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...
GST Training in Bangalore- Cosmic IT Services Pvt Ltd is the best place where you can learn about Goods and Service Tax. We provide the best and quality GST Training at an affordable rate.
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 ...
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...
Yes, the government does not charge any fees for GST registration. 4. Are GST and PAN numbers the same? GST and PAN numbers are not the same. GST number is based on the PAN number of the business, but it also includes the state code, entity code and checksum digit. PAN number is ...
9. Reconciliation of rate wise liability and amount payable thereon The table provides for the reconciliation of tax paid as per reconciliation statement and amount of tax paid as declared in Annual Return (GSTR 9). Under the head labelled ―RC‖, supplies where the tax was paid on reverse...
Interest will be counted for the months we haven’t paid the GST on time. We have considered the Interest Rate as 16%. You can proceed on your own. In the H5 cell, write the formula to calculate Interest on GST. =G5*0.16*F5/365 G5 and F5 refer to the first value of Net Tax ...
A GST calculator is a tool that helps in calculating the Goods and Services Tax (GST) for various products and services. The GST is a consumption tax levied on the value added to goods and services at each stage of production and distribution. With the help of a GST calculator, businesses...
Calculate GST on sales:Apply the GST rate to the sale price of each good or service to determine the amount of GST that should be added to the sale. This is the GST collected from customers. Tally GST on purchases:Record the GST paid on business-related purchases. This is the GST that...
Generally speaking, the impacts of GST usage on the Healthcare and Pharmaceutical segment are very hard for the general public. The Healthcare Industry, on the off chance that the tax rate is set at an effective level, will profit as GST absolutely diminishes complexities and evacuates many ob...