Also, we are happy to share that if your business has crossed the e-invoicing threshold, you can start generating IRN via IRIS IRP, a GSTN Authorized Invoice Registration Portal. Now, let us look at the GST Compliance Calendar for December 2022; here is a comprehensive image of our GST ...
GST registrationis mandatory for businesses that meet the prescribed turnover threshold, regardless of whether they accept UPI payments. 6. What is the turnover threshold for mandatory GST registration in India for UPI merchants? As per current GST regulations, businesses with an annual turnover exc...
As an Australian business, one of the things you will need to decide on is whether or not to register for the goods and services tax before you reach the income threshold. Naturally, anything having to do with taxes is likely a big decision. Deciding to register for the GST is no differ...
You should issue credit note(s) to adjust the GST at the rate that was originally charged and accounted for. For example, if you had supplied goods and charged GST at 7% in 2022 and the goods were subsequently returned in 2024, you should issue credit note(s) to adjust the GST at 7%...
TCS threshold for remittances under LRS scheme increases from ₹7 lakh to ₹10 lakh. Published on:01-Apr-2025 TCS Update TDS exemption limit for senior citizens on interest income raised to ₹1 lakh! Published on:01-Apr-2025 TDS Update ...
Registration was required if the applicant was carrying on an enterprise and it met the GST turnover threshold. It was common ground that the applicant, as the trustee of a superannuation fund, is taken to have carried on an enterprise. The value of the sales exceeded the GST turnover ...
Related Read:GST Registration Limits: Threshold limit for GST Registration for 2025 Who Should Obtain Registration Under GST? Casual taxable person / Input Service Distributor (ISD) Businesses with turnover above the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may ...
aren't GST-registered. While this type of GST Portal Registration isn't a mandate, it paves the way for enhanced growth prospects and the potential for increased profitability. So, the GST registration online apply process is optional for those not meeting the mandatory registration threshold. ...
GST benefits small businesses by providing them with a threshold exemption limit, reducing compliance burden, and enabling them to compete more effectively in the market. 3. What are the advantages of GST? The advantages of GST include the simplification of the tax system, elimination of cascading...
(b) for capital goods held in stock, the input tax credit involved in the remaining useful life in months shall be computed on pro-rata basis, taking the useful life as five years……….” Generally, the lessor procures the capital Assets at WDV due to Income tax Act implication. In ...