GST - Goods and Services Tax

Tax Invoice is a crucial document given by the supplier of goods or services to the recipient with details of the transaction for recording different components in the books of accounts. GST law requires every supplier of taxable goods to issue a tax invoice before or at the time of removal of the goods where the supply involves the movement of goods or before or at the time … [Read more...] about Tax invoice – Invoicing under GST Law

Every tax payer under GST law is required to self-assess the tax payable by him or for the business and furnish periodical return with the government stating all the details. After filing the return, department will carry on compliance verification. During compliance verification, if the department requires then they may call for additional record based on which tax paid has … [Read more...] about Accounts and Records to be maintained by Registered person under GST Law

The purpose of audit under GST law is to assess the compliance with the provisions of GST and to verify the correctness of turnover declared, tax paid, input tax credit availed and refund claimed. Audit is a process of examining records, returns and other relevant documents maintained by the registered person to know how far compliance under GST Law has been carried out by … [Read more...] about Audit under Goods and Services Tax Law – GST

Goods and services tax or GST has been introduced as one nation one tax to subsume different taxes that were charged earlier by central and state governments. To get started, a taxable person has to first register under the GST law. However, there can be cases where registration taken by the taxable person require cancellation. In this article, we will discuss circumstances … [Read more...] about Cancellation of GST Registration – Provisions and Procedure

The main reason of bringing GST law into India is to reduce the cascading tax effect. As per the present law, at each stage of the entire supply chain, registered taxable persons are eligible to take input tax credit. Input tax means the taxes that have been paid while buying raw material or services. Similarly, the tax collected on the sale of the product or services is … [Read more...] about What is Input tax credit under GST – Explained with examples

With effect from 1st July 2017, Goods and Service Tax (GST) has been introduced in India to combine nine existing indirect taxes into one. In this article, we will be discussing when and who is required to get GST registration in India. We recommend you to read our article aggregate turnover calculation under GST before getting into this article. Registration can be … [Read more...] about Who is Liable to get Registered under GST

Not all suppliers in India are required to get GST registration. If you fulfill certain conditions then only registration under GST law is mandatory. After taking GST registration, you are required to file your return every month irrespective of your turnover. For this reason, before getting registration under GST law, we suggest you know exactly when to register under GST law … [Read more...] about How to get GST Registration in India – A Step-By-Step guide

The meaning of intra-state supply and inter-state supply is important in GST law to know the tax implication. As per the present GST law, states only have the power to regulate intra-state supply, not inter-state supply of goods and/or services. Before getting into the tax implication under GST law, you should first understand the difference between intra-state supply and … [Read more...] about Intra-state supply Vs inter-state supply under GST Law

In this article, we will discuss the meaning of aggregate turnover as per GST law. Before getting into the definition and things that are included in it or excluded out of it, let us discuss why aggregate turnover is so important under GST law. As per the GST law, if a person is liable to get registered, then such taxable person should obtain registration in every State from … [Read more...] about How to calculate aggregate turnover for GST registration

Business units taking registration under GST law, will be provided a unique identification number known as Goods and Services Tax Identification Number or GSTIN. Its also referred as GST number. This number consists of 15 unique alpha numeric digits issued by the government in response to the application filed by the person. Out of the 15 unique alpha numeric number of GSTIN, … [Read more...] about What is GSTIN-Goods and Services Tax Identification Number