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...
For example, if a manufacturer purchases raw materials costing ₹100 and pays 5% GST, the total cost becomes ₹105. Upon adding ₹50 in value to the product, he sells it for ₹155. The GST on ₹155 is ₹7.75, but he can claim an input tax credit of ₹5 for the GST p...
It can be tricky to understand because there isn’t a blanket GST imposed on all goods and services. There’s also more than one method to account for GST. Understanding the wording alone can be confusing — it really is like learning a new language. The very first point of order is to...
To guarantee that financial records are complete and accurate, both kinds of reconciliation are crucial. While external reconciliation ensures that there are no differences between the company’s records and those of its partners or suppliers, internal reconciliation helps maintain the integrity of the ...
Hello there, KG14, Thank you for following the provided steps. You'll want to check with your email provider if they have changes on their security when other apps are accessing the email. Once everything is settled, follow the steps on these articles to update ...
Free onboarding Make a complaint Contact us About About Intuit Australia Join our team Developers and app integrators Tools and Templates Free accounting tools and templates to help speed up and simplify workflows. New Business Toolkit GST Calculator ...
In addition to this, over the past two years, India has executed significant structural reforms such as GST, RERA and Insolvency Code. The benefit of these structural reforms is yet to accrue, and will be significant in the years to come. ...
We also have a 1% rise in GST kicking in on Jan 1 so make your big ticket purchases ASAP and you're running out of shipping time for online purchases to beat the GST rise. I not lawyer/teacher/CPA. You've been arrested? Law Society of Singapore can provide referrals. You want an ...
There are a lot of consequences of late payment that a business might face. The consequences include late fees, interest amount, possible termination of service, or showing up on credit report. The company's late payment and credit ratings go parallelly that reflects the company's reliability wi...
If you're a millennial with your eyes on retirement, there are more resourceshereto help support your financial future. How Does Lifestyle Inflation Impact Your Ability to Save and Invest? Lifestyle inflation means you're earning more and spending more, but not saving more. Rather than putting...