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 »
RCM is applicable on law firm In the case of a law firm providing services to an unregistered person, the liability to pay Goods and Services Tax (GST) under Reverse Charge Mechanism (RCM) would fall on the recipient of the service, which is the unregistered person. The law firm will need to issue an invoice… 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 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 »
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 »
GST compliance GST compliance pertains to the act of conforming to the guidelines, statutes, and responsibilities established by the Goods and Services Tax (GST) framework implemented within a specific nation It involves fulfilling various legal requirements and obligations related to the registration, filing, payment, and reporting of GST. Key aspects of GST compliance include: GST… Read More »
New compliance under GST New compliance under GST, Here are some common compliances requirements under the Goods and Services Tax (GST) in India. GST Registration: Businesses whose turnover exceeds the prescribed threshold are required to register for GST. GST Returns: Registered taxpayers need to file regular GST returns based on their category and turnover.… Read More »
Claim GST Input Credit When it comes to claiming GST input credit for a mobile phone purchased in the name of your shop but used for personal purposes, there are certain factors to consider. As an individual with a shop that has a GST number and pays GST monthly. You may wonder if you… Read More »
Can one HSN code have multiple GST rates No, one cannot have multiple GST rates. Each HSN code is associated with a specific GST rates based on the type of goods or services being supplied. The GST rates are fixed by the GST Council, and each is assigned a specific rate based on the category… 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 »