TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which iscollectedby sellers while selling something to buyers. ... TCS deduction is applicable on sales of goods like timber, scrap, mineral wood...
Integrated GST (IGST)is crucial for inter-state transactions. It is collected by the central government and applies not only to sales across state lines but also to imports and exports of goods and services. The IGST rate is equivalent to the total GST rate applicable to the product or servi...
Stay Informed on Tax Rates Regularly check the applicable GST rates for your goods and services, including those tied to SAC codes. Utilize Razorpay’s free GST calculator to get both GST-inclusive and exclusive prices, helping you avoid miscalculations. Differences Between the HSN Code and SAC...
Tax Collected at Source (TCS) was originally introduced under Section 206C of the Income Tax Act, 1961. It was applicable on the sale of specific goods and on transactions between specific entities as defined by the act. In the past year, the Government of India introduced new...
Under the GST regime, an Integrated GST (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Under Article 269A of the Constitution, the GST on supplies in the course of interState trade or commerce shall be levied and collected by the Government...
On the next page, you will have to choose the applicable financial year and corresponding filing period. In this step, click‘Search’, which will present the status of your GST Return. Here’s how you can use the ‘ARN’ option
In other words, reverse charge means where the recipient of goods or service or both has to discharge the tax liability on his own account. Reverse charge mechanism under GST is a mirror image to the reverse charge mechanism which was under service tax as is applicable f Read More 01 Jan...
GST resulted in a significant shift in the principal method of input credit taxation under GST. The tax paid by a company on a purchase is used to reduce the tax burden on sale, and this tax is known as the input tax credit. The taxes charged are based on the value contributed at eac...
Selling Price of the asset. The number of units acquired. Date of purchase of the asset. Investment of capital gains made towards debt mutual funds, gold, real estate and fixed maturity plan. After the above details are filled, click on calculate capital gains button and another page will op...
on the recipient. This means that the recipient must create and maintain a valid invoice to document the purchase. For instance, if a manufacturer buys raw materials from a local supplier who is unregistered, the manufacturer must issue an invoice reflecting the GST applicable to that purchase. ...