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 …
Compliance and reporting hold great significance in the world of taxation. India’s tax system dramatically changed in 2017 with the implementing the Goods and Services Tax (GST) regime. To preserve compliance and transparency, businesses must file different GST returns under this approach. GSTR-3B is one of these returns and is essential to simplifying the process …
As a business proprietor, your daily operations often necessitate the transportation of merchandise from one location to another. Nevertheless, adhering to the prevailing regulations during the transportation process is imperative. According to the Goods and Services Tax (GST) legislation, possessing an e-way billing system (e-way bill or EWB) is mandatory for the lawful conveyance of …
GST Rates in 2023 GST, or Goods and Services Tax, is one of the most vital components levied on various services and goods for every Indian consumer and business. Whenever the concerned GST council declares any revisions in the GST rates, it impacts several trade bodies, industries, end consumers, etc., differently, which also hits the …
The Goods and Services Tax (GST) is a significant tax reform implemented in India on July 1, 2017. Under this taxation system, the nation is divided into multiple GST zones, and each state or union territory falls under a specific jurisdiction. To facilitate the smooth implementation of GST, each state and union territory is assigned …
