GST is a newly passed bill which calls for a common tax over the nation and just one single type of tax filtering ll the extra and indirect taxes. It will replace VAT, service tax and excise in every business that will have to mandatorily register under it. The cost of tax on all ...
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 paid on raw materials. Therefore, the net GST liability of the manufacturer is ₹2.75...
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...
Also, you may need to provide your TIN when applying for government subsidies, financial assistance, or benefits such as GST vouchers. Whether you’re a citizen, a permanent resident, or a business entity, your assigned unique tax identification number ensures improves tax monitoring and ...
GSTIN, known as GST Identification Number, is assigned to every GST registered person Introduction The GST (The Goods and Services Tax), came into the picture on 1 July 2017 in a historic event in the Parliament to simplify the existing tax structure of India. The aim of launching this new...
HSN code was introduced to make the GST systematic. While filing the GST returns, the taxpayers do not need to mention the description of the goods but instead mention the HSN code. The CBIC has also stated that mentioning HSN code is now mandatory in GSTR-1, if you are in the turnove...
E-invoicing under GST streamlines B2B transactions for GST-registered businesses. Learn more about e-invoicing and e-invoice applicability.
What is GST Invoice Bill? Types, Components &… What is a Tax Invoice: Meaning, Types, Format and Example Difference Between Invoice and Bill: A Complete Guide Introduction What is an invoice number? Why are invoice numbers important in business transactions? What is the role of invoice number...
Every business that operates in a state or union territory is assigned with a unique Goods and Services Tax Identification Number, which is generally known as GSTIN. WHAT IS THE STRUCTURE OF GSTIN? Every registered taxpayer person is assigned a Goods and Services Tax Identification Number which ...
If a customer has selected Non VAT Register or Non GST Register and entered a tax identification number, a dialog box is displayed asking them to check whether they have selected a correct qualification name. Commercial use Changing the Qualification Name and Tax Identification Number Feed...