Steps to Process Maintaining ITC Ledger Via Gen GST Software Step 1: After signing in, tap on the Return option after that select input tax credit. Step 2: The input credit ledger is ready to calculate the right amount of input tax credit according to rules 37, 42, and 43 of the CGST...
1. Non-filing or Delayed Filing of GST Returns: Timely filing of GST returns (like GSTR-1 GSTR-3B) is crucial. Missing deadlines or neglecting to file can trigger a notice from the tax department.2. Discrepancies in Input Tax Credit (ITC) Claims: ITC allows businesses to claim credit ...
GSTIN, short for Goods & Services Tax Identification Number is a 15-digit, unique identification number allotted to each taxpayer (GST registered business, firm, dealer, supplier, business entity) once they have registered under the GST regime in India. Every business operating in a state or Un...
Under the service tax era, the issue was that without consideration, there was no service, and hence no taxability. But when GST came in, even between related parties, any service without consideration was also deemed to be a service. This led to the issue of how to tax this p...
Looking to claim Input Tax Credit under GST? In order to avail Input Tax Credit, a dealer needs to meet few conditions. Learn how to calculate ITC, time limit to avail ITC
Payment of GST Claim Refund of excess GST paid Furnish Letter of Undertaking Transition Forms Viewing E-Ledgers Filing of GSTR Apart from the above-mentioned services, filing ITC forms, changing core and non-core fields, browsing notices received, engage/disengage GST Practitioners are some other ...
GST payment refers to the tax businesses and individuals are required to pay to the government under the Goods and Services Tax regime. This payment is calculated based on the applicable rates for the goods or services provided, after subtracting Input Tax Credit (ITC). Businesses collect GST fr...
Authority to Collect GST: With this certificate, you are legally empowered to collect GST from your customers on the government’s behalf. Input Tax Credit (ITC) Benefits: This certificate enables you to claim an Input Tax Credit on the GST paid on purchases, which can be offset against yo...
How Can We Take Service Tax - VAT Input Tax Credit in GST RETURN What to do before lodging the Claim of the difference of tax under ITC? Transfer of Credits The New system under GST effective from July 1, 2017, allows a taxable person to collect the credits of previous taxes paid (bef...
Learn how to pay GST online with our step-by-step guide. Understand GST payment rules and processes to ensure smooth and compliant transactions.