Advisory on opting for payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA) The GSTN department has published a new advisory for reporting e-Invoice informing about new IRPs of which IRIS IRP is one of the first four chosen IRPs. The CBIC added FAQs for loca...
Backup withholding is a way of assuring that tax is paid on dividend and interest income. If a taxpayer does not provide hisSocial Securitynumber to the payer of dividend or interest income, such as a bank, the institution must withhold a "backup" of 31 percent of each payment until the ...
Inheritance: A type of tax levied on individuals who inherit the estate of a deceased person. Sales tax: A consumption tax imposed by a government on the sale of goods and services. This can take the form of a value-added tax (VAT), a goods and services tax (GST), a state or provi...
In addition to paying customs duties, you might also have to pay GST. The good news is that you may be able to recover part of your payment of tax. Previously the tax paid on inputs for the export of exempt items was eligible for a duty drawback, however with a complicated re...
Tax engine GST GST overview GST on purchase GST on purchase return GST on journals/payment/application GST on journals GST on advance payment to vendor GST application of payment and invoice GST on advance receipt from customer GST application of receipt and invoice ...
GST is the result of an indirect tax reform that aims to make a single national market. For this purpose, the government had combined different taxes under GST. It has combined different indirect taxes like service tax, entry tax, luxury tax, entertainment tax, CST, VAT, excise duty, etc....
Major Challenges of E-invoicing Under GST If the invoice is found not registered on the IRP, such invoice will not be considered as a valid tax invoice for all GST related matters and hence a penalty of ₹ 10,000 will be incurred for each instance of non-compliance Transportation of good...
Signifying the spirit of co-operative federalism, Goods and Services Tax(GST) has been a historic and game-changing tax reform aimed at improving governance, strengthening tax institutions, and imparting buoyancy to the tax base in India. This paper examines the imple...
aRegular operation of the GST puts the final cost of the tax on the end consumer of goods and services, with the supplies along the chain of production simply collecting and remitting the GST to the ATO. GST的规则操作在物品和服务的末端消费者投入税的最终成本,与供应沿简单地收集和宽恕GST的...
Imbalanced voucher with GSTThis issue can occur after you extend the GST configuration by adding or modifying the posting profile.In the current design, each tax component has a set of posting profiles to handle all possible tax postings. At runtime, the tax engine picks up the first matched...