Since e-invoicing is made applicable for Rs. 20 Cr. companies from April 1, 2022, you can have a look at these articles and find some valuable insights for your business. Why small businesses should look forward to E-invoicing? Practical challenges at different stages in e-invoicing Received...
Since e-invoicing is made applicable for Rs. 20 Cr. companies from April 1, 2022, you can have a look at these articles and find some valuable insights for your business. Why small businesses should look forward to E-invoicing? Practical challenges at different stages in e-invoicing Received...
Is GST applicable for export of services? 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 exem...
Things to note on the GST rate change from 8% to 9% on 1 Jan 2024 When you are required to charge GST at a rate of 9% on supplies made on or after 1 Jan 2024, it is important to include this 9% GST in your GST return, regardless of whether you have already received the payme...
The Composition Scheme can reduce taxes for businesses with a turnover of less than Rs. 1.5 crore (Rs. 75 lakhs for specific states). This option has achieved a significant reduction in the applicable tax rate and a considerable reduction in compliance burdens. In weighing the advantages and ...
Case 2: If the vendor is a non-registered person under GST. If the vendor is not a registered person and supplies any goods or services on which GST is applicable, In such a situation, the receiver of goods will pay GST to the government under the Reverse Charge Mechanism. The recipient...
The GST officers have come to a conclusion by providing the businesses with a system through which it will become mandatory for them to generate ‘e-invoice’ for every sale on the government GST portal. This system will only be applicable to those whose turnover threshold is above the determ...
GST is not applicable on free supplies or samples. In Tally.ERP 9, enable the optionUse separate actual and billed quantity columnsunder F11 > Inventory Features. Now, enter separate billed quantity and actual quantity including the quantity of free supplies/samples while recording the transactions...
The regular returns used for taxpayers with an annual total turnover of up to Rs. 5 crores Can the taxpayer alter the deadline for filing returns? Yes, the taxpayer may alter the filing period only once. It is only possible when the first return of the fiscal year is submitted. ...
For Composition Taxpayers, ‘Bill of Supply’ is created for which the above steps are equally applicable. The only difference: GST Tax cannot be charged in a Bill of Supply. The Tax Invoice and Bill of Supply have been explained below. You can also calculate GST using Razorpay’s Online ...