this presentation consists of the information abou TDS ans TCS and their implications under GST. It also includes the differnce between both the terms.
this presentation consists of the information abou TDS ans TCS and their implications under GST. It also includes the differnce between both the terms.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
Decoding Notification No. 40-2017-CT & 41-2017-ITPriyank Shah
Hello Friends,
Many a times our clients miss the small procedures laid down under various notifications which have a considerable impact on tax outflow at a later stage.
Notification No. 40/2017-Central Tax & 41/2017-Integrated Tax dt.23rd October 2017 are two of such notifications providing conditional benefits to tax payers. We have herewith tried to simplify the understanding of benefits, procedures and it's implications under the said notifications. We have also highlighted the procedure for claiming refund of ITC on such supplies as clarified by the department from time to time.
Hope the content will be useful for the readers.
VDS Guideline and VAT rate for the FY 2020-2021Masum Gazi
Guideline for VAT deduction/collection at source as per VDS Rules 2020 (SRO. No. 149-Law/2020/110-Mushak, dated 11 June 2020 & SRO. No. 180-Law/2020/120-Mushak, Dated: 30 June 2020) and VAT rate for all services for the FY 2020-2021 in comparison with FY 2019-2020 updated on 30 June 2020
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
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Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
3. 1) Notwithstanding anything to the contrary contained in
this Act , the government may mandate:
a. a department or establishment of the Central
Government or State Government; or
b. Local authority; or
c. Government agencies; or
d. Such persons or category of persons as may be
notified by the government on the recommendation of
the council,
to deduct tax at the rate of 1% from the payment made or
credited to the supplier of taxable goods or services or
both, where total value of such supply, under a contract,
exceeds Rs. 2,50,000.
CA SHREYA BANSAL
3
4. In addition to persons notified to deduct tax at source under
clause (a) to (c) of the abovementioned section, the
government vide notification no. 50/2018- Central Tax
(Rate) dated 13th September 2018 has notified the
following persons who are liable to deduct tax at source
under the said section:
a. an authority or a board or any other body, -
i. set up by an Act of Parliament or a State Legislature;
or
ii.established by any Government, with fifty-one per cent
or more participation by way of equity or control, to carry
out any function;
b. Society established by the Central Government or the
State Government or a Local Authority under the Societies
Registration Act, 1860 (21 of 1860);
c. public sector undertakings.
CA SHREYA BANSAL
4
5. Provided that no deduction shall be made if the location
of the supplier and the place of supply is in a State or
Union Territory which is different from the State or as the
case maybe , Union territory of registration of the
recipient.
Explanation :- For the purpose of deduction of tax
specified above, the value of supply shall be taken as
the amount excluding the Central tax, State tax, Union
Territory tax, integrated tax and cess indicated in the
invoice.
CA SHREYA BANSAL
5
6. WHEN NO TAX IS TO BE
DEDUCTED
CA SHREYA BANSAL
6
7. 1. No deduction shall be made if the location of the supplier
and the place of supply is in a State or Union territory, which
is different from the State, or as the case may be, Union
Territory of registration of the recipient. The earlier statement
can be explained in the following situations:
(a) Supplier, place of supply and recipient are in the same
state. It would be intra-State supply and TDS (Central plus
State tax) shall be deducted. It would be possible for the
supplier (i.e. the deductee) to take credit of TDS in his
electronic cash ledger.
(b) Supplier as well as the place of supply are in different
states. In such cases, Integrated tax would be levied.
TDS to be deducted would be TDS (Integrated tax) and it
would be possible for the supplier (i.e. the deductee) to take
credit of TDS in his electronic cash ledger.
CA SHREYA BANSAL
7
8. (c) Supplier as well as the place of supply are in State A
and the recipient is located in State B. The supply would
be intra-State supply and Central tax and State tax would be
levied. In such case, transfer of TDS (Central tax + State tax
of State B) to the cash ledger of the supplier (Central tax +
State tax of State A) would be difficult. So in such cases, TDS
would not be deducted. Thus, when both the supplier as well
as the place of supply are different from that of the recipient,
no tax deduction at source would be made.
2. If the contract value is less than Rs 250000 then No TDS
is to be deducted.
CA SHREYA BANSAL
8
10. Section 51(2): Deposit of TDS with the Government:
The amount of tax deducted at source has to be deposited to
the Government account by the deductor by the 10th of the
succeeding month. The deductor would be liable to pay
interest if the tax deducted is not deposited within the
prescribed limit.
Section 51(3): TDS Certificate
The deductor shall furnish to the deductee a certificate
mentioning therein the contract value, rate of deduction,
amount deducted, amount paid to the Government and such
other particulars in such manner as may be prescribed.
