Reverse Charge Mechanism in GST is yet another name for RCM. RCM is a GST method that shifts tax responsibility from the supplier of the goods and services to the people who actually receive them. The tax burden in the case of the Reverse Charge Mechanism under GST is unlikely to happen under the GST …
Are you a business owner in India eager to understand credit notes, especially in the context of GST? This blog will provide you with a clear understanding of credit notes, their significance, and their role within the GST framework. What is a Credit Note? A credit note is a commercial document used in financial transactions …
Curious about Input Credit under GST? If you’re a business owner or taxpayer in India, you might have come across this term, “GST input tax credit.” In this guide, we’ll break down GST input tax credit, why it’s essential, and how it can work wonders for your business. Understanding GST Input Tax Credit Input Tax …
What is Input Credit under GST & How to claim it? Read More »
It is normal throughout business operations for a GST invoice to issue an incorrect invoice or a few invoices needing modification or revision. They must correct these invoices in these circumstances and report them in the monthly returns. This process refers to the revision of invoices. One can correct tax invoices in several ways, resulting …
The Legal Metrology Act of 2009 regulates the maximum retail price or MRP. MRP, or manufacturer-recommended price, is the most expensive price that may be charged for a product. The store has no right to charge the client more than MRP. The proportion of taxes for many items has changed significantly since the introduction of …
The implementation of the goods and services tax system resulted in significant changes to the Indian tax structure. It has fundamentally altered how authorities calculate and collect taxes. The adoption of the advance charge mechanism is a crucial component of the GST system. It makes the provider accountable for tax payments and collections. In this …
Ensuring your GST registration details are up to date is a crucial part of managing your business. It helps maintain accurate information in accordance with GST regulations. In this article, we’ll provide a detailed step-by-step explanation of how to change the address in a GST certificate. By following these instructions, you can be confident that …
How to Change GST Registration Details of a Business Read More »
In terms of taxation, two terms often cause confusion for businesses and individuals: GSTR 9 and GSTR 9C. These are forms used in the Goods and Services Tax (GST) system in India, and they play different roles. GSTR-9 is an annual return that taxpayers need to file, while GSTR-9C is a reconciliation statement. On the …
When it comes to the Indian Goods and Services Tax (GST), there’s a crucial concept called “Input Tax Credit” (ITC). Think of it as a tool that businesses use to match the taxes they pay when they purchase things with the taxes they collect from their customers. It’s like a balancing act for taxes. However, …
Availing Input Tax Credit (ITC) in GST as per Section 16(2)(aa) Read More »
GST has been a groundbreaker in India’s economy. It clarified the tax system and encouraged collaboration between the central government and the states. Leading this significant transformation is the GST Council, a constitutional body that wields considerable influence over everything related to GST. Comprising representatives from both the central and state governments, this council plays …
GST Council: Functions,Constitution, and Decision-Making Read More »
