For example, if a product sells for ₹1,000 with an 18% GST rate, the total GST amount will be ₹180, split equally into CGST and SGST, i.e., ₹90 each. The seller collects ₹1,080 from the buyer, pays ₹90 to the Central Government, and ₹90 to the State Government...
GST Returns should be filed within the timeframe mentioned to avoid any late fees. A rate of 18% per annum is charged as a late fee. The taxpayer must calculate it based on the amount of tax that still needs to be paid. The time period considered will be from the next day of filing...
A GST number is also important to avoid penalties for non-compliance with the GST Act. If a person is liable to register under GST but fails to do so, he or she may face a penalty of 10% of the tax due or Rs. 10,000, whichever is higher. Similarly, if a person collects GST fr...
Base amount should not be zero (0) for a sales order when the Exempt check box is selected. CGST and SGST should be applicable for intra-state transfer orders if the GST registration number is different in two warehouses. TDS is not working for customers that have "TDS threshold" e...
CA. Sourav Sarkar (Chartered Accountant ) (24588 Points) Replied 24 April 2021 On rent GST rate is 18%on travel rate is 18%on goods delivery vehicle is 5% No ITC OR 12% with ITC Upgrade to CAclubindia Pro. Subscribe Now!Leave a reply Your are not logged in . Please login to ...
The GSTR-1 format in GST portal is as follows:How to file GSTR-1 form?The GSTR-1 form consists of the following tables in which the details of outward supplies need to be furnished by the registered businesses.Table 1, 2 & 3: Details of GSTIN and aggregate turnover in the ...
So the Rate Finder Tool is used to find the HSN Code for the goods or products for invoicing purposes.Relationship of HSN code and GST rateConsequences of incorrect HSN codes usageIncorrect usage of HSN codes can have significant consequences for businesses, ranging from financial penalties to ...
Section 206CCA: TCS will be applied at a higher rate, as described here: Twice the rate that is specified in the relevant provision of the Act A rate of 5 percent The existing TDS and TCS functionality addresses the new requirements through the following options: Create multiple threshold de...
How is IGST rate on imports treated? How to register a Digital Signature Certificate under GST in India.GST and e-Commerce Business, FAQ Definition of E-Commerce under GST How to identify the steps in enrolment process of a tax payer at the GST common portal. ...
India GST: What is Special Economic Zone? India GST: What is E-way Bill system? How to Create an E-way Bill in Deskera Books? India GST: What are the different types of GST Returns? India GST: What is Tax Deducted at Source (TDS) and Tax Collected at Source (TCS)?