Setting off of Input Tax Credit under New Mechanism
– For IGST Output: First set off through ITC of IGST, then CGST and lastly, SGST.
– For CGST Output: First set off through ITC of CGST and then, IGST. ITC of SGST cannot be utilized.
– For SGST/UTGST Output: First set off through ITC of SGST/UTGST and then, IGST. ITC of CGST cannot be utilized.
Late fees and interest under GST are imposed if the GST Returns are not filed on or due dates. Having said this, the GST registered person are required to file …
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Under the GST laws, usually the supplier of goods or services pays the tax on supply. But under the Reverse Charge Mechanism, the receiver of the goods is liable to pay the taxes.
Textile Industry is the second largest industry after agricultural sector in India. Under GST, the apparel and clothing segment divide in various chapters. This industry is so diverse and vast, …
E-Way Bill Common Errors can be like potholes on the road to seamless goods transportation in the era of GST. These simple mistakes, if overlooked, can lead to disruptions and …
GST applicability on various entities, including individuals, businesses, as well as organizations, is crucial in navigating the tax landscape. In order to start a business, the person has to obtain …
Goods and services tax slab rates, 2023 in India continue to be levied under the five key slab rates namely – 0%, 5%, 12%, 18%, and 28%. Having said that, …
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Under GST, there are 11 types of GST Returns. The taxpayers under the GST regime have to file GST returns depending upon the type of supply of goods or services …
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Before the advent of the Goods and Services Tax regime, the indirect tax regime comprised of service tax, central excise, VAT and other related taxes. Under the old indirect tax …
HOW TO CLAIM INPUT TAX CREDIT, ELIGIBILITY & REQUIREMENTS. Read More »
Goods and Services Tax for short: GST Returns is a document that contains all the details of input (purchases), output (sales), input tax (tax paid on purchases) and output tax …