GST on raw material input If there is no GST on raw material input, then there will be no GST charged on the sale of the. However, if raw material use in the production of a taxable good or service. Then GST will charge on the value of the final product or service at the… Read More »
Input tax Input tax is a type of credit that a business can claim against the taxes. It has paid on the purchases made for its business operations. It considers as an asset under the GST regime because it is a recoverable tax credit and can use to offset the output tax liability, thereby reducing… 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 »
Input Tax Credit Input Tax Credit, When it comes to Goods and Services Tax (GST) under Reverse Charge Mechanism (RCM), the input tax credit (ITC) can be claim in a similar manner as you claim ITC on GST paid for regular purchases. However, it’s important to understand that not all goods and services are subject… Read More »
Which items are liable for cess in GST In GST, cess is levy on certain goods or services that are consider to be luxury or sin goods, such as cigarettes, tobacco products, pan masala, aerated drinks, and luxury cars. For more information to visit https://www.gst.gov.in/ The proceeds from the cess are mean to be use… Read More »