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Section 43 – Matching, reversal and reclaim of reduction in output tax liability of CGST ACT, 2017 43. (1) The details of every credit note relating to outward supply furnished by a registered person (hereafter in this section referred to as the “supplier”) for a tax period shall, in such manner and within such time … Continue reading “Section 43 – Matching, reversal and reclaim of reduction in output tax liability of CGST ACT, 2017”
Section 42 – Matching, reversal and reclaim of input tax credit of CGST ACT, 2017 42. (1) The details of every inward supply furnished by a registered person (hereafter in this section referred to as the “recipient”) for a tax period shall, in such manner and within such time as may be prescribed, be matched–– … Continue reading “Section 42 – Matching, reversal and reclaim of input tax credit of CGST ACT, 2017”
Section 41 – Claim of input tax credit and provisional acceptance thereof of CGST ACT, 2017 41. (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited on a … Continue reading “Section 41 – Claim of input tax credit and provisional acceptance thereof of CGST ACT, 2017”
Section 40 – First return of CGST ACT, 2017 40. Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after grant of registration.
Section 39 – Furnishing of returns of CGST ACT, 2017 39. (1) Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions of section 10 or section 51 or section 52 shall, for every calendar month or part thereof, furnish, in such form … Continue reading “Section 39 – Furnishing of returns of CGST ACT, 2017”
Section 38 – Furnishing details of inward supplies of CGST ACT, 2017 38. (1) Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions of section 10 or section 51 or section 52, shall verify, validate, modify or delete, if required, the details … Continue reading “Section 38 – Furnishing details of inward supplies of CGST ACT, 2017”
Section 37 – Furnishing details of outward supplies of CGST ACT, 2017 37. (1) Every registered person, other than an Input Service Distributor, a non-resident taxable person and a person paying tax under the provisions of section 10 or section 51 or section 52, shall furnish, electronically, in such form and manner as may be … Continue reading “Section 37 – Furnishing details of outward supplies of CGST ACT, 2017”
Section 36 – Period of retention of accounts of CGST ACT, 2017 36. Every registered person required to keep and maintain books of account or other records in accordance with the provisions of sub-section (1) of section 35 shall retain them until the expiry of seventy-two months from the due date of furnishing of annual … Continue reading “Section 36 – Period of retention of accounts of CGST ACT, 2017”
Section 35 – Accounts and other records of CGST ACT, 2017 35. (1) Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of— (a) production or manufacture of goods; (b) inward and outward supply of goods or services or … Continue reading “Section 35 – Accounts and other records of CGST ACT, 2017”
Section 34 – Credit and debit notes of CGST ACT, 2017 34. (1) Where a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, … Continue reading “Section 34 – Credit and debit notes of CGST ACT, 2017”