Conditions for claiming Input Tax Credit are to be fulfilled by all the GST (goods and services tax) registered buyers. Having said that, these buyers cannot claim Input Tax Credit …
Know the conditions for claiming Input Tax Credit under GST Read More »
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 …
Know Types of GST Returns, Filing Period & Due Dates Read More »
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 …
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 »
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 …
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 …
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:
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.