Under the new GST system, the turnover limit for exemption has been raised to Rs. 20 lakhs. This change means that many service providers and small traders are now exempt from GST, simplifying their tax obligations. 2. Eliminates the Cascading Effects of Tax With the introduction of GST, bu...
Goods and Services Tax (GST) in India Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and...
Q.14 – Is there a limit for incorporating line items in each e-invoice? Q.15 – Is it mandatory for the supplier to digitally sign the e-invoice again? Q.16 – Is it possible for businesses to mark their firm logo on the e-invoice template? Q.17 – Is there a facility of bulk...
If the taxable turnover of the business is majorly or entirely from the supply of zero rates of goods or services, then the person can apply for exemption from GST Registration in Singapore. If the business is liable to be registered on a retrospective basis but not liable to be registered...
Threeshold Exemption Limit Rs.40 lakh or Rs.20 lakh, depending on the state and supply Canadian $ 30,000 £ 85,000 Singapore $ 1 million Liability arises on Accrual basis: Issue of invoice ORReceipt of payment-earlier Accrual basis: The date of issue of invoice OR the date of receipt...
Businesses that fall under the threshold exemption limit. Agriculturists. Is GST registration free? Yes, there are no charges for GST registration online. Is a bank account mandatory for GST registration? No, a bank account is not mandatory at the time of GST registration. ...
Note:This is a simplified example, and the actual ITC calculation may vary depending on specific factors such as the nature of the goods or services, the applicableGST rates, and any restrictions or reversals of ITC. It’s always advisable to consult with a tax professional for accurate guidan...
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One of the major steps to curb false/fraudulent claims of input tax credit was initiated under Goods and Services Tax regime by introducing a procedure to reverse the amount of input tax credit availed within 180 days in case no or part payment is made t
5% Off on Professional Courses And Much More! Subscribe Now g. Existing Taxpayers (registered on GST portal) are not required to undergo Aadhaar authentication h. Exemption from Aadhaar Authentication has been granted to Non-resident /not citizen of India You may download the copy of the notifi...