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RETURNS UNDER GST

gst return

GST RETURNS Types of Returns A Regular person needs to file 3 returns /statements in a month (GSTR-1 for sales,GSTR-2 for purchases, & GSTR-3 for calculation of output taxand payment) An Input Service Distributor (ISD) needs to file monthly details of credit distributed in GSTR­6 by 13th of next month. A composition dealer needs to file quarterly return in GSTR­4, …

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GST (Goods & Services Tax) : Objectives,Details & Benefits

GST DETAILS,OBJECTIVES AND BENEFITS

 What do you mean by GST? ‘G’ – Goods ‘S’ – Services ‘T’ – Tax “Goods and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level under which no distinction is made between goods and services for levying of tax. It will mostly substitute all indirect taxes levied on goods and services by the Central and State …

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INPUT TAX CREDIT MECHANISM UNDER GST

input tax credit under gst

GST INPUT TAX CREDIT MECHANISM Input Tax Credit (ITC) means credit of tax already paid on purchases that can be adjusted against tax collected on sales. The balance (if any) is required to be paid to government. First Check whether the credit falls under Eligible credit or Blocked credits. Next check the conditions to be fulfilled to claim the credit & time available to …

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RCM or REVERSE CHARGE MECHANISM UNDER GST

gst reverse charge mechanism

GST REVERSE CHARGE MECHANISM Cases where liability to pay tax to the government is on Supply Receiver and not Supplier RCM – I Section 9(3) � A LIST of Goods/Services has been notified by the Government. � If the transaction falls in this list,applicability of RCM arises (no matter the services are received from a registered or unregistered person) RCM – …

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TAX PAYMENTS UNDER GST

gst tax payments

PAYMENT OF TAX UNDER GST HOW FREQUENTLY TO PAY TAX? PERSON TIME LIMIT Every Registered Person Not later than the last date on which he is required to furnish Return i.e., within 20th of the Succeeding month Composite Dealer Not later than the last date on which he is required to furnish Return i.e., within 18th of the month succeeding …

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ACCOUNTING UNDER GST

 ACCOUNTING PROCEDURE UNDER GST What Ledgers you should Maintain under GST  INPUT TAX � Input CGST A/c. (Local sales) � Input SGST A/c. (Local sales) � Input IGST A/c. (Inter-State sales) � Input  Cess A/c. (If applicable) Moreover these ledgers are to be maintained REGISTRATION NO wise. Finally match your ledgers with ELECTRONIC CREDIT LEDGER as per portal.  OUTPUT TAX …

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Invoicing under GST

gst invoicing

Invoicing Under GST (Supply of Goods and Services) First and foremost, Invoicing forms a crucial function when it comes to the execution of a transaction. In the final analysis,the invoice becomes a basic document for recording the sale/purchase in books of accounts. Equally important ,the government has notified rules of invoicing under GST along with a template of invoice(GST INV-01) covering the elements …

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Registrations under GST

GST REGISTRATION

Procedure for Registrations under GST GST APPLICABILITY The effect of the new tax regime will be proportional to the size of the entity but ultimately it will be the end user who will bear the brunt of higher tax rate or get the benefits of lower taxes. Furthermore,GST is state specific. WHEN SHOULD YOU TAKE REGISTRATION  When aggregate turnover in …

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GST RATES ON GOODS AND SERVICES

GST TAX RATES

 GST Rates  Effect Of GST Rates  The effect of the new tax regime will be proportional to the size of the entity but ultimately it will be the end user who will bear the brunt of higher tax rate or get the benefits of lower taxes. For example, most of the services, for which we pay 15 per cent service …

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GST – Basic Concepts

GST

GST – Basic Concepts Understanding the Basic Concepts of GST GST applicable from 1st July 2017 Introduction Basic concept: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid …

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