GST registration is mandatory for carrying certain businesses which are dealing in goods and services in India. If the organization carries on business without GST registration, it shall amount to an offence under the GST Act and heavy penalties shall apply. GST is the single tax system in which both the seller and buyer are […]
Introduction: With the GST coming in, all the subsuming multiple taxes have been abolished, and a single tax system has been introduced. Under the GST both the seller and buyer are required to get registrations who are engaged in the business of good and services as the case may be. Without registration the input tax […]
GST has now become a considerable topic to discuss, since it has come into existence on 1st July 2017. All individuals are worried about whether they ought to apply for voluntary registration under GST or not. So the basic answer to this is that any business can opt for voluntary registration under GST i.e. Goods […]
Assessment under GST contains the following points which are to be kept in mind: The liability of the taxable registered person to be recorded The authority who will conduct the assessment Determination of tax liability Procedure to be followed Different kinds of assessment under GST: Self-assessment: The self-assessment under GST is carried on by the […]
There are two types of Audit under GST: 1- An Audit by a Taxable person – The audit will be done on the basis of the return filed, audited accounts and reconciliation statements 2- An audit by the tax authorities – General Audit to be conducted on the basis of an order issued by the […]
The GST API application shall enable the business enterprises or software vendors to integrate their software with GSTN through GST portal. This will enable the taxpayer to access the GSTR information into the ERP system and perform various functions such as reconciliation, purchase register, sales register. GST API (Application Program Interface) connectors are those connectors […]
GST is one of the faster-growing economy globally through which it is becoming a manufacturing hub. As the manufacturing activities are increasing we are witnessing expansion in foreign trade .i.e. GST on Import and Export Goods. The GST model has subsumed the Countervailing duty (CVD) and Special Additional Duty (SAD), however, the basic customs duty […]
GST or Goods and Service Tax is a Destination based Tax levied on the consumption of goods and services. It is a comprehensive and multi-stage tax that is charged on every Value Addition. Further, this Indirect Tax Regime has replaced several other indirect taxes, such as VAT (Value Added Tax), Service Tax, Central Sales Tax, […]
A sigh of relief came for a taxpayer when Finance Minister Nirmala Sitharaman announced that a responsible citizen can file Returns of Income Tax for FY 2019 beyond the deadline mentioned earlier. The new deadline is set as June 30. The deadline extended might be because of crisis created by Coronavirus. She further assured economic […]
With the advancement of smart phones and internet users around the world, e-commerce business is booming and sky rocketing at an unimaginable pace. Your E-commerce store is just a click away from everyone across the globe. However, entering into this business requires a lot of formalities to be fulfilled including the compliances, laws to adhere […]
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