Ledger Balance in GST Ledger balance in GST: It refers to the balance amount available in a taxpayer’s electronic cash ledger or electronic credit ledger. The electronic cash ledger reflects the amount of cash deposited by the taxpayer and can be use to make GST payments, while the electronic credit ledger reflects the… Read More »
Credit Ledger Vs Cash Ledger Under GST, electronic credit ledger Vs electronic cash ledger are two different accounts that are maintained by taxpayers. Electronic credit ledger is an account in which a taxpayer’s input tax credit (ITC) is maintained. Whenever a taxpayer pays tax on inputs, the tax paid is credited to the… Read More »
Regular or Composition GST Number Determining whether a GST (Goods and Services Tax) number belongs to a regular taxpayer or a composition taxpayer in India can be done through the following steps: Visit the GST Portal: Go to the official GST website (https://www.gst.gov.in/). Search Taxpayer: On the homepage, locate the “Search Taxpayer” option in the… Read More »
GST Bill If a seller refuses to provide you with a GST bill, you can take the following legal options: 1. Request: The first step is to request the seller to provide you with a GST bills, explaining that it is a legal requirement and necessary for claiming input tax credit. If the seller… Read More »
How do I calculate the interest on GST liability The interest on GST liability is calculated at a specific rate on the amount of tax liability that is overdue or unpaid for a particular period. The interest rate is currently set at 18% per annum and is calculated on a monthly basis. To calculate the… Read More »
E-invoicing for B2B E-invoicing for B2B (business-to-business) refers to the process of electronically generating and sharing invoices between businesses. It is a system that facilitates the exchange of invoices between suppliers and buyers in a standardize digital format, allowing for more efficient and accurate invoicing processes. Under the e-invoicing system, the invoice is generate… Read More »
How will E-invoices help businesses to accurately file their GST compliance E-invoices can help businesses accurately file their GST (Goods and Services Tax) compliance in several ways: 1. Automation of invoice generation: E-invoicing systems automate the process of invoice generation, which can reduce the likelihood of errors or discrepancies in the invoice. The system… Read More »
Can I run multiple businesses on a single GST as a sole proprietor Yes, as a sole proprietor, you can run multiple businesses on a single GST registration. However, you would need to mention the details of all your businesses while applying for GST registration, including their names, addresses, and types of goods or services… Read More »
GST Compliance Requirements GST compliance requirements, To ensure GST compliance, businesses need to fulfil certain requirements and obligations. Here are some key requirements for Gst compliance requirements : GST Registration: Businesses whose turnover exceeds the specified threshold (varies by country) are required to register for GST. The registration process involves providing necessary information to… Read More »
GST Filing Compliance GST filing compliance refers to the adherence to the regulations and requirements set forth by the tax authorities for filing Goods and Services Tax (GST) returns. Here are the key aspects of GST filing compliance: Timely Filing: Businesses must file their GST returns within the prescribed due dates. The frequency of filing… Read More »
