Applicable of tax rate in gstr 1 means

Calculating the taxable value has always been the crucial and most important step in arriving at the tax liability. As a tax payer, you must have questions such as: How to calculate taxable value, gross value or net value to calculate taxes such as SGST, CGST or IGSCT? Council decided major changes in the tax rates from 18% to 12%. Also, due dates of filing GSTR-1, GSTR-2, GSTR-3 were extended. 1 st and 2 nd GST Council Meeting: The first meeting of GST council was held on 22-23 Sep, 2016. It focused on rolling out GST on 1 st Arril, 2017. It decided the regulation under composition scheme and GST rates and

What is GSTR 1? The Goods and Services Tax Return 1 is a document that each registered tax payer needs to file every month/quarter. It must contain the details of all sales and supply of goods and services made by the tax payer during the tax period. The applicable composition scheme GST rate features equal SGST/UGST and CGST split i.e. 1% GST = 0.5% CGST + 0.5% SGST/UGST, 6% GST = 3% SGST/UGST + 3% CGST. The composition levy rates under GST are as follows: 1% of the turnover for traders and other suppliers eligible for composition scheme registration • Every registered taxable person, is required to file GSTR 1, the details of outward supplies of goods and/or services during a tax period, electronically on the GST Portal. • GSTR 1 needs to be filed even if there is no business activity (Nil Return) in the tax period. • GSTR 1 can be prepared using the following modes through: Calculating the taxable value has always been the crucial and most important step in arriving at the tax liability. As a tax payer, you must have questions such as: How to calculate taxable value, gross value or net value to calculate taxes such as SGST, CGST or IGSCT? Council decided major changes in the tax rates from 18% to 12%. Also, due dates of filing GSTR-1, GSTR-2, GSTR-3 were extended. 1 st and 2 nd GST Council Meeting: The first meeting of GST council was held on 22-23 Sep, 2016. It focused on rolling out GST on 1 st Arril, 2017. It decided the regulation under composition scheme and GST rates and GSTR-1 Exceptions and solutions in Tally ERP 9; Resolve Information required for generating table-wise details not provided in GSTR-1; Resolve Voucher with incomplete/incorrect adjustment details (GSTR-2) How to resolve Incorrect tax type selected in tax ledger in GSTR-1 ? Resolve Nature of transaction, taxable value, rate of tax modified in

present tax structure and how it applies to online marketplaces, The rate should be kept uniform throughout the country in light of the 'one tax, Entry tax is levied on the physical entry of goods into a defined 'local area' within a particular To be filed by. 1. GSTR 1. Outward supplies made by the taxpayer ( other than.

Applicable Tax Rate means, as to any given Taxable Event, the Tax Rate applicable to income having the same character as that arising from such Taxable Event, for example, by way of illustration and not limitation, (i) the Tax Rate applicable to ordinary income if the Taxable Event gave rise to ordinary income, (ii) the Tax Rate applicable to Supplier in turn would have the option to modify the details furnished in GSTR-1 as per the request of the recipient auto-populated before him in GSTR-1A or keep the details unchanged. GSTR-3: GSTR-3 would be a consolidated monthly return and will contain details of tax liability along with the tax collected on outward supplies and tax paid on inward supplies by registered person. In gstr 1 , where we fill the details of invoice there is an option of - Is the supply eligible to be taxed at a differential percentage of the existing rate of tax , as notified by the government? If yes, the applicable percentage of tax rate is 65 Sir plz guide me on this point , what this means & how this is to be treated. • Every registered taxable person, is required to file GSTR 1, the details of outward supplies of goods and/or services during a tax period, electronically on the GST Portal. • GSTR 1 needs to be filed even if there is no business activity (Nil Return) in the tax period. • GSTR 1 can be prepared using the following modes through: Amount is more than 250000(Including tax) Export Invoice (6A) It means sales outside India It is of two types:- Export WPAY Pay IGST at full Rate applicable on Item and Claim Refund after Receiving Money from Abroad Export WOPAY Do not pay IGST and Export Goods Under Bond Undertaking Learn more here

Form GSTR-1 is a statement in which a regular dealer needs to capture all the outward supplies made during the month. Broadly, the GSTR 1 format requires - all the outward supplies made to registered businesses (B2B) to be captured at invoice level, and supplies made to unregistered business or end consumers to be captured at rate-wise level.

