It is quite common in a business to transfer its stock to its other branches, units, depots, warehouses to cater to timely delivery orders from different geographical locations. Under the pre-GST scenario, inter-state or intra-state stock transfers were subjected to a levy of excise duty on the removal of goods. The same was not subject to VAT/ CST. Under GST, tax is collected on the supply of goods with or without consideration being paid or agreed to be paid.What is stock transfer?Stock transfer means moving goods from one place to another place of business of the registered taxpayer entity, usually without consideration. For instance, if the factory attached to the head office moves inventory to its branch or warehouse, it is called stock transfer.

Under GST, the treatment of discounts is governed by Section 15 of the CGST Act, 2017. The value of supply excludes discounts under certain conditions:Pre-Supply Discount: If the discount is provided before or at the time of supply and is mentioned in the invoice, it is subtracted from the taxable value of the supply. For example, if a seller offers a 20% discount on goods worth ₹1000, the taxable value will be Rs 800 (Rs 1000 - Rs 200).Post-Supply Discount: Discounts provided after the supply is made are allowed only if they are explicitly mentioned in the agreement entered before the supply. They must also be linked to the specific invoice and, in such cases, the recipient must reverse the input tax credit attributable to the discount.Cash Discounts: Similar to trade discounts, cash discounts are treated the same under GST and can be deducted if provided in the invoice or in terms of a prior agreement.Ad-hoc Discounts: Post-supply discounts that are not pre-agreed upon or are provided without any formal documentation cannot be subtracted from the taxable value of the supply.The valuation of supply under GST article explains how GST will be calculated and what will be applicable on value of supply. This article explains how discounts will impact valuation of supply under GST.Valuation of supply under GST: DiscountsDiscounts given before or at the time of supply will be allowed as deduction from transaction value.

 While uploading the invoice details in GSTR-1 to the GST Portal, if the said details are processsed with errors, then the status will change to Processed with Error and the Error Report column will display a link to Generate error report. This error files are downloaded in JSON format. To make filing easier for the community of businesses and CAs, we have created a handy document with the known JSON errors faced by users, what each error means and their solutions. This article should also help you when you file future returns.Are you facing JSON errors while uploading invoices to the government portal while filing GSTR-1? While uploading your return through ClearGST, we provide you with an option to validate your invoices; through this validation, any invoice which bears any error will be summarized and presented to you in a downloadable report.Let’s understand each step in detailClick on ‘Validate data before Upload’A report will be downloaded on your computerAs you open this report, you will notice that it contains a list of all invoices which bear any error along with exact details of the errorThe invoices are segregated according to their nature of supplyAll errors are explained, along with appropriate action to be taken to rectify the error and the associated invoiceYou must rectify the error and again click on ‘Validate data before Upload’. Once the report has nil errors, you can proceed with uploading your dataIf you are facing JSON errors while uploading directly on the GST portal, read below for a complete explanation of each error and the solution to each error.Common JSON Errors in GSTR-1 Filing and Their SolutionsRead below for a detailed explanation of each error along with its respective solution:Error numberError descriptionExplanation of Errors & SolutionsRET191106Error in Json structure validationYour GSTIN mentioned in CT GST is wrongModify the GSTIN mentioned in CT GSTYour GSTIN mentioned in CT GST is rightReach out to gst-json-errors@cleartax.inRET191113The GSTIN is invalid. Please provide a valid GSTINThis is because you have mentioned an invalid GSTIN for your customer.

‘Customs Duty’ refers to the tax imposed on the goods when they are transported across the international borders. The objective behind levying customs duty is to safeguard each nation’s economy, jobs, environment, residents, etc., by regulating the movement of goods, especially prohibited and restrictive goods, in and out of any country.Every good has a predefined rate of duty that is determined based on various factors, including where such good was acquired, where such goods were made, and what these goods is made of. Also, anything that you bring into India for the first time should be declared as per the customs rules. For instance, you need to declare the items purchased in a foreign country and any gifts which you acquire outside India.Latest UpdatesUnion Budget 2025: 1st February 20251. Rationalisation of Customs Tariff and Duty Inversion: Budget 2025 proposed the further reduction of 7 tariff rates, leaving only 8 (including ‘zero’), along with a single cess/surcharge per item.

An E-Way Bill (EWB) is short for Electronic Way Bill. A person registered under GST is required to generate one if they wish to transport goods in a vehicle where the value exceeds Rs. 50,000 in a single invoice/bill or a delivery challan.  The objective of introducing EWBs is to allow a common permit for the movement of goods throughout the country.The E-Way Bill login portal is a common portal by the government for taxpayers and transporters to generate and cancel e-way bills. What is the EWay Bill login portal?ewaybillgst.gov.in is the official government portal or website to generate, manage, and cancel EWBs. This is a common web portal to be used across India by all taxpayers and transporters who want to generate EWBs. Previously, the portal functioned on ewaybill.nic.in. The GST Council then instructed to re-direct the same on a new platform ewaybillgst.gov.in.

