Thereafter taxpayer will approach the branch of the authorized bank for payment of taxes along with the instrument or cash. Since the tax payer is required to pay four types of taxes and the amount is required to be credited in the accounts maintained by bank for each type of tax, one opt...
In such a case, the GST input tax incurred by the exempt business would become a cost to the business. Examples of exempt supplies include private healthcare and education, residential properties, mass public transportation (toll highways, public buses, taxis, etc) and...
There is another type of tax Integrated Goods and Services Tax (IGST) that is charged on goods and services supplied inter-state. The tax was introduced to remove the cascading of taxes, the situation of collecting multiple taxes on every level of production. It is done under GST too, but...
GST registration is the process of obtaining a unique identification number for a business liable to pay Goods and Services Tax (GST). As per GST law, The firms with an annual turnover of more than Rs. 40 lakh (or Rs. 20 lakh for some special category states) must register as normal ...
In recent years, several Pacific Rim nations have introduced a goods and services tax (GST), similar (in some respects) to European value-added tax (VAT). Countries with GST include New Zealand, Western Samoa and Canada. In the 1993 Australian federal elections, a major issue was whether ...
It’s surreal that we’ve completed half of this year, and 2025 is just six months away! July 1st is particularly special as it marks the 7th anniversary of the Goods and Services Tax (GST) in India. The GST Act, passed in Parliament on March 29, 2017, came into effect on July 1...
GST report configuration nameType of transactionTransaction amountGST amount GST-03 Bad Debt Recovered 18 Bad Debt Relief 17 Total Input Tax (Inclusive of Bad Debt Relief & other Adjustments) 62 Total Output Tax (Inclusive of Bad Debt Recovered & other Adjustments) 52 Total Value of Capi...
Mention the address of supply. This is essential to understand what type of tax the seller needs to charge. The supply address will decide the kind of GST tax that shall be charged from ‘IGST or CGST & SGST.’ If you are making the tax Invoice on software, the software will automatical...
This article provides a walkthrough of the features that are related to Goods and Services Tax (GST). It also highlights the effect of GST on various types of commerce business transactions, and shows the accounting and posting of transactions where the receipt is printed at the point of sale...
Place of supply is an essential requirement to ascertain the GST tax type: ‘IGST or CGST & SGST.’ The place of supply will be self-selected according to the delivery/shipment address. If such address is not known, the place of supply will be deemed to be the State where such supplier...