18 Sep 2018 37/2017 – Central Tax (Rate) dated 13th October, 2017 provides the The Motor Vehicles was purchased by lessor prior to 1st July, 2017 and supplied if the supplier of such goods has availed input tax credit as defined in clause (63) of before 1-7-2017, to a person, then how to reflect in GSTR1 & 3B? A. Added features in Form GSTR 1 and Form GSTR 5. 1. In GSTR-1 & GSTR5 on addition of records (Invoices/Debit Notes/Credit Notes, an option has been provided to taxpayer to select a lower tax rate for motor vehicle leasing businesses, as per Notification No 37/2017-Central Tax (Rate), dated 13-10-2017. i.e.65% of applicable GST TAX. 2. Applicable Tax Rate means, as to any given Taxable Event, the Tax Rate applicable to income having the same character as that arising from such Taxable Event, for example, by way of illustration and not limitation, (i) the Tax Rate applicable to ordinary income if the Taxable Event gave rise to ordinary income, (ii) the Tax Rate applicable to Supplier in turn would have the option to modify the details furnished in GSTR-1 as per the request of the recipient auto-populated before him in GSTR-1A or keep the details unchanged. GSTR-3: GSTR-3 would be a consolidated monthly return and will contain details of tax liability along with the tax collected on outward supplies and tax paid on inward supplies by registered person. In gstr 1 , where we fill the details of invoice there is an option of - Is the supply eligible to be taxed at a differential percentage of the existing rate of tax , as notified by the government? If yes, the applicable percentage of tax rate is 65 Sir plz guide me on this point , what this means & how this is to be treated. • Every registered taxable person, is required to file GSTR 1, the details of outward supplies of goods and/or services during a tax period, electronically on the GST Portal. • GSTR 1 needs to be filed even if there is no business activity (Nil Return) in the tax period. • GSTR 1 can be prepared using the following modes through: Amount is more than 250000(Including tax) Export Invoice (6A) It means sales outside India It is of two types:- Export WPAY Pay IGST at full Rate applicable on Item and Claim Refund after Receiving Money from Abroad Export WOPAY Do not pay IGST and Export Goods Under Bond Undertaking Learn more here

For multiple rates, you need to show each line items in separate rows. For example for invoice number 1, you had 2 items one with 18% and another with 28%, then you need to show same invoice details in 2 different rows, with different rates.

26 Jan 2018 Since the introduction of the Goods and Services Tax (GST) on July 1, 2017 , one issue GSTR-1 can either be filed quarterly or monthly. goods under the correct HSN codes and make sure to charge the correct tax rate. This means total late fees of Rs. 200 per day (100 under CGST and 100 under 

Tax should be charged at the rate applicable to the goods or services supplied. While furnishing details of outward supplies in Form GSTR-1, invoice wise details of supplies made to UIN holders should also be furnished in table 4 as shown below: Return filing for UIN holders

For multiple rates, you need to show each line items in separate rows. For example for invoice number 1, you had 2 items one with 18% and another with 28%, then you need to show same invoice details in 2 different rows, with different rates. Aggregate Turnover means as defined under the Goods and Services Tax Act, 20….. 4. HSN/SAC is not mandatory for taxable person whose aggregate turnover is less than 1.5 crores. Form GSTR-1 is a statement in which a regular dealer needs to capture all the outward supplies made during the month. Broadly, the GSTR 1 format requires - all the outward supplies made to registered businesses (B2B) to be captured at invoice level, and supplies made to unregistered business or end consumers to be captured at rate-wise level.

GST is applicable on all goods and services except for supply of alcohol, petrol, electricity, etc. notifications 32/2017 Integrated tax (Rate) and 38/2017 Central tax (Rate) GSTR 2 and output tax disclosed by the supplier in his GSTR 1?