GST Return Filing: Retailers must file GST returns on time, detailing sales, purchases, and tax liabilities. Delayed or incorrect filings can result in penalties and interest charges. Challenges with Bundled Offers: Invoicing for bundled offers or discounts, common in the mobile phone sector, requi...
Interest on Late Payment of GST Late payment of GST attracts interest charges as per the provisions of the GST law. Here’s a detailed look at how it works: 1. Interest Rate for Late Payment 18% Per Annum: This interest rate is applicable if there is a delay in paying the GST liabi...
Tax Liability on Transportation Charges in Invoice Read More→ Input tax Credit A significant change that GST introduced was the mechanism of input credit under GST. ITC is the heart and soul of GST. Input Credit Mechanism is available to you when you are covered under the GST Act. Which ...
Will my Current Account(s) and/ or Savings Account(s) be subject to GST? Charges for the operation of Current Accounts and Savings Accounts are GST exempted. No GST is charged on these services. There will also be no GST levied on interest earned on deposits.Loans...
Missing a GST return deadline may incur penalties, including late fees and interest charges. To avoid this, file the return as soon as possible and pay any outstanding taxes to mitigate penalties. How can I check my GST return filing status? Check your GST return filing status online by lo...
Information on late filing penalties and interest charges for TDS payments. By the 10th day of the next month, GSTR-8 must be filed. GSTR-9: This yearly return, which ordinary taxpayers submit, contains a combined summary of all outgoing and incoming supplies and taxes paid and ITC ...
In recent times, there has been spate of notices issued by GST dept demanding GST with interest penalty on the reimbursement of electricity charges, collected by the landlords of commercial buildings as well as by building facility /maintenance service providers. These shocking demands are being iss...
And the charges were also very reasonable. We got TM Approved in 6 month’s time without any re-submission or objection. They charge high to deliver the best in industry.” Manish Pandy “I would like to thank the Enterslice team for the excellent business plan made by them. They ...
Interest Account No.Specifies the interest account number. PenaltySpecifies the penalty amount. Penalty Account No.Specifies the penalty account number. FeesSpecifies the fees. Fees Account No.Specifies the fees account number. OthersSpecifies the amount for any other charges. ...
The disbursement of loan, as well as interest charged, are not subject to GST . However, all fees or charges made by SCB will be subject to 6% GST as this service relates to the financing of land or goods in Malaysia. A Malaysian company recently won a project to develop power plants...