What is GSTR 1? GSTR 1 prescribes the details to be provided by the taxpayer in relation to outward supplies made to the buyer for the relevant period. GSTR 1 needs to be filed by every taxpayer except Composition Scheme taxpayers, Non-Resident Foreign taxpayers, TDS deductors, E-commerce Operators and Input Service Distributors as there are separate returns for [...]
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 [...]
Introduction GST registration process is an important function to become a part of GST. This article would help the readers to solve their queries related to the GST registration process. GST registration process will be online through a portal maintained by GSTN (Goods and [...]
This article is all about the exemptions under GST registration mentioned by the Government of India. GST registrations will start latest by 1st July 2017. There are some people who are exempted from the GST Registration based on what is the nature of their supply. [...]
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 [...]
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 [...]
GST is to be implemented countrywide 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 [...]
Introduction Valuation of supply primarily revolves around the determination of the value of supply of goods and or services on which tax is to be levied. Valuation of supply of goods or supply of services shall be the transaction value where the supplier & [...]
What is GSTR 2? According to GST law, every registered taxable person is require to submit “Return for Inward Supplies” in GSTR 2. The entries in GSTR 2 shall be mentioned by the buyer from 12th to 15th of the succeeding month. Adjustments, if any, is allowed to the seller in GSTR 1A on the 16th and [...]
Introduction Under GST, taxpayers will not have to maintain ledgers manually. Instead GST electronic ledger will be maintained on the dashboard of the taxpayer by GSTN. In this article, we will talk about different types of GST electronic ledger such as Cash ledger, Input [...]
