1. Online Payment via GST Portal Log In: Access the official GST portal with your credentials. Create Challan: Navigate to the ‘Services’ section, select ‘Payments,’ and then ‘Create Challan.’ Select Tax Head: Choose the appropriate tax heads and input the payment amount. Choose Payment...
A GST number is required to fileGST returns, which are periodic statements of a registered person’s transactions and tax liability. Filing GST returns is mandatory for every GST-registered person, even if there is no business activity or tax liability in a given period. 2. Claiming Input Tax...
Any input tax credit from the previous tax regime could be passed on as input tax credit in GST while migrating to the GST regime. Let’s take an example: July 1, 2017 is the appointed day for the GST rollout. As a business owner, you must make sure that you’ve made a complete ...
An enterprise must calculate how much tax it must pay in cash after deducting the input tax credit. This article will give you a step-by-step explanation of how to pay GST online. Overview of Payment Process of GST Who Should Pay GST? What are the Options to make the GST payment? How...
Key takeaways Corporate guarantees between related parties are now taxable under GST, with a 1% valuation rule for non-creditable transactions. The 1% GST levy on corporate guarantees applies annually but is not required to be paid for businesses with full input tax credit. ...
How to calculate GST payable GST is payable if you make a taxable supply. A taxable supply is a supply you have paid for or receive consideration for in the course of running your business. The supply is connected with Australia, and is not GST-free or input taxed. ...
Price structuring and strategy: GST impacts the prices customers pay, and businesses must take this into account when setting prices. Tax burden and transparency Tax burden on the end customer: In a GST system, the final tax burden is transparently shifted to the end customer. This is differe...
Due to previous indirect tax laws, taxpayers could not set off tax credits accurately. Under GST, the tax levy is only on the net value added at each stage of the supply chain, helping eliminate the cascading effect of taxes and contribute to input of tax credits across all goods and serv...
How tax schedules work for the Australian GST How to handle reduced-input tax credits in Business Activity Statement reporting tool How to set up the VAT Daybook reports How to specify Maintain History options for BAS and PAYG reporting
Under the GST, exports are categorised as zero-rated supplies – which means, the GST will not be levied on the outbound supply of any service of goods and you as an export business owner can claim an input tax credit for the product shipped. Find out more here: Export of Goods and ...