GSTIN, short for Goods & Services Tax Identification Number is a 15-digit, unique identification number allotted to each taxpayer (GST registered business, firm, dealer, supplier, business entity) once they have registered under the GST regime in India. Every business operating in a state or Un...
A supply under GST has three attributes that are used to calculate the tax owed for that transaction: place, value, and time. Place of Supply - This component determines whether a transaction is an intra-state supply, an inter-state supply, or an external trade, which determines the type ...
How to avoid mistakes with HSN in GST? Differences Between the HSN Code and SAC Code Conclusion Frequently Asked Questions What is HSN Code? HSN code stands for “Harmonized System of Nomenclature,” a eight-digit code used to systematically name and classify goods for taxation and trade. It ...
UEN Number in Singapore: 10 Things You Need To Know Modified: 26 July 2024 12 min read Tax & GSTGabi Bellairs-Lombard Business Writer If you’re setting up or running a business in Singapore, knowing about the Unique Entity Number (UEN) is crucial. The UEN is a standard identification ...
To sub-classify the six-digit HSN code number in some countries, there must be an additional two-digit HSN code put into place in order to create an eight-digit HSN code. Example of an HSN code – schematic The Importance of HSN Under GST The HSN system doesn’t only help Customs agen...
The GST act governs Integrated Goods and Services Tax levies. Under the GST regime, an Integrated GST (IGST) is 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...
In simple terms,Freight Collectmeans that the consignee or receiver is responsible for the freight charges. It is also called ‘Collect upon Arrival’, and it implies that shipping, as well as additional charges, are the responsibility of the shipment receiver. ...
Section 42 of CGST Act, 2017 Matching, reversal and reclaim of input tax credit Term Zero rate on exports under GST What is Wholesale trade and Impact of GST on Whole Sale Traders Meaning of term Validity of composition levy under GST Any one can answer on question posted by Readers...
It is not uncommon to come across restaurants and hotels that continue to impose service charges even after including GST in the bill. Numerous incidents have been reported where customers have been pressured into paying an additional fee on top of the GST. However, many consumers are unaware ...
The reverse charge applies to businesses established abroad that trade with French businesses. It also applies to VAT-liable subcontractors in the construction sector. The mechanism also applies to the following domestic operations: Supplies and services involving fresh industrial waste ...