RCM in GST The RCM stands for Reverse Charge Mechanism in GST. The Reverse Charge Mechanism is a concept under GST wherein the recipient of goods or services is liable to pay the GST instead of the supplier. To put it differently, the Reverse Charge Mechanism necessitates that the individual receiving goods or services obliged… Read More »
Applicable GST GST extra as applicable” indicates that the price mentioned for a product or service does not include the Goods and Services Tax imposed by the government. The GST amount will add separately to the quoted price, and the final price will include in it. So the GST amount will add to the quoted… Read More »
Accrued expense definition Accrued expense definition, Accrued expense and outstanding expense are both terms relate to expenses that are incur but not yet paid. However, there is a difference between the two terms: Accrued expense An accrued expense is an expense that has been generate but not yet paid, and has not been record in… Read More »
Are Company registration and GST registration the same No, Company registration and GST (Goods and Services Tax) registration are not the same. While both registrations are important for doing business in India, they are distinct and serve different purposes. To visit: https://www.mca.gov.in Company registration refers to the procedure of establishing a company in accordance with… Read More »
Definition of GST invoice Definition of GST invoice, A GST invoice is a crucial document issued by a supplier to the buyer, containing all the necessary details of the transaction in accordance with the Goods and Services Tax (GST) Act in India. It serves as proof of the supply of goods or services and… Read More »
NOC vs. Rental Agreement in GST Registration Form When registering for GST (Goods and Services Tax) in India, one of the requirements is to provide proof of the principal place of business. This can be done using various documents, including a No Objection Certificate (NOC) or a Rental Agreement. Here’s a detailed explanation of how… Read More »
Understanding “Assigned to the Center” and “Assigned to State” in GST REG-01 Registration When registering for the Goods and Services Tax (GST) in India using the GST REG-01 form, applicants encounter various fields that need to be meticulously filled out to ensure accurate registration. Among these, two fields often create confusion: “Assigned to the Center”… Read More »
GST registration eligibility In India GST registration eligibility depends on businesses and individuals engaged in the supply of goods or services require to register for GST if their annual turnover exceeds Rs. 20 lakhs and Rs. 10 lakhs for businesses in some special category states). For more information to Visit https://www.gst.gov.in/ Some categories of businesses,… Read More »
Temporary GST number In India, there is no provision for obtaining a temporary GST number. A business must first apply for a regular GST registration number by submitting the required documents and completing the registration process. Once the registration is complete, the business will receive a permanent GST identification number (GSTIN), which can be used… Read More »
Clarification for the GST new registration After filing an application for Clarification for a new GST registration in India, the time taken to receive a response can vary depending on various factors such as the workload of the registration authority and the complexity of the application. To Visit https://www.gst.gov.in/ However, according to the GST Act,… Read More »