In this instance, businesses which provide taxable supplies which fall within the relief conditions are not required to impose and collect GST on the relevant supplies. Examples of supplies which are given relief by the Government include: supplies of goods by businesses ...
The user interface of the “Bank Accounts” section on the GST portal has been updated by GSTN for improved visibility and clarity. CBIC released an advisory concerning the reporting of supplies to unregistered GST dealers in GSTR-1 and GSTR-5 forms. GSTN has added IDFC First and Bandhan ...
Impact of GST on Personal loan If you fall short of cash for a home renovation, , wedding, vacation or some urgent financial need, a personal loan is your 3 AM friend. Personal loans are a helpful way of getting money that you want to repay later. With the government enacting Goods ...
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...
In this article, you will get to know about such amendments related to GST Update. 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. ...
GST-registered businesses add this to the prices they charge, collect it on the government’s behalf, then pay it to the Australian Taxation Office (ATO). Although a business pays GST on its supplies and purchases, it can usually claim the money back through its tax returns. Although ...
Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. The registration under gst is compulsory wh...
India is a federal country where both the center and the states can levy and collect taxes by way of appropriate legislation. Both government levels have different responsibilities to perform according to the division of the powers mentioned in the Constitution for which they need to collect resourc...
Here’s a comprehensive guide to the important GST deadlines for June 2024. For June 2024, key GST due dates include June 10 for GSTR-7 (TDS) and GSTR-8 (TCS), June 11 for GSTR-1 (outward supplies for businesses with turnover over ₹5 crore and those opting out of QRMP), ...
To clear any ambiguity regarding the reimbursement of tax paid on exports, the Indian government provided a guidance note to clarify claiming input tax credits on zero-rated supplies. The below are the points you should take into account when considering a refund application for zero-rated suppli...