Failing to account for GST on your supplies at the correct rate by due date may result in penalties. Being prepared for the increase in GST rate will help you avoid such increases to your business and compliance costs. Also consider rebates, returned or exchanged goods. Any additional revenue ...
Waiver Scheme Under GST Section 128A: An advisory highlights details about the waiver scheme under GST section 128A, offering clarity on eligibility and benefits for taxpayers. ‘Other Territory’ Applications for GST: A new advisory addresses the process and requirements for ‘Other Territory’ appl...
We hope this detailed guide covers everything you wanted to know about the Agricultural University admission circular 2023-24. Meeting the eligibility criteria, applying online before the deadline, performing well in the admission test, and completing the enrollment process are key steps to secure yo...
Show cause for eligibility as composition dealer Justify eligibility 15 days Penalty under section 122, denial of composition scheme 3 REG-03 Clarification for GST registration Submit clarification in REG-04 7 working days Rejection of application 4 REG-17 Show cause for cancellation ...
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Justify eligibility 15 days Penalty under section 122, denial of composition scheme 3 REG-03 Clarification for GST registration Submit clarification in REG-04 7 working days Rejection of application 4 REG-17 Show cause for cancellation of GST registration ...
Eligibility Criteria Who is Required? Documents required Process GST Registration Fees GST Renewal Why Vakilsearch FAQs GST is an indirect tax reform in India. It was introduced on 1 July 2017. It replaces excise duty, service tax, and value added tax (VAT) with a unified tax system. GST ...
Composition Scheme Eligibility: Businesses with annual turnover up to ₹1.5 crore can opt for the Composition Scheme. Filing Requirements: Simplified GST returns (e.g., GSTR-4) for those under the Composition Scheme.Common Mistakes to Avoid in GST InvoicingIncorrect...
1. High acquisition cost Given the long lead cycle, documentation requirements and complex eligibility criteria, lending to businesses result in high acquisition costs for banks and financial institutions. The MSME financing requirements however are often of smaller ticket size which does not justify the...
Section 16 of the CGST Act specifies the eligibility and conditions for availing ITC. Where a person is eligible for a claim of full ITC, the value of supply of corporate guarantee will be based on the invoice value instead of the deemed value. Here, it is important to note that the pr...