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...
GST stands for goods and services tax and whether you pay it or not will depend on the turnover threshold. Learn everything about GST in this guide.
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...
between states and countries. GST registration is mandatory for businesses whose taxable profits exceed $1 million. For companies whose taxable profits don’t exceed this threshold, registration is not mandatory; you’ll have to consider whether registering is in the best interests of your business....
GST Return Filing Message Proceed Now! Home/ GST Return What is GST Return filing? It is mandatory for every registered entity to file GST return under the GST act. Return filing period depends on the type of GST Registration as well as transactions performed by the taxpayer. Regular taxpayers...
Businesses are required to collect JCT from customers in Japan if they meet the mandatory threshold of ¥10 million JPY in the base period. The base period is the calendar year two years prior to the current one. For example, the base period for the year of 2023 is 2021. ...
With the GST regime's bundling of taxes on products and services, there is no longer any uncertainty concerning the levy of distinct taxes on services and goods. Unlike the previous regime, the GST threshold limit has been raised from Rs 10 lakh to Rs 20 lakh. With the adoption of GST,...
If you are based in Canada and your total worldwide taxable supplies exceed CAD $30,000 in a single calendar quarter or over the past four consecutive calendar quarters, you must register for the goods and services tax (GST) and harmonized sales tax (HST). The same registration threshold ap...
Stock transfer order shipment voucher is not showing in the GSTR-2 report. With direct delivery for a purchase order, the customer's address is included in the customer's tax information. GSTIN registration numbers and TDS registration numbers are not shared with the other legal entities whe...
How much professional income is taxable? Under this scheme, professionals can declare their taxable income at a fixed rate of 50% of their gross receipts without deductions for expenses or depreciation. Till FY 2022-23, the threshold for eligibility under Section 44ADA is the gross receipt of ...