GST is the biggest tax reform in India and founded on the notion of “one nation, one market, one tax”, dismantling all inter-state barriers with respect to trade. The GST rollout, with a single stroke, converted India into a unified market of 1.4 billion citizens. The rollout renewed hopes of India’s fiscal reform programme regaining momentum and widening the economy. The idea behind implementing GST across the country in 28 states and 8 Union Territories is that it would offer a win-win situation for everyone. Manufacturers and traders would benefit from fewer tax filings, transparent rules, a seamless flow of tax credits, and easier bookkeeping. Consumers would be paying less for goods and services, and the government would generate more revenue as revenue leakages would be plugged. Ground realities, as we all know, vary.

It is not possible to revise GSTR-3B  once it is filed.However, the Government has allowed 'Reset GSTR 3B' through which the status of 'Submitted' will be changed to 'Yet to be Filed', and all the details filled in the return will be available for editing. All the entries posted in the Electronic Liability Register will be deleted, and the ITC of this return integrated with the Electronic Credit Ledger will be reversed. This option can be availed only once.Let’s see how it is to be done:Steps to Revise GSTR-3BStep 1: Log in to the GST portal and go to the RETURN DASHBOARDStep 2: Select the year and the month for which you want to reset GSTR-3BStep 3: Click on Prepare OnlineStep 4: Since you have already submitted the return, the option to 'Reset GSTR 3B' will be activatedStep 5: Click on ‘Reset GSTR 3B’Step 6: Click on ‘Yes’ and ‘OKNow that you have reset the return and status changed to ‘Yet to be filed’ make changes to return and submit again. Note: Details provided in the return will not be changed only status changes.Features Of Reset GSTR-3B OptionThis option to correct /alter data can be used only before filing the GSTR-3B. Hence, once filed, GSTR-3B cannot be revised.The details provided in the return will not be changed; only the status will be changed.Remember, you can reset the return only once.Other options / checksYou may click 'PREVIEW' to view the entire form before submitting the return.After reviewing, if you find errors or need to make changes, you can go to the tiles and edit the figures.On clicking 'INITIATE FILING', a tax summary screen pops up.

A major concern for businesses registered under GST is to make sure they don’t lose out on the tax benefits and input credits of the old regime. These taxes may have been paid while purchasing, inputs, raw materials, semi-finished goods, finished goods, or on materials sent to job worker. For most businesses these taxes are available as input credit on 30th June 2017. And moving these to GST regime is important to take benefit of them.The CBIC has released transition rules and formats and with the help of these, businesses can move credit of old regime to GST.Latest Updates1st October 2022The GST portal re-opened the facility to file or revise earlier filed TRAN 1/ 2 following the Supreme Court’s directive. The window to file these forms will be available from 1st October 2022 to 30th November 2022.

The Hon’ble Union Finance Minister had announced several relief measures to cater to the taxpayers affected by the countrywide lockdown in this pandemic situation. The Central Board of Indirect Taxes and Customs (CBIC) has also issued a set of notifications regarding the due date extensions, e-way bills and provisional ITC.Even after all these announcements and notifications, taxpayers faced a few challenges. To provide more understanding, the CBIC has issued detailed circulars about GST compliance relief measures and clarifications.This article covers the relief measures and clarifications issued via:Circular No: 141/11/2020 dated 24 June 2020The clarifications given in this circular pertain to CGST notifications 51/2020 and 52/2020, as follows:Staggered Interest calculation for Taxpayers with an aggregate turnover of more than Rs 5 croreThe large taxpayers filing GSTR-3B for tax periods- February, March and April 2020 could make tax payments before 4th April, 5th May and 4th June 2020 respectively without interest.However, if they still missed these dates but paid tax dues and filed these GSTR-3B returns on or before 24th June 2020, then interest will not be charged up to 4th April, 5th May and 4th June 2020 (i.e first fifteen days from original due date of respective GSTR-3B). Thereafter, interest will be calculated at a total of 9% p.a. up to the actual date of payment and filing.However, if they still miss 24th June 2020 extended deadline to pay tax and file GSTR-3B, then the interest at 18% p.a.

Goods and service tax or GST will be one tax to subsume all taxes. It will bring in “One nation one tax” regime.  Being a completely new form of indirect taxation there are many questions in the minds of the organizations. One of the most important questions is what is valuation of supply under GST? What will be included in the value of taxable supply on which GST is calculated?Earlier regime In the earlier regime, taxes are calculated on the value of goods/services:TaxValue of goods/servicesExciseTransaction value of goods or MRPVATSale ValueService taxTaxable value of service renderedValuation of supply under GST Currently, GST will be charged on the ‘transaction value’. Transaction value is the price actually paid(or payable) for the supply of goods/services between un-related parties (i.e., price is the sole consideration) The value of supply under GST shall include:Any taxes, duties, cess, fees, and charges levied under any act, except GST. GST Compensation Cess will be excluded if charged separately by the supplier.Any amount that the supplier is liable to pay which has been incurred by the recipient and is not included in the price.The value will include all incidental expenses in relation to sale such as packing, commission etc.Subsidies linked to supply, except Government subsidies will be included.Interest/late fee/penalty for delayed payment of consideration will be included.ExampleLet us consider an example of ABC, a manufacturer, selling tools and hardware like drills, polishers, spades etc.