GST - Goods and Services Tax

Goods and Services Tax or GST is payable on supply of goods and/or services in India. However, to charge GST, one of the most important thing to find out is the point of time when GST becomes payable. Therefore, events like issuing of invoice, receipt of payment, provision of service, receipt of services in books of account need to be analysed to know the time of supply. In … [Read more...] about Time of supply of services under GST – All you need to know

Goods and Services Tax (GST) is payable on supply of goods and/or services in India. However, to charge GST, one of the most important thing to find out is the point of time when GST becomes payable. Therefore, events like issuing of invoice, receipt of payment, provision of service, receipt of services in books of account need to be analysed to know the time of supply. In … [Read more...] about How to find out time of supply of goods under GST law

As per section 49(7) of the CGST Act, 2017, all liabilities of a taxable person shall be recorded and maintained in an electronic liability register. As per rule 85 of CGST rules, electronic liability register shall be maintained in Form GST PMT-01 for each taxable person on the common portal. If any amount is payable by such taxpayer, then it has to be debited to the … [Read more...] about Electronic liability ledger under GST – All you need to know

Electronic credit ledger is maintained in Form GST PMT-02 for each register person eligible for input tax credit on the common portal. Every input tax credit as self assessed in the return of a registered person shall be credited to the electronic credit ledger. Amount available in electronic credit ledger may be used for making payment towards output tax under this act such … [Read more...] about Electronic credit ledger under GST law – All you need to know

Every deposit made towards tax, interest, penalty, fee or any other amount by a GST registered person by internet banking or by using credit or debit cards or national electronic fund transfer or real time gross settlement or by such other mode shall be credited to the electronic cash ledger. Electronic cash ledger is maintained in form GST PMT-05 for each person liable to … [Read more...] about Electronic cash ledger under GST law – all you need to know

In GST or Goods and Services Tax regime, we have two types of supply, one is intra-state supply and the other one is inter-state supply. A taxable person after taking GST registration, require to pay following taxes in case of intra-state supply of goods and/or services; CGST – central goods and services tax, which is paid to the account of central governmentSGST – State … [Read more...] about When and How to pay goods and services tax or GST in india

In general, goods and services tax is imposed by the supplier at the time of issuing tax invoice for supply to recipients. Based on the type of supply, an advance payment can be made by the recipient on demand from the supplier. In such type of cases, question arises, whether the supplier has to charge GST on advance payment? In this article we will be answering this question. … [Read more...] about Is GST applicable on advance payment to the supplier

In our last article we have discussed most of the important requirements of e-way bill under GST law. If you are new to e-way bill, then we suggest you to read that article first before reading this post. In this article we have discussed when the transporter can consolidate e-way bill under GST. As per GST law, if multiple consignments are to be transported in one … [Read more...] about What is consolidated e-way bill under GST regime

To crack down GST non-filers and evaders, government has introduced blocking of e-way bill generation facility. In our earlier article, we have discussed about e-way bill under GST regime, validity and consolidation of the e-way bill. In this post, we are discussing blocking and unblocking of e-way bill generation facility. As per GST law, every registered person must file … [Read more...] about When e-way bill generation can be blocked and how to unblock it

In our earlier articles, we have discussed about e-way bill under GST regime, when to consolidate more than one e-way bill and the validity of it. In this article, we are discussing who has to compulsorily raise e-way bill and when it’s not applicable to you. As per rule 138(1) every registered person who causes movement of goods of consignment value exceeding 50,000 rupees … [Read more...] about When e-way bill is required to be generated under GST