What is a debit note? When a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has supplied such goods or services or… Continue reading
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Credit note: How & when to issue under GST
What is a Credit note? Where a tax invoice has been issued for supply of any goods or services and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services… Continue reading
Ineligible Input tax credit under GST
Ineligible Input tax credit under GST Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available…. Continue reading
Applicability of TDS under GST
Introduction You might be aware of the concept of TDS & TCS in the Income tax Act. Similar concepts were introduced in GST, though these were deferred to a later date. Recently, government has notified that the provisions relating to TDS under GST would become applicable w.e.f. 01st October 2018. So, the laws around these concepts… Continue reading
How to Become an online seller on Amazon and Flipkart
Introduction Online business is a business or commercial transaction that includes sharing information across the internet. With the growing use of internet and online marketing, businessmen find it convenient to grow their business over internet and attract a large number of consumers. A successful online business requires correct blend of true marketing facts, creative and… Continue reading
Input credit under GST
Input credit under GST What is Input credit In simple words taking input, credit means taking credit of GST paid on various purchases A registered person is entitled to take credit of GST charged on the purchase of goods or services which are used or intended to be used in the course or furtherance of his business… Continue reading
Key things to keep in mind with respect to accounting under GST
Key things to keep in mind with respect to accounting under GST With every change in tax laws, there must be certain points that must consider while preparing the accounts or keeping our books and records. So, we are trying to highlight a few key areas & procedures one should know and must keep in… Continue reading
Determination of Place of Supply of Goods under GST
Determination of Place of Supply of Goods under GST Before we discuss about the provisions for determining place of supply of goods, we should be aware of the following terms: Goods: Goods means any kind of movable property other than money or securities, includes actionable claim (like insurance claim, pending litigations, lottery, betting and gambling),… Continue reading
Procedure to claim refund on export under GST
A proper refund mechanism is necessary for effective tax administration, as trade is facilitated via the release of blocked finances for modernization, expansion and working capital requirements of a business. Here we are discussing about how to apply for refund for export in GST, we first need to understand the “Meaning & taxability of export… Continue reading