If you’re using the transition to the new tax rate to also increase the prices or fees of your products and services, you must communicate this transparently to your customers. Generally, purchases of goods and services from GST-registered businesses before 1 Jan 2024 will be subject to GST ...
The interest, penalty, fees or other charges, if any, under GST will need to be accounted for separately. Hence, they would be reflected under separate heads in the Tax Payment Challan. The IT audit of the process flows and settlement of funds by the FPBs / Link cells with RBI will be...
Save Receipts: Always save your payment confirmations for accounting and compliance purposes. Monitor Deadlines: Keep track of due dates to avoid late fees and penalties. How to generate a GST challan on the GST portal? Generating a GST challan on the GST portal is a straightforward process and...
whereas the Service Tax was levied on customers who consumed some taxable services. According to those acts, any amount that is expressed in a currency other than the Malaysian ringgit must also be expressed in Malaysian ringgit. The selling rate of the prevailing exchange in Malaysia at the tim...
Set up rate and percentage tables: Expand the node for the tax component. Select the Rate node, and then, in the Value field, define the tax rates. Select the Reverse Charge Percentage node, and then, in the Value field, define the reverse charge percentage. Select the Load on Inventory...
Watch our guide on how to prepare and lodge BAS on QuickBooks on how to report GST. Accounting For GST When you complete a sale over $82.50, including GST, your GST registered customers should be issued with atax invoice. This allows them to claim credits under the GST rules. If you hav...
Central GST (CGST)is levied by the central government on transactions occurring within a single state. In contrast,State GST (SGST)is imposed by state governments on the same intra-state transactions. Typically, the rates of CGST and SGST are equal, making the total GST rate a combination of...
Rate assessment:Identify the correct GST rate for your business. Different goods and services may have different rates. Consult the official rate chart on a regular basis to maintain accuracy. Nature of transactions:Differentiate between taxable and non-taxable sales. Also, distinguish between sales ...
Recently, on June 28 and June 29, 2022, the GST Council held the much talked about 47th GST council meeting and have made several big changes in terms of compensation cess, rate changes, and also decisions pertaining to ease the compliance for taxpayers. In June, taxpayers faced several issu...
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up...