Goods and Services Tax (GST) is a one of the major tax reforms introduced in India whose aim is to simplify the taxation system. With its introduction, it has replaced multiple indirect taxes and brought them under one umbrella. However, one such valuable and most demanding product that falls under the GST is air conditioners, …
GST on Air Conditioners: Meaning, Benefits, and Impact Read More »
Average Monthly Balance (AMB), also known as Account Maintenance Charges, are taken by banks from the account holders who fail to maintain a specified average balance in their accounts. Every bank sets a minimum balance requirement that account holders need to maintain. With regard to this, the introduction of GST in many nations like India …
Comprehensive Guide to AMB Charges including GST Read More »
Anyone involved in the Indian construction and manufacturing industry needs to understand the GST rates on bricks. Bricks are a crucial construction component that falls under GST. The government has also notified alterations made to the brick c. This post narrates the basics of the brick GST rate. Introducing the Basics of GST on Bricks …
An All-Encompassing Guide to Understanding the GST Rates on Bricks Read More »
The “when, where, and how much” factor plays a key role for taxpayers in understanding the total tax charged. That’s where the discussion of place, time, and value of supply under the goods and services tax comes into being. The time, place, and possible value of the transaction or supply made under GST assist taxpayers …
The introduction of the Goods and Services Tax (GST) system in India brought about a dramatic change in the taxation environment of the nation. Its objectives were to streamline the tax system, encourage transparency, and simplify the taxing procedure. The Harmonised System of Nomenclature (HSN) for commodities and the Service Accounting Code (SAC) for services …
The classification of a supply as either Intra-State GST or Inter-State Supply hinges on the respective locations of the supplier and the recipient. To ascertain the applicable tax regime, it is crucial to determine the nature of the supply. This determination guides whether integrated tax or a combination of Central and State taxes should be …
Difference Between GST Interstate and Intrastate Supply Read More »
The composition scheme is an easy and simple scheme functioning under the Goods and Service Tax for all taxpayers. With the help of this scheme, small taxpayers can avoid undergoing the complicated GST formalities. Instead, they can pay their GST at their turnover’s fixed rate. Taxpayers can opt for their scheme if their business has …
Every GST-registered individual or business entity whose annual turnover exceeds a limit of Rs. 5 crore should learn about GSTR 9C. Now, what is GSTR 9C? Let’s get straight to the point in this post. Welcome to the all-encompassing guide that narrates the definition, meaning, formats, and other details of GSTR 9C. Introducing You to …
Everything a Taxpayer Needs to Know About GSTR 9C Read More »
For businesses in India with more than Rs. 20 lakh turnover annually, the government has made it compulsory to have the GSTIN. Regarded as the goods and service tax identification number, the GSTIN is the 15-digital number assigned to these businesses. The taxpayer with this number can be a business entity or a supplier. To …
GST Number: Meaning, Definition, Documents Required to File, and More Read More »
GST is a multi-dimensional system of taxation that is inclusive in nature. It is generally applicable when goods and services need to be sold under any category of business. The primary goal of this particular tax system is to limit the surge of indirect taxes. This process of registration for GST is applicable all over …
