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 payment from your customers. In cases where you have only collected GST at a ...
As announced by the Finance Minister in the 2022 Budget, the GST rate will increase from 7% to 9% over the following periods: 1 July 2007 to 31 December 2022: 7% 1 January 2023 to 31 December 2023: 8% 1 January 2024 onwards: 9% Am I impacted by the GST rate change? For existing...
GSTN Updates UPI and Credit/Debit Cards Payment Method with Axis and Karnataka Bank to increase its payment process. Read More 05th August 2024 The new GSTR-8 advisory reduces the current rate from 1% to 0.5%. View more 02nd August 2024 The new advisory pertains to Jammu & Kashmir and...
GST Circular 27/2024 dated 11-9-2024: Clarification regarding regularization of refund of IGST availed in contravention of rule 96(10) of CGST Rules, 2017, in cases where the exporters had imported certain inputs without payment of integrated taxes and compensation cess. 54th GST Council Meeting...
Petroleum goods, sugar and basmati rice are some of the major product categories that have shown an increase in value and volume terms. The USA, United Arab Emirates, Netherlands, China, and Saudi Arabia round up the top five export destinations. Make sure you're ready for e-invoicing ...
In the event of a Canada Revenue Agency audit, businesses should maintain detailed books and records, including payment dates, analyses used to determine whether a product or menu item is temporarily zero-rated, and product shipping or m...
Clarification required how can I amend the details in GSTR-1 for the financial year 2024-25. B2C large invoice should be normally reported invoice wise, while B2C others were reported state wise. While going through the amendment column in GSTR-1, it is possible to ament B2C others by sel...
After two years of rollout of GST, the government is now aiming towards anti-evasion measures to increase revenue as well as compliance. From the 1.21 crore registered businesses, only 20 lakh comes under the composition scheme. According to a tax expert, the GST e-invoice generation system ...
Use business accounting software for your business admin to increase efficiency and accuracy. Keep your receipts Make sure you're vigilant when it comes to keeping receipts from purchases that are eligible for GST credits. The MYOB Capture App is included in your MYOB Business subscription, allowing...
Operational costs may increase due to GST The implementation of GST may result in increased operational costs for businesses. To ensure compliance with GST regulations, businesses may need to hire tax professionals to handle tax payment methods and related complexities. This additional expense could gra...