GST migration is considered as a process for insurance of the provisional GSTIN for existing and registered taxpayers under the Central Excise or Service Tax to enable the smooth transition to GST based on the implementation of the GST on 1/7/2017. Normally, the taxpayers who are registered under the VAT or excise or Service Tax […]
Before we proceed with Invoicing of GST, it’s highly crucial to understand a few terms such as invoice, types of GST invoice, bill of supply, etc. So, let’s first start with the definition of the Invoice. What is Invoice? The term invoice can be termed as a commercial document which is issued by the seller or […]
Generally, the concept of Reverse charge mechanism under the GST regime can be considered as complicated one. Apart from that there also exists a misconception about the GST reverse charge mechanism among the taxpayers. There have been questions and queries regarding the mechanism of reverse charge under GST. The article is a critical analysis of […]
In order to gather knowledge on GST registration process step by step, we suggest you to read the entire article thoroughly so that you don’t miss any vital part essential for the process. On 1st July 2017, India got a historic reform in the tax system with the introduction of GST. The law came into […]
Recently, GST portal has updated itself, and therefore, we are again here with a new update. In this piece of article, we will acquaint you with the updates on new functionalities on GST portal. The primary objective of making changes on the GST portal and introducing new functions is to make the website user-friendly. Furthermore, […]
In the 33rd GST council meeting, the Union Finance Minister, Arun Jaitley said-“The GST rates on Under-Construction housing would be 5% without ITC. We have accepted this recommendation of the GOM. At the same time, the GOM recommended that the GST on Affordable Housing should be 3%. However, if we want to encourage the Affordable […]
Finally, the real estate sectors are expected to get a sigh of relief on the GST rates. A meeting, regarding the rationalization of GST rates on real estates, which was expected to be held on Wednesday has been postponed to tomorrow .i.e. on 24th February 2019. The GST (Goods and Services Tax) Council may announce […]
The concept of GST has no doubt has many advantages, however apart from that there are also some disadvantages and demerits of the same. Let’s discuss some of the Demerits and Disadvantages of GST which must be considered deeply. Software in GST Registration According to the analysis, it was found that to avail the facilities […]
Understanding the significance of Goods Transport Agency (GTA) under GST is vital because GTA holds an extremely invaluable role under the Goods and Services Tax as well as for businesses. As the name suggests, GTA is related to transportation of goods and has certain conditions to be known as the same, which we have discussed […]
A bill of supply is issued by the business registered under GST. Such businesses are required to issue a tax invoice in their day-to-day business. However, there are certain instances wherein the Bill of supply is issued, although GST is not applicable to that transaction. It is also issued in cases where the Tax is […]
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