1. Bill of Supply A Bill of supply is similar to a GST tax invoice but does not include tax charges. It is issued when GST does not apply to a transaction. For example, it is used for exempt goods or services or when a supplier is registered under the composition scheme. 2. Invoice...
GST Composition Levy The information provided here is part of Import Export Training online What is consolidation of cargo? What is LCL cargo less container load cargo? (Loose Cargo Load) The term Consolidation is common in a shipping and freight forwarding industry. What is Consolidation of cargo?
GST Versus VAT Even though these two taxes seem alike, they are different. While VAT is a consumption tax that is levied on products based on the level of value-added at each stage of the products’ supply chain - from production to the point of sale - goods and services taxes are levi...
Input Tax Credit (ITC) is a mechanism that allows businesses to claim credit for the tax they’ve paid on their purchases. Input Tax Credit in GST ensures that companies are only taxed on the value they add at each stage of the supply chain, not on previous stages of production. By usi...
GST buyers to claim their taxes. It is vital to issue tax invoices promptly to avoid delays in filing taxes and the resulting penalties. The most critical information on a GST invoice is the invoice date, invoice number, seller's name, address, GSTIN, buyer’s name, address and GSTIN, ...
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What is GST Software for CA and How Does It Simplify Tax Management? Introduction In the world of taxation, managing GST (Goods and Services Tax) has become a complex yet essential task for Chartered Accountants (CA). With multiple clients to handle, each having its own unique GST needs, ...
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CGST is the final category of GST. It’s a tax levied on intrastate supplies of goods and services by the central government, and it is governed by the CGST Act. Since SGST falls under intrastate supply, it is levied in the same way, but it is now regulated by the state government. ...
B2B consignees play a critical role in maintaining the integrity of the supply chain. Their responsibilities often tie into processes like demand forecasting, helping businesses anticipate future inventory needs, minimizing overstocking, and ensuring warehouse capacity is used effectively. Who can be a ...