CA SHREYA BANSAL
10
11. Section 51(3): TDS Certificate
As per Rule 66, the deductor shall furnish a TDS Certificate
in form GSTR – 7A to the deductee mentioning the following
details:
a. Contract value
b. Rate of deduction
c. Amount deducted
d. Amount paid to the appropriate government
e. Any other particulars as may be prescribed.
CA SHREYA BANSAL
11
12. Section 51(4): Time limit for issuance of TDS Certificate
If any deductor fails to furnish to the deductee the certificate, after
deducting the tax at source, within five days of crediting the
amount so deducted to the Government, the deductor shall pay,
by way of a late fee, a sum of one hundred rupees per day from
the day after the expiry of such five days period until the failure
is rectified, subject to a maximum amount of five thousand
rupees.
Section 51(5): Credit claim of TDS by deductee
The deductee shall claim credit, in his electronic cash ledger, of
the tax deducted and reflected in the return of the deductor
furnished under sub-section (3) of section 39, in such manner as
may be prescribed.
CA SHREYA BANSAL
12
13. Section 51(6) and (7): Non-remittance by deductor
If any deductor fails to furnish to pay the government the
amount deducted as tax under sub section (1), he shall pay
interest in accordance with the provisions of sub-section (1)
of section 50, in addition to the amount of tax deducted.
The determination of the amount in default under this
section shall be made in the manner specified in section 73
or section74.
CA SHREYA BANSAL
13
14. Section 51(8): Refund on excess collection
The refund to the deductor or the deductee arising on account
of excess or erroneous deduction shall be dealt with in
accordance with the provisions of section 54:
Provided that no refund to the deductor shall be granted, if
the amount deducted has been credited to the electronic cash
ledger of the deductee. (only deductee can claim then)
CA SHREYA BANSAL
14
17. Under Section 24(1)(vi), persons who are required to
deduct tax under section 51, whether or not separately
registered under this act, have to obtain compulsory
registration.
Section 25 provides that a person required to deduct tax
under section 51may have, in lieu of Permanent Account
Number, a tax deduction and collection account
number issued under the said act in order to be eligible
for grant of registration.
Rule 12, CGST Rules, says that person required to deduct
tax under section 51 or a person required to collect tax at
source under section 52 shall electronically submit an
application, duly signed or verified through electronic
verification code, in FORM GST REG-07 for the grant of
registration through the common portal.
CA SHREYA BANSAL
17
18. Section 39(3): TDS Return:
Every registered person required to deduct tax at source
under the provisions of section 51 shall furnish, in such
form and manner as may be prescribed, a return,
electronically, for the month in which such deductions have
been made within ten days after the end of such month.
Rule 66: Form and manner of return to be furnished by a
person required to deduct tax at source:
The deductor has to file a return in Form GSTR-7. If the supplier
is unregistered, name of the supplier rather than GSTIN shall be
mentioned in the return. The details of tax deducted at source
furnished by the deductor in FORM GSTR-7 shall be made
available to each of the suppliers in Part C of FORM GSTR-2A
electronically through the Common Portal and the said supplier
may include the same in FORM GSTR-2.
CA SHREYA BANSAL
18
20. 1) Notwithstanding anything to the contrary contained in
this Act, every electronic commerce operator
(hereafter in this section referred to as the
“operator”), not being an agent, shall collect an
amount calculated at such rate not exceeding
one percent, as may be notified by the Government
on the recommendations of the Council, of the net
value of taxable supplies made through it by
other suppliers where the consideration with
respect to such supplies is to be collected by the
operator.
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21. Explanation – For the purposes of this sub-section, the
expression “net value of taxable supplies” shall mean
the aggregate value of taxable supplies of goods or
services or both, other than services notified under
sub-section (5) of section 9, made during any month
by all registered persons through the operator
reduced by the aggregate value of taxable supplies
returned to the suppliers during the said month.
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22. MECHANISM OF E-COMMERCE:
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There are many e-Commerce operators, like Amazon,
Flipkart, Jabong, etc. operating in India. These
operators display on their portal products as well as
services which are actually supplied by some other
person to the consumer.
The goods or services belonging to other suppliers are
displayed on the portals of the operators and
consumers buy such goods/services through these
portals. On placing the order for a particular
product/service, the actual supplier supplies the
selected product/service to the consumer.
The price/consideration for the product/ service is
collected by the Operator from the consumer and
passed on to the actual supplier after the deduction of
commission by the Operator.
