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 »
Annual Turnover If you are a small wholesaler with an Annual Turnover of less than INR 20 lakhs, you are not required to register for GST. However, if you sell goods across state lines, then GST registration is mandatory, regardless of your turnover. For more information visit this site: https://www.mca.gov.in As for filing returns,… Read More »
Supporting documents Supporting Documents, To register a trade name for GST (Goods and Services Tax) registration of a proprietorship in India, the following documents are generally required 1.PAN (Permanent Account Number) card of the proprietor: PAN card is a mandatory requirement for GST registration. It serves as an identity proof for the proprietor. 2.… 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 »
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 Services GST compliance services refer to the proficient assistance provided by tax consultants, accountants, or specialized firms, aimed at aiding businesses in fulfilling their GST compliance obligations. These services are design to ensure that companies effectively meet all the necessary requirements associated with GST compliance services. These services are designed to help businesses… 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 »