The Goods and Services Tax (GST) has significantly transformed India’s indirect tax landscape since its introduction in July 2017. One of the key aspects of GST is its treatment of exports, particularly the export of services. Given the global nature of many businesses today, understanding how GST applies to export transactions is crucial. This article… Read More »
Understanding GST on Flat Purchase in India When buying a flat, understanding Goods and Services Tax (GST) is essential as it impacts the total cost of your investment. GST, introduced on July 1, 2017, under the Goods and Services Tax Act, replaced multiple indirect taxes such as VAT, service tax, and excise duty. This brought… Read More »
Goods and Services Tax (GST) Goods and Services Tax (GST): The GST is a comprehensive indirect taxation system imposed on the provision of goods and services across India. It is a destination-base tax system that aims to replace multiple indirect taxes like excise duty, service tax, VAT (Value Added Tax), and others. 1. Introduction: GST… Read More »
Understanding the Applicability of Reverse Charge Mechanism (RCM) on Law Firms Introduction The Reverse Charge Mechanism (RCM) is a concept in tax legislation where the responsibility for paying tax shifts from the supplier to the recipient of goods or services. This mechanism is commonly applied in various sectors, but its applicability can vary depending on… Read More »
GST Registration in India for less than 1 lakh monthly turnover GST Registration in India for less than 1 lakh monthly turnover: In India, Goods and Services Tax (GST) registration is a significant step for businesses, even for those with a monthly turnover of less than INR one lakh. While many small businesses may… Read More »
GST No, two firms owned by the same proprietor cannot be registered as a single GST (Goods and Services Tax) entity. Each firm considered as a separate legal entity and needs to obtain a separate GST registration. However, the same proprietor can obtain separate Goods and Services Tax registrations for each of their firms,… Read More »
Set off in GST Set off in GST refers to the process of adjusting the tax liability of a registered person by utilizing the input tax credit (ITC) available to them. Input tax credit is the credit that a registered person can claim for the GST paid on their purchases, which can set off… Read More »
Is GST Registration Required for Small Wholesalers If you’re a small wholesaler in India, one of the most pressing questions you might have is whether you need to register for Goods and Services Tax (GST) if your annual turnover is less than ₹20 lakhs. The answer depends on several factors, including your business activities… Read More »
Is the GST on international transactions No, GST is not charged on international transactions as they are considered as exports or imports. GST is only applicable on goods and services that are supplied within the country, i.e. domestic transactions. To visit https://www.gst.gov.in/ For exports, the taxes applicable in the country of import are applicable,… Read More »
GST in final accounts GST in final accounts, In the final accounts of a business, GST (Goods and Services Tax) is treat as follows: 1. Sales: The GST collected on sales is not consider as revenue, but rather a liability to be paid to the government. The total sales value should be record separately… Read More »
