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 »
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 »
GST Compliance in India GST Compliance, In India, when we talk about GST compliance, it means abiding by the guidelines and regulations established by the Goods and Services Tax (GST) system, which has been implemented by the Government of India: Good and service Tax Registration: Businesses that meet the prescribed turnover threshold are required… Read More »
Is GST mandatory for Amazon seller Yes, GST registration is mandatory for an Amazon seller if they meet certain criteria. According to GST laws, any person or business engaged in the supply of goods or services with an annual turnover exceeding Rs. 20 lakhs (Rs. 10 lakhs for northeastern and hilly states) is required to… Read More »
Can one HSN code have multiple GST rates The Harmonized System of Nomenclature (HSN) code is a globally recognized system of classifying goods, primarily for the purpose of taxation. Introduce by the World Customs Organization (WCO) in 1988, the HSN system is use by over 200 countries, including India, to classify goods in a standardize… Read More »
Can I add a new HSN code addition after GST registration When a business registers under the Goods and Services Tax (GST) in India, it’s required to declare its goods and services using HSN (Harmonized System of Nomenclature) codes for goods and SAC (Services Accounting Codes) for services. These codes are critical for tax compliance… Read More »
Basics of GST Basics of GST, Goods and Services Tax, is a comprehensive indirect tax that was introduce in India on July 1, 2017, with the aim of simplifying the tax structure and eliminating multiple layers of taxation. Here are some key things one should know about GST: 1.GST is a destination-based tax: GST… Read More »
Introduction With the implementation of the Goods and Services Tax (GST), many consumers have been confused about whether they must still pay service charges at restaurants, hotels, and other service-oriented businesses. This article provides a step-by-step understanding of the service charge, its applicability after GST, its benefits, limitations, and frequently asked questions. Definition… Read More »
GST for Freelancers GST (Goods and Services Tax) number is not mandatory for all freelancers. Whether GST freelancers need to obtain a GST number or not depends on their specific circumstances and the nature of their work. To Visit https://www.gst.gov.in/ In general, if a freelancer’s annual turnover exceeds the threshold set by the government, which… 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 »