Impact of GST on Import and Export

By | June 13th, 2017|Categories: GST, GST Impact, GST Law, GST Return Filing|

Introduction India is the fastest growing economy in the world and is just preceded to the economy of china. India has the seventh largest economy in the world. The basic tool to evaluate any country is its Balance of Payment (which includes reserves, current and capital accounts). One of the most significant factors that lead to [...]

Time of Supply: Advance Receipts under GST

By | June 10th, 2017|Categories: GST, GST Law, GST Return Filing|

Advance Receipts under GST Determination of time of supply of advance receipts under GST can create confusion as it neither involves removal of goods/ rendering of service, nor the issue of the invoice. If anyone paid advance tax before the time of supply of goods or services, will have to pay GST on it as well. Example, if [...]

What is ISD (Input Service Distributor) under GST?

By | June 9th, 2017|Categories: GST, GST Law, GST News, GST Return Filing, Videos|

Meaning “ Input service distributor (ISD) ” means an office of the supplier of goods and/or services, which receives tax invoices issued towards receipt of input services or such other document as prescribed for the purposes of distributing the credit of CGST, SGST. [...]

Procedures for Payment under GST

By | June 8th, 2017|Categories: GST, GST Law, GST Return Filing, Videos|

Introduction Now the GST will soon be launched, an essential point to note is the process of tax payment. First, it is essential to understand if the individual is qualified for GST tax or not. There are various conditions which the taxpayer can check to understand the criteria [...]

Best GST return filing software

By | June 8th, 2017|Categories: GST, GST Return Filing|

Introduction GST is to be implemented country wide from 1st July 2017 for all existing assesses of VAT, Service Tax,Excise Duty etc. It envisages the creation of a single market by removal of state boundaries for all levies and elimination of tax burden due to cascading effect (tax-on-tax) & double taxation (tax on same value more [...]

GSTR 2A: Details of supplies auto-drafted from GSTR 1

By | June 6th, 2017|Categories: GST Law, GST Return Filing|

GSTR 2A GSTR 2A is an auto-generated data based on the sales uploaded by your supplier on the basis of GSTR 1. The government has notified new GST Return formats and has removed the mandatory requirement to quote HSN codes for goods and SAC codes for services in each table. The GST Return Formats have been updated [...]

GSTR 1A: Details of auto drafted supplies from GSTR 2

By | June 6th, 2017|Categories: GST Law, GST Return Filing|

GSTR 1A Under to GST, every registered taxable person has to submit “Details of auto drafted supplies of goods and services” in GSTR 1A form. Government has designed new GST Return formats. Under this new format,mandatory requirement to quote HSN codes for goods and SAC codes for services in each table is removed. Improvement in new forms [...]

What is CGST (Central Goods and Services Tax)?

By | June 14th, 2016|Categories: GST, GST Impact, GST Law, GST News, GST Return Filing|

Meaning of CGST On this blog we have already talked about GST - Introduction and Working and this article is based on Central Goods and Services Tax, which is one of the 3 categories under Goods and Services Tax (CGST, IGST and SGST) with a concept of one nation one tax. It falls under the Central Goods and Services Tax Act, 2017. It [...]