For each reporting period, businesses tally up the GST on sales (output tax) and the GST on purchases (input tax). The BAS is where they report the difference between these two amounts. If the GST collected on sales exceeds the GST paid on purchases, the business owes money to the gove...
GST Payment Processes for Different Taxpayers What Are the Modes of GST Payment? How to generate a GST challan on the GST portal? How to Make GST Payment Online? How to Make GST Payments Offline? How to Check GST Challan History? What is the Time Restriction to Complete the GST Payment?
Services available on GST Portal - Application for Registration, Opting for Composition Scheme, Application for GST Practitioner, Opting out of Composition Scheme, Stock intimation for Composition Dealers, Filing GST Returns, Payment of GST, Claim Refund of excess GST paid, etc. How can Deskera Help...
15 days, it can get allotted within 2-3 days or a week. Hence, it is important to regularly conduct theGST application status checkon the portal. Once GSTIN is allotted, you must quote it on your invoices to your customers and provide it to your vendors to claim the input tax credit...
Sure, businesses under GST often have to boost their prices 10% to counter the tax. But, there are some advantages to registering for GST from the outset.The ability to claim back the GST on purchases made in the course of business Yes, the 10% GST tax has to come from somewhere. ...
The refund process and requirements for each of these states is different. You need the correct forms, required documentation and complete records to successfully claim your refund. Within each state, you have more than one option for locations that you can visit to request your refund before lea...
There are two methods of accounting for GST: on a cash basis or a non-cash (accrual) basis. The method you use affects when you must account for GST and when you are able to claim GST credits. What does ‘ex GST’ mean? ‘Ex GST’ means exclusive of GST, meaning the amount quoted...
NOTE:It is possible to have unclaimed input credit due to tax on purchases being higher than tax on sale. In such a case, the taxpayer is allowed to carry forward/claim a refund. The government does NOT pay interest on input tax balance. Read on to find out how to claim ITC ...
The refund process and requirements for each of these states is different. You need the correct forms, required documentation and complete records to successfully claim your refund. Within each state, you have more than one option for locations that you can visit to request your refund before lea...
GST-registered businesses add this to the prices they charge, collect it on the government’s behalf, then pay it to the Australian Taxation Office (ATO). Although a business pays GST on its supplies and purchases, it can usually claim the money back through its tax returns. Although ...