GST

Audit under GST

There are three types of audit under GST. They are Audit by Chartered Accountant Audit by  Tax Authorities Special Audit Audit of Accounts by CA or CWA Every registered person whose turnover exceeds Rs. 2 crore during a financial year has to get his accounts audited under GST. Accounts is to

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Reverse Charge under GST – Explained with Examples

What is Reverse Charge? Normally, GST is to be collected by the person who is selling good and services. But in some cases GST is to be collected by the purchaser of goods/service and not by seller. This is called Reverse Charge Mechanism, RCM in short. In some cases of

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Place of Supply of Goods/Services under GST

GST is a consumption based tax. So the tax should be received by the government of the state or union territory where goods/services are consumed. So there should be proper determination of the place where supply took place. Also there is a requirement to determine whether sales is within state

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Accounting Entries under GST

Accounting Entries by Businesses other than those Registered under Composition Scheme The Accounts to be maintained by a normal dealer are Input CGST A/c Input SGST A/c Input IGST A/c Output CGST A/c Output SGST A/c Output IGST A/c GST Payable The person who is registered in Union Territory has to

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Invoicing under GST

Format of Invoice as per GST Rules – Invoice Format HSN Codes Requirement in Invoice Invoicing for Sales of Goods Invoicing for providing Services Details to be mentioned Manner of issuing Revision of Invoices issued before issue of registration certificate Invoices not required to be issued below specified amount Bill

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E way bill – The Complete Guide

Conditions in Which E-way bill is required Process of Generating E way Bill Details required in Form GST EWB-01 E-way bill requirements for Transporter Validity Acceptance or Rejection by the Recipient Cancellation Verification of documents, conveyances and Goods Goods for which e-way bill is not required Rule 138 of CGST

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Accounts and Records to be maintained under GST

Requirements Regarding Maintenance of Accounts Additional Requirements for an Agent Additional Requirements for Work Contractor Person operating a warehouse and transporter Commissioner’s Power regarding Accounts Maintenance Rules Retention of accounts and records Requirements Regarding Maintenance of Accounts Every registered person is required to maintain at his principal place of business,

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Time of Taxation under GST

Time of Supply of Goods Time of supply of goods is earlier of the following dates- Date of invoice Last date on which invoice is required to issue under section 31(1). Invoicing in GST The date on which seller receives the payment The date on which the supplier receives the

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Refunds under GST

A person can make an application for refund of GST before expiry of two years from the relevant date in such form and manner as may be prescribed. Such refund may be claimed in the return filed in regular manner by the taxable person if refund is related to credit

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