Input Tax Credit under GST
Meaning of Input Tax Credit under GST Input Tax Credit under GST is a credit which is available to supplier to set off the tax he has paid on purchase of goods from output tax on sale of such goods. Hence, the tax [...]
Relaxation under GST Return filing
Introduction GST Council has decided to implement GST from 1st July. Finance Minister Arjun Jaitley announced that there will be a special launch of GST at New Delhi on the midnight of 30th June. Now it’s certain that GST roll out date won’t be postponed from 1st July 2017 but necessary relaxation in return filing rules will be given. The objective [...]
Composition Scheme under GST
Goods and Services Tax (GST) is set to bring a new regime of business compliance in India. Now-a-days, large organizations have resources as well as the expertise in order to address these requirements. On the other side, many Start-ups and Small and Medium Enterprises [...]
Tax rates under GST
It's only less than a month left until Goods and Service Tax (GST) sees the light of the day. India's biggest tax overhaul crossed its final hurdle last week when GST Council agreed tax rate for gold and silver jewellery at 3%. Here is a summary of the GST tax rate and their impact on Indian Consumers. List of [...]
GSTR 3: Return Formats, Filing Process, Due Dates
What is GSTR 3? We have already discussed various heads under GSTR 1 and GSTR 2. GSTR 1 requires the taxpayer to furnish details of outward supplies or sales. GSTR 2 requires furnishing details of inward supplies or purchases. Here we will discuss various heads and their [...]
Thresholds and Eligibility criteria under GST
Introduction The thresholds and eligibility criteria are generally laid on the basis of aggregate turnover of an assessee. Under GST law, it provides certain exemptions from paying tax, applying for registration, eligibility criteria to avail composition scheme, applicability of TDS provisions and requirement of mentioning the HSN/ SAC codes, all of which is based on the aggregate turnover. [...]