What is Input Tax Credit under GST? Input Tax Credit (ITC) means claiming the credit of the GST paid on the purchase of goods and services which are used for the furtherance of the business. ITC is a mechanism to avoid the cascading effect of taxes. Previously, no credit of
Under GST, there are various types of supplies which creates confusion for the end user. While the end result of all these supplies is the same, i.e. GST is not applicable on the supply, but it is important to know the difference especially for the purpose of filing correct GST
Since GST subsumed both indirect taxes of central government (excise duty, service tax, custom duty, etc. ) and state governments (VAT, Luxury tax, etc.), both the government now depend on GST for their indirect tax revenue. Therefore the GST rate is composed of two rates, one of CGST and one
Process of Registration For resident persons Format of Goods and Services Tax Identification Number (GSTIN) Process of Registration for Person required to Deduct Tax at Source (TDS) or Collect Tax at Source (TCS) under GST Process of Registration for Non Resident Persons Registration Made by the GST Official Amendment to
Who is a Pure Agent? In GST act, an agent is a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on
Valuation at Transaction Value If the recipient and supplier of Goods/Services are not related then the price actually paid or payable is taken as value of good/services. The transaction value shall be accepted even where the supplier and recipient of supply are related, provided that the relationship has not influenced the
Which GST Returns are required to be filed? (From 1st January 2021) A registered person is required to file following returns: GSTR-3B (Quarterly or Monthly) GSTR-1 (Quarterly or Monthly) GSTR-9 (Annual Return) Along with these returns, there are two forms IFF and PMT-06 which can be filed by persons filing
Among all the other confusions among the GST provisions, one of the important one is regarding applicability of GST on Goods Transport Agency (GTA). Every person who deals in goods needs their services and also it is listed among the services in which GST is payable on reverse charge when
Topic Covered in this Article Persons required to register compulsorily Documents Required for Registration Fees for Registration Voluntary Registration Time Limit for Registration Effective Date of Registration Requirements for Registration Can a person take more than one GSTIN Things that an unregistered person is not allowed to Persons required to
The provisions of TDS and TCS is applicable from 1st October 2018. Notification No. 50/2018 – Central Tax When TDS needs to be deducted The central or state government may mandate the following enterprises to deduct TDS at the rate of 2% (1% SGST +1% CGST) from the payment made