Although the implementation of GST (Goods and Service Tax) in India was a significant change from the prevailing tax regime. However, it was a back-breaking task for the start-ups or SMEs to comply with its provisions. Therefore, to lower down the stress of these sectors government decided to introduce the Composition Scheme under GST Act. […]
Goods and Service Tax or GST Act is one of the significant reforms in the Indian Financial Sector. However, the feature that became the talk of the town was the mechanism of Input Tax Credit (ITC). ITC means a person while paying tax on sales can reduce the tax already paid at the time of […]
Indian Taxation System has consistently evolved ever since Goods and Service Tax rolled out in India. Due to the peculiar nature of GST, its applicability is still obscure to many new-age businesses. Amidst several other contemporary career fields, the Bloggers and YouTubers have made a prominent mark. The biggest speculation in this profession is how […]
The GST Council has approved an introduction of ‘E-invoicing’ or ‘electronic invoicing’ on September 29, 2019, for reporting business to business (B2B) transactions to the GST system. The new system will get implemented on January 1, 2020. Earlier, no standard prototype existed for e-invoice in India; however, the New GST return has set a standard […]
Whether you are a manufacturer, distributor, service provider or any other, you need to file GST returns within the stipulated time. The GST returns are filed online as per the procedure prescribed by the Government of India. In this blog, we will discuss various GST returns and their due dates. To know more about types […]
Goods & Service Tax Identification Number (GSTIN) is a unique identification number allotted to business enterprises and taxpayers when they get themselves registered under the Goods & Services Act. It’s a state-specific number consisting of 15 digits. These 15 digits are comprised of the ten digits PAN no. of the enterprise or individual, two digit […]
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 […]
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 […]
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 […]
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