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Debit Note & Credit Note under GST

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Sometime the Goods or services which are supplied by a registered taxpayers are returned by the purchaser due to certain reasons like deficient value or quantity.  As a result,  taxpayers get confused in these types of transactions w.r.t to GST  treatment . For such transactions the GST laws has the provision of Debit and Credit Notes. For the removal of confusion or better understanding we have explained about the credit and debit notes in  detailed manner and in tabular form. Particulars Credit Note Debit Note Section Section 34(1) of CGST Act, 2017 Section 34(3) of CGST Act, 2017 Meaning Where a tax invoice issued for supply of any goods or services or both and the following situation occurs: Value of tax charged in the tax invoice is found to exceed the taxable value or tax payable; or Where the goods are returned by the recipient; or Where the goods or services or bo...
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Clarification for GST on Director Remuneration

Circular No: 140/10/2020 - GST Clarification in respect of levy of GST on Director Remuneration Due to a lot of confusion in the trade and industry sector regarding the levy of GST on Director Remuneration in terms of Notification no. 13/2017-Central Tax(Rate) dated 28.06.2017 (entry no.6)  and advance ruling in case of Clay Craft India (P) Ltd.  For this, CBIC has issued a circular clarifying the implication of GST on Director Remuneration. Let me first discuss about the scenario or categories of director remuneration that has been paid by companies: Remuneration paid by the companies to independent directors in terms of section 149(6) of Companies Act, 2013 or  Remuneration paid by the companies to directors who are not an employee of the company Remuneration paid by the companies to whole-time directors including a managing director who are an employee of the company By considering the above categories and for implementing the uniformity in provision of law, the follow...
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GSTR Due dates has been extended till 31.08.2020 ?

What change has been done in Notification 55/2020-Central Tax and Notification 56/2020-Central Tax  dated 27.06.2020 Due to lot of confusion in the market related to Notification no. 55/2020-Central Tax and Notification no. 56/2020-Central Tax , that whether the due date of GSTR-3B and GSTR-1 has been extended till 31.08.2020 ? For Extended due dates of GSTR-1 and GSTR -3B please refer: https://taxtunnel.blogspot.com/2020/06/whether-due-date-of-gstr-3b-and-gstr-1.html For the removal of doubts, we are explaining about what type of extension has been done in these  Notification 55/2020-Central Tax and Notification 56/2020-Central Tax and these are as under: Notification No 55/2020 dated 27.06.2020 These notification has amend the previous Notification no 35/2020- Central Tax dated 03.04.2020 and  under these notification following extension has been given: Purpose Due date (Earlier) Due date (Amended) From department, authority...
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