Advance income, as the name suggests is said to be when the payment of income is made before its actual time. This advance income may sometimes be required by the …
Basics of GST on Advance Income Easily Explained Read More »
ITC on motor vehicle is available on GST pay under certain circumstances. In this blog, we discuss everything about ITC on vehicle. Get your GST Returns filed here! ITC on …
Understand Everything About ITC on Motor Vehicle Read More »
Input tax credit means that the taxpayer can reduce the taxes it has already paid on inputs from the taxes it has to deposit on output. In simple words, he can take the credit of the amount of tax which has been paid on procuring of inputs. By doing so, the taxpayer is avoided from paying the double taxes on a single input.
GST Invoices GST invoices are the important documents. This is so because it not only evidences the supply of goods or services but is also an essential document for the recipient …
GST Invoices Bill Easily Explained Guide By Expert Read More »
GST being a tax on the event of “supply”, every supplier needs to get registered. However, businesses having Annual Aggregate Turnover (AATO) of more than the prescribed limit as per their business in the relevant State are required to obtain GST Registration.
Composition Scheme under GST can be opted by a taxpayer whose turnover is below Rs 1.5 crore (Rs. 75 lacs for North Eastern States and Himachal Pradesh). However, for services, …
Important Facts You Must Know About GST Composition Scheme Read More »
The ITC on capital goods can be availed on the GST paid for business purposes. However, if the depreciation has been availed on GST paid while purchasing capital goods, then …
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, …
Key Changes in GST That are Effective from January, 2021 Read More »
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 …
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.