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Download GST Delivery Challan Format PDF, Word & Excel

Do you need help in filling GST Returns? Click here to get started Delivery Challan- Meaning, Contents & Formats In this article, we have discussed the Delivery challan, its contents, method of issuing it and provided GST Delivery Challan format PDF, Word, and Excel format for download. What is a delivery challan under GST? A…

Eligibility of GST ITC on Bank charges & Journal entry

Whether ITC on Bank Charges is eligible or not? The ITC on bank charges is an eligible credit only if conditions mentioned in Section 16 of CGST Act,2017 are fulfilled. Bank charges input credit also does not fall within the ambit of Blocked credit in Section 17(5) of CGST Act,2017. We have discussed this issue…

Why some GST Credits are Blocked Under GST – Section 17(5)

Apportionment of GST credit and Blocked Credits under Section 17(5) Section 17(1) to Section 17(4) deals with when Input tax credit can be claimed, while ineligible or blocked credits under GST are dealt with under Section 17(5) of the CGST act. Apportionment of credit – Section 17 Goods and Service tax Input credit is available…

Top four conditions for eligibility of GST ITC under Section 16

Conditions for eligibility of GST Tax credit under Section 16 GST Input tax credit has been further classified into Eligible and Blocked Credits. Blocked Credits are dealt with under Section 17(5) while Section 16 deals with GST Input tax credit eligibility and conditions. Before we proceed onto Blocked and Eligible credit, let us first understand…

Interest on Late Payment of GST: Case Law and Opinion

Interest on delayed GST Payment The legal position Recently, the GST Council has held its 39th meeting in which it has approved that the interest on GST late payment shall be payable on liability paid belatedly in cash component only, and this shall be made applicable w.e.f. Jul’2017 i.e. retrospective effect.  However, it shall be…

GST Interest on late payment & reversal of input credit

GST Interest calculation, interest on reversal & refunds How to calculate interest on the late payment of GST? Interest applies to the late payment of GST. Section 50 of the Central Goods and Service Act 2017 states the following provisions. (1) Every person who is liable to pay tax in accordance with the provisions of…

All about job work in GST- Procedure, Challan & Input Credit

All about job work in GST Job work in GST  is an outsourced activity undertaken by the principal that may or may not culminate into manufacture. For example, An automobile company sends spare parts to a job worker for coating. Coating here is an outsourced activity performed by a third party. Define Job Work? Section…