Debit note: How & when to issue under GST
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 […]
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 […]
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. […]
Applicability of TCS under GST & it’s impact on E-commerce
Applicability of TCS under GST & it’s impact on E-commerce The deferred TCS provisions has now become applicable w.e.f. 01st October 2018 and we aim to discuss how is it going to impact the E-commerce sector, what would they need to do as E-commerce operator and seller registered on E-commerce platforms. TCS under GST refers to […]
How to cancel the GST Number
Introduction GST Registration can be cancelled by any person who is no longer required to file GST Return if either his annual turnover is below the exemption limit or the taxpayer is no longer liable to be a registered person or any other reason explained below. One must settle all the GST liability before they […]
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 […]
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 […]
GST on import of goods and services
Imports under GST GST has subsumed the major indirect taxes, however, import duty such as Basic Customs duty, Education Cess, Anti-dumping duty, Safeguard duty, etc. will continue. The additional duties of Customs i.e. the Countervailing Duty (CVD) and Special Additional Duty of Customs (SAD), would be replaced with the levy of Integrated Goods and Services […]
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 […]
Can we do multiple GST registration on a PAN card?
A taxable person supplying goods or services from different states is mandated to take different GST registration for each state (which would be based on a single PAN). Also, a person who has different verticals of business within the same state can choose to have different GSTIN for each vertical (and these would again be based […]