23. Section 2 (44), – “electronic commerce” means the
supply of goods or services or both, including digital
products over digital or electronic network;
Section 2 (45), – “electronic commerce operator”
means any person who owns, operates or manages
digital or electronic facility or platform for electronic
commerce
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24. SECTION 52(3): DEPOSIT OF TCS BY E-COMMERCE
OPERATOR TO GOVERNMENT:
The amount collected under sub-section (1) shall be paid to the
Government by the operator within ten days after the end of
the month in which such collection is made, in such manner as
may be prescribed.
SECTION 52(4): FILING OF MONTHLY STATEMENTS BY
OPERATOR
Every operator who collects the amount specified in sub-section
(1) shall furnish a statement, electronically, containing the
details of outward supplies of goods or services or both
effected through it, including the supplies of goods or
services or both returned through it, and the amount
collected under sub-section (1) during a month, in such form
and manner as may be prescribed, within ten days after the
end of such month.
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25. Section 52(5): FILING OF ANNUAL STATEMENTS BY
OPERATOR
Every operator who collects the amount specified in sub-
section (1) shall furnish an annual statement,
electronically, containing the details of outward
supplies of goods or services or both effected through
it, including the supplies of goods or services or both
returned through it, and the amount collected under the
said sub-section during the financial year, in such form
and manner as may be prescribed, before the thirty first
day of December following the end of such financial
year.
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27. Section 52(5): RECTIFICATION IN MONTHLY STATEMENT
BY OPERATOR
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If any operator after furnishing a statement
discovers any omission or incorrect particulars
therein, other than as a result of scrutiny, audit,
inspection or enforcement activity by the tax
authorities
he shall rectify such omission or incorrect
particulars in the statement to be furnished for
the month during which such omission or
incorrect particulars are noticed, subject to
payment of interest, as specified in sub-section (1)
of section 50
Provided that no such rectification of any omission
or incorrect particulars shall be allowed after the due
date for furnishing of statement for the month of
September following the end of the financial year
or the actual date of furnishing of the relevant
annual statement, whichever is earlier.
28. SECTION 52 (8,9,10,11) : MATCHING OF DETAILS OF SUPPLIES
The details of the supplies, including the value of supplies,
submitted by every operator in the statements will be matched
with the details of supplies submitted by all such suppliers in
their returns.
If there is any discrepancy in the value of supplies, the same
would be communicated to both of them.
If such discrepancy in value is not rectified within the given
time, then such amount would be added to the output tax
liability of such supplier succeeding the calendar month in
which the discrepancy is communicated, where outward supplies
furnished by operator is more than the value as shown by
supplier.
The supplier will have to pay the differential amount of output
tax along with interest from the date such tax was due till the
date of its payment.
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29. SECTION 52(7):CLAIM OF CREDIT BY SUPPLIER
Supplier can claim credit of the TCS amount in his electronic cash
ledger. This amount should reflect in the monthly statement filed by
the e-commerce operator.
SECTION 52(12,13,14) : NOTICE TO THE OPERATOR
An officer not below the rank of Deputy Commissioner can issue
notice to an operator, asking him to furnish details relating to
volume of the goods/services supplied, stock of goods lying in
warehouses/godowns etc.
The operator is required to furnish such details within 15 working
days.
In case an operator fails to furnish the information, besides
being liable for penal action under section 122, it shall also be
liable for penalty up to Rs. 25,000.
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31. COMPULSORY REGISTRATION:
Section 24(ix): persons who supply goods or services or both,
other than supplies specified under sub-section (5) of section 9,
through such electronic commerce operator who is required to
collect tax at source under section 52.
Section 24(x): every electronic commerce operator.
RULE 12: the person liable to collect tax shall obtain registration by
filing FORM GST REG 07 electronically.
RULE 68: NOTICE TO NON-FILERS OF RETURNS :
A notice in FORM GSTR-3A shall be issued, electronically, to a
registered person who fails to furnish return under section 52.
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32. RULE 67 : FORM AND MANNER OF SUBMISSION OF SUPPLIES
THROUGH AN ECOMMERCE OPERATOR
Every electronic commerce operator required to collect tax at source
under section 52 shall furnish a statement in FORM GSTR-8
electronically on the common portal, containing details of supplies
effected through such operator and the amount of tax collected
as required under sub-section (1) of section 52.
RULE 60 : FORM AND MANNER OF FURNISHING DETAILS OF
INWARD SUPPLIES
The details of tax collected at source furnished by an e-
commerce operator under section 52 in FORM GSTR-8 shall be
made available to the concerned person in Part C of FORM GSTR
2A electronically through the common portal and such person may
include the same in FORM GSTR-2.
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