Discover what GST and BAS mean for your business. Get step-by-step guidance on registration, calculation, filing, and more in our comprehensive guide.
The claim for a GST refund must be submitted within two years following the relevant date. This is in accordance with the CGST Act of 2017 Section 54. The relevant date may vary based on the kind of refund that is requested. For the majority of refunds, the relevant date is the day th...
GSTIN (Goods & Services Tax Identification Number)is a15-digit unique identifierassigned to every GST-registered taxpayer, including businesses, firms, dealers, and suppliers, under theGST regime in India. It is mandatory for businesses engaged in taxable supplies and is issued upon successful GST ...
What is GST? Goods and services tax is a form of value-added tax levied on most products sold to the general public. This particular tax is usually paid by consumers; it is then passed on to the government by the business offering the goods and services. In a nutshell, the goods and ...
We need to understand whether the transaction is an intrastate or an interstate supply of goods and services to determine which category of GST is applicable. Intrastate supply (SGST and CGST) This arises when the place of supply (buyer), as well as the location of the supplier (seller), ...
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Nowadays lots of discussion are going on in newspapers, periodicals and television channels regarding the GST bill. Some experts say that passage of this bill is extremely important for steady and robust development of economy of the country. Some other experts mention that this bill will help the...
What businesses need to know about sales tax: what it is; what’s the correct sales tax rate; and when to collect from customers to stay compliant.
GST is a tax first introduced back in 2000. Even though it has been in place for over two decades, as a practicing accountant, this is still one of the areas my clients frequently need assistance with. It can be tricky to understand because there isn’t a blanket GST imposed on all go...
GST is a single tax that has subsumed several indirect taxes that were previously levied on the sale of goods and services. It is applicable to the manufacture, sale, and consumption of all goods and services in India. This section will cover the following topics Why do we need GST? How ...