ITC
ITC stands for
Input Tax Credit
Under the specified e-commerce transactions who may is liable to pay GST?
The platform operator
Is a late fee potentially applicable when a NIL GST return is filed late?
Yes
What is the Reverse Charge Mechanism (RCM) under GST?
The buyer is liable to pay GST instead of the seller in specified cases
What annual interest rate is for excess ITC claimed?
24%
What does Input Tax Credit (ITC) refer to?
Tax paid on business purchases that can be adjusted against output tax
Which GST return is filed by an Input Service Distributor (ISD)?
GSTR-6
A taxpayer files a NIL GST return 5 days late. What is the IGST late fee?
₹100
Which ledger contains eligible Input Tax Credit?
Electronic Credit Ledger
Can ITC be used to pay GST interest and late fees?
No, these amounts must be paid in cash
What is the tax payable after ITC adjustment if output tax is ₹450 and eligible ITC is ₹300?
₹150
Which return is filed by non-resident foreign taxpayers registered under GST?
GSTR-5
GST penalty for non-payment or delayed payment?
The higher of ₹10,000 or 10% of the tax amount
What is an inverted duty structure?
Input tax rate is higher than output tax rate
What is the annual interest rate delayed GST payment?
18%
Which GST return provides summarised details of outward supplies, ITC claimed, and tax liability?
GSTR-3B
A business has an output GST liability of ₹80,000 and eligible ITC of ₹50,000. What is the remaining GST payable?
₹30,000
A taxpayer files a normal GST return 5 days late. What is the IGST late fee?
₹250
Which form is used to generate a challan for GST cash payment.
GST PMT-06
What does the electronic cash ledger record?
Money deposited by the taxpayer
formula for calculating GST payable after ITC adjustment?
Output tax − Eligible ITC
what is the daily CGST late fee for a normal GSTR-3B return?
25 per day
what is the daily IGST late fee for a normal GSTR-3B return?
50 per day
QRMP stands for
Quarterly returns with monthly payment
Which return is filed by e-commerce operators required to collect tax at source (TCS)?
GSTR-8