What are the three components of supply under GST? 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...
1. What is SGST? SGST stands for State Goods and Services Tax. It is an indirect tax imposed by state governments on intrastate supplies of goods and services. As part of the GST framework, SGST ensures that state governments receive their share of tax revenue for intrastate transactions, con...
SGST / UTGST- State GST / Union Territory GST IGST - Integrated GST What is CGST? CGST rate or Central GST rate is levied on the intrastate supply of goods and services. The proceeds of which will be attributable to the Centre, as per theCGST Act. ...
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...
Learn more about Concept of Reverse Charge mechanism in GST & this charge mainly more tax compliance and increased tax revenues. This article will explain about GST Reverse charge.
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...
Mark a GSTIN active or inactive when you've included multiple GSTINs. If a GSTIN is marked as inactive, all the branches and the settings associated with that GSTIN will be marked inactive by default. 13 July 2020 Tax Payable Account Transactions in Manual Journals You can now create manua...
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Inter State B2C Supply Means Meaning of term Inter-State Goods and Service Tax (IGST) under GST Inter and Intra State Level tax under GST Discussion Forum You can also share your thoughts about this article. Any one can answer on question posted by Readers...
If the distance between the transporter office and the consigner/ consignee is less than 10kms and if all the parties belong to the same state Know your waybill Documents required to create the GST eway bill To generate an e-way bill, it's mandatory to get these documents ready before reac...