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 »
Ledger Balance in GST Ledger balance in GST: It refers to the balance amount available in a taxpayer’s electronic cash ledger or electronic credit ledger. The electronic cash ledger reflects the amount of cash deposited by the taxpayer and can be use to make GST payments, while the electronic credit ledger reflects the… 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 Compliant Invoice GST compliant invoice is an invoice that adheres to the requirements and guidelines established by the Goods and Services Tax (GST) system implemented in a specific country. Good and Service Tax is a value-added tax levied on the supply of goods and services, and it is design to streamline the taxation… Read More »
GST Due date Businesses usually make the payment of Goods and Services Tax (GST) when they file their GST returns. The GST due date tax payment can vary depending on the jurisdiction and the frequency of return filing. In most cases, businesses are required to pay the GST liability within a specified period after the… 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 »
GSTRegistration for individuals GSTRegistration for individuals Yes, an individual person can get registered under GST in India to sell online. Businesses with an annual turnover exceeding Rs. 40 lakhs (or Rs. 20 lakhs in special category states) are required to mandatorily register for GST. In certain instances, individuals whose annual turnover falls below the prescribed… Read More »
GST for Ecommerce Operator GST for Ecommerce operator, involves fulfilling the Goods and Services Tax (GST) requirements set by the tax authority. Here are some key aspects of GST compliance for an e-commerce operator: GST Registration: An e-commerce operator is required to obtain GST registration, irrespective of its turnover. The registration process involves providing… Read More »
Purpose of GST returns The purpose of Goods and Services Tax (GST) returns is to provide a consolidated report of a taxpayer’s business activities, including sales, purchases, tax liability, and input tax credit claims. So, GST returns are filed by registered taxpayers with the GST authorities on a regular basis, as per the rules and… Read More »