Know documents required for GST Registration
Goods and services tax Registration is to be obtained in case aggregate annual turnover of business exceeds Rs. 40 lacs (Rs. 10 lacs for North-Eastern and Hill states) and in …
GST
Key Changes in GST That are Effective from January, 2021
From new year, 2022 there are a host of key changes in GST which are applicable from 01.01.2022. These changes include the goods and services tax rate changes on footwear, …
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Know Types of Composition Levy Scheme Forms
Composition Levy Scheme is an optional scheme available only to the small taxpayers. Under this scheme, the taxpayer has to pay an amount equal to fixed percentage of his annual …
GST on Director’s Remuneration on RCM basis
As per the GST laws, if the services are provided by an employer to its employees in accordance with the employment agreement, then it is neither considered as supply of goods nor as supply of services. Therefore, GST will not be applicable in such cases. On the other hand, if the services are not classified as employer employee relationship, then GST will be applicable. This is in accordance with the CBIC’s circular on applicability of GST on director’s remuneration vide CGST circular no. 140/2020 dated 10th June, 2020.
Know About Debit Note Under GST
Debit note under GST is a business/formal document used by the seller to remind the buyer of his current debt obligations, or a document produced by a buyer when returning …
Know about credit note under GST
Credit Note under GST is issued by the supplier after it has issued the invoice to the buyer. It is applicable under certain circumstances only. Credit Note Credit Note under …
Key Highlights of 45th GST council meeting
The first in-person meeting of the GST Council, after the pandemic era of COVID was held on 17th September, 2021 at Lucknow. It was the 45th GST Council Meeting and was …
GST Compliances for August, 2021
Compliances play an essential role for taxpayers as well as government. These compliances keeps the checks and balances for each GST registered taxpayer. The GST compliances for month of August, 2021 are as follows:
Quarterly Return Monthly Payment Scheme under GST
In order to provide relief to small scale businesses of GST registered taxpayers, the Central Board of Indirect Taxes and Customs has published Quarterly Monthly Payment (QRMP) Scheme. It can be availed by taxpayers having an aggregate turnover of up to Rs. 5 crores.
GST Compliance Calendar: July, 2021
Time & again various extensions have been provided to taxpayers to comply with filing of returns. GST Compliance for July, 2021 is as follows: