Goods and Services Tax

GST Simplified for your Business

1
ISD: How to Distribute Input Tax Credit
2
Understanding Input Service Distributor (ISD) in GST
3
What is Union Territory GST (UTGST)?
4
How are Imports and Exports Treated in GST
5
Impact of GST on Working Capital for SMEs
6
Assessment of Tax Liability in GST
7
Consequences of Non-compliance under GST
8
What are the Accounts and other Records you should Maintain under GST
9
How to Claim Tax Refund under GST
10
Moving to GST: Composition Dealer Switching to Regular Dealer

Understanding Input Service Distributor (ISD) in GST

It is quite common that businesses have a distributed system of manufacturing units or service