals with study abroad. our business is helping students to get admissions from universities at outside India. Outside India we have an agent who help us to get admissions ...
Dear Client,
Regulation 5 of the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000, clearly states that no person shall, without the general or special permission of the Reserve Bank of India, export or send out of India or bring into India, any foreign currency. The goods attempted to be exported are foreign currency, as defined under the FEMA, 2000. The definition of "currency" stated in Section 2(h) of FEMA, makes it clear that the export of currency
Can co-operative housing society charge GST on major building repair contribution after deciding the lumsum per member based on vendor bids
Dear Client,
The Co-operative Housing Society or Residential Welfare Association whose Turnover (collection money) crosses Rs 20 Lakhs per annum becomes liable for Registration under the GST Act and should charge GST (CGST + SGST) @18% from its members. Under the GST Act, there is no specific exemption provided for CHS. Therefore, CHS is liable to pay GST on the services provided by them. However, if the annual turnover of CHS is less than ₹20 lakhs, they are exempted from GST registration. In
what will happen if officer does not take any action in 30 days my status is showing pending for processing and today is 29th day
Dear Sir,
It depends upon local Government circulars. Please concert legal expert locally who is well versed with GST laws.
I have ragistered a private limited company for p2p trading and i made 10/20 lacs per day buying and selling and earn 2% only 1% tds and then pay taxes 30% and 4 % extra cess or i what's ever i don't ...
Dear Client,
To operate a private limited company for P2P trading with large daily transactions, you’ll need to manage both banking compliance and tax obligations carefully. Here’s how to address each issue:
Banks may freeze accounts when they detect high-volume transactions that could resemble unregistered financial services or P2P trading without proper licensing. Banks generally conduct periodic reviews for high-risk business models such as trading, and accounts are sometimes frozen if
Other Responses
Sir our society got our flats under redevelopment we got our flats in Dec23 for free now the builder has send us letter saying to pay gst@5% of valuation of the flat, pl let us know if we need to pa ...
Dear Client,
According to latest regulations, GST is mostly applicable on the buying of under-construction properties at a rate of 5% for residential properties without the benefit of input tax credit. In the case of fully constructed flat, it is an immovable property and no GST shall be levied. GST is only levied on goods and services. Review your agreement and it need to mention the terms of the exchange. In case the agreement mentions that you are getting the new flat in the exchange of your
I have wrongly filed the gst invoice to another customer B instead of customer A. During subsequent period made amendment but again wrongly amended to customer B. Kindly help me in this regard.
Dear Client,
Taxpayers will not be allowed to cancel an e-invoice once 24 hours have elapsed after the issuance of the said e-invoice. The e-invoice portal does not allow for amendment of e-invoices either. A taxpayer will either have to issue a debit note or modify/cancel such e-invoice on the GST portal. Tax-payer should issue credit-note u/s 34 and there-after, issue fresh E-invoice showing correct particulars including IGST payable. If any query is raised by Dept., tax-payer can explain enti
Other Responses
Gst amount also should refund along with basic amount right by issuing a credit note?
Dear Client,
Yes, according to the rules of GST structure, it is possible to refund the GST amount together with the basic amount using a credit note. Section 34 of the CGST Act, 2017 provides that in a case where the credit note has been issued for any supply, and the credit has not been availed, then the registered supplier shall issue a debit note for the supply of goods or services. For the purpose of claiming the GST refund, the supplier shall give details of the credit note in his or her G
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