Under the GST regime, exports of both goods and services are not taxed. You may request a refund of input tax credits (ITC) for inputs/input services used in exporting goods or services, subject to satisfying the requirements. What is the GST exemption limit for export of services? GST tr...
Upon reaching the out-of-pocket limit for that year, you no longer have to pay for both coinsurance and copayment. The insurance provider would have to shoulder the full cost of the healthcare services availed for the remainder of the calendar year. The Other Kind of Coinsurance Althoug...
What are the costs involved in availing GST appeal services? Who can file an appeal to the Appellate Authority? List of instances where you can file a GST Appeal. What is the prescribed time limit for filing an appeal? What is the solution if you are not satisfied with First Appell...
Under GST, the Central (CGST) and state government (SGST) share the authority to levy and collect taxes on goods and services. In the case of Inter-state transactions, Integrated GST (IGST) is applicable. Essential Features of GST Multiple Tax Levels: India’s GST system has multiple tax ...
Mandatory GST Registration for Specific Businesses Irrespective of the threshold limit GST registration is mandatory for the following: Individuals engaging in interstate taxable supply (with a threshold of ₹20 lakhs/₹10 lakhs applicable for interstate supply of taxable services, specified handicraft...
This system will only be applicable to those whose turnover threshold is above the determined limit i.e. the government will set a threshold limit for them. An official said that the businesses that will fall under a certain threshold will be given a unique number whenever an e-invoice will...
Also, the GSTN first announced and then postponed the 7-day invoice generation limit rule. However, you can read: How 7-day e-invoice generation limit will Impact Your GST Compliance. Apart from that, the 50th GST Council Meeting is most likely to be held in June. You can click the ...
Step 3:Choose the refund period and indicate if it’s a nil refund. For nil refunds, checkmark the declaration and file using DSC or EVC. Note:This step is not applicable for certain refund types like excess cash balance, change in supply type, assessments, appeals, or other orders. ...
GST payment refers to the tax businesses and individuals are required to pay to the government under the Goods and Services Tax regime. This payment is calculated based on the applicable rates for the goods or services provided, after subtracting Input Tax Credit (ITC). Businesses collect GST fr...
b. HSN/SAC Codes: • Harmonized System Nomenclature (HSN) is applicable for goods whereas Service Accounting Codes (SAC) are applicable for services. These codes are meant to reduce the chances of misinterpretation and helps in assigning correct tax rates to products and services. These HSN ...