If the customer decides to cancel the order, the customer will be entitled only to receive a refund for government filing feesthat have not been paid to the governmentor it's agents.Once government fees have been paid, no refund is possible. If an error is made on the part of Business ...
(output tax) and the GST on purchases (input tax). The BAS is where they report the difference between these two amounts. If the GST collected on sales exceeds the GST paid on purchases, the business owes money to the government. If it's the other way around, the business can claim ...
However, GST registration charges vary depending on the type of business and turnover. Therefore, after successfully completing GST registration, the applicant will receive a unique GSTIN. The central government issues a state-wise, 15-digit number to applicants once the registration is completed; ...
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...
Say hello to the New Year – 2025 is here! The new year brings in new enthusiasm and cheer. January in India marks the beginning of a new fiscal quarter, a time when businesses gear up for year-end tax planning and compliance. The month is also crucial for businesses focusing on closing...
GST is applied to the ultimate market price of goods and services produced in-house, resulting in the maximum retail price. Customers must pay this tax when they buy products or services, included in the final price. It is then needed to be paid to the government by the seller, meaning ...
This tax liability on both interstate transactions (IGST) and intrastate transactions (SGST/UTGST, CGST) is to be discharged on a monthly basis to the government. GST paid on purchase transactions can be taken as credit subject to certain conditions. Such credit can be offset against the tax...
Previously the tax paid on inputs for the export of exempt items was eligible for a duty drawback, however with a complicated refund application process. To clear any ambiguity regarding the reimbursement of tax paid on exports, the Indian government provided a guidance note to clarify claiming...
replaced by GST. The 6% GST will only be charged on the annual fee charged on or after 1 April 2015. If you have already paid the service tax, the annual fee will not be subject to GST in the current year of service, and GST will only be charged on your next annual renewal date....
Yes, the government does not charge any fees for GST registration. 4. Are GST and PAN numbers the same? GST and PAN numbers are not the same. GST number is based on the PAN number of the business, but it also includes the state code, entity code and checksum digit. PAN number is ...