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 »
Convert regular GST to composition Convert regular GST to composition: To convert regular GST to composition scheme in India, you need to follow the below steps: 1. Log in to the GST portal (www.gst.gov.in. (http://www.gst.gov.in/)) using your registered credentials. 2. Go to the “Services” tab and select “Registration”. 3. Click on “Application to opt for… Read More »
Input Tax Credit However, it’s important to understand that not all goods and services are subject to RCM. GST is only applicable under the Reverse Charge Mechanism (RCM) in specific situations as specified by the government. For instance, RCM applies to services provided by a goods transport agency, legal services, services provided by an… Read More »
Goods and Services Tax Yes, in India, as a service provider, you are required to pay Goods and Services Tax (GST) if your annual turnover exceeds the threshold limit of Rs. 20 lakhs (or Rs. 10 lakhs for some special category states). Even if your turnover is below the threshold limit, you have the option… Read More »
The GST rate for a hotel under composition Hotels that opt for the composition scheme under GST (Goods and Services Tax) are subject to a flat rate of 6% on their turnover. This rate is applicable to both AC and non-AC restaurants, as well as hotels and lodges with a room tariff of up to… Read More »
GST and Income Tax It follows a consumption-based model, where tax is collect at each stage of the supply chain, from the manufacturer to the end consumer. GST replaces multiple indirect taxes such as excise duty, service tax, and VAT, with the objective of establishing a unified market throughout the country… Read More »
GST invoices manually GST invoices manually, For businesses with a turnover of up to Rs. 1.5 crores in a financial year, GST invoices can be issued manually. 1.5 crores in a financial year, GST invoice can be issued manually. Here are the steps to issue a manual GST invoices: Create an invoice format that… Read More »
Is one GST registration possible for different businesses Yes, the GST Act permits businesses to operate multiple businesses, business verticals, and business branches using the same GSTIN. This concept is known as Vertical Business in GST. Under this concept, you have the flexibility to register your various businesses and business branches under a single GST… Read More »
GST charge on consultancy services Understanding GST on Consultancy Services: Slabs and Rates The Goods and Services Tax (GST) has streamlined indirect taxation in India by merging various taxes into a single, unified system. For professionals providing consultancy services, understanding how GST applies is essential for compliance and financial planning. We’ll explore what the GST… Read More »
Can a non-GST registered company issue a tax invoice A non-GST registered company is one that has not obtained GST registration, either because its turnover is below the threshold limit or it falls under the exempt category. The question of whether such a company can issue a tax invoice depends on the nature of its… Read More »
