In some cases, exemptions can also be grated based on the type of product being purchased, the aim of buying the product, or the type of transaction being carried out. The specific circumstances under which an exemption may be granted are stated within the tax statute. The Effect of GST on...
GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, of 2017. GST is levied on all types of goods and services except petroleum products, and electricity, on which the taxes are levied by the state governments. It is divided into two ...
such as varying tax rates on everyday food items, which complicate compliance and pose challenges for businesses. To address these issues, the government is also exploring additional safeguards
The interest would be levied for the days for which tax was not paid after the due date. You can read more details of the GST penalty provision in Chapter 10, part 50 at this link https://cbec-gst.gov.in/CGST-bill-e.html Let’s understand this by an example: If the total tax ...
Select relevant GST registration number inGSTIN No.field for which reconciliation needs to be done.Month,Year,Posting Datefields should not be blank. GST Recon. Tolerancefield will be updated with the value mentioned onGeneral Ledger Setup. ...
there are fewer returns to be filed, such as GSTR-1, which is to be filed to report the list of sales invoices and other related documents for the tax period. However, there are about 11 returns under GST, out of which four are basic returns that apply to all regular taxable persons...
An e-commerce operator who needs to collect TCS (Tax collected at source) under GST requires to file this return till 10th of every month #6. GSTR 9 This is the Annual GST return, which is to be filed by all registered persons till 31st December of every financial year. Talk to Advis...
There are also separate tax rates on cut diamonds, precious metals, jewelry, and some select automobiles, varying at a rate of 1.5% and 3%. This brings the total to six slabs. Several motives drove the enactment of GST in India. The top 10 advantages of GST which serve as the main rea...
Once you have understood these different aspects, you will better appreciate the role and function of GST in comparison with other forms of tax, which can lead to more informed decision-making and compliance strategies. GST's relationship to the business activity statement (BAS) In Australia, ...
each e-FPB should maintain a GST pool account so that the tax payer can issue only one instrument which will be written in the name of the GST pool account of the concerned bank. The bank’s IT system upon realization of the instrument, will immediately first credit that amount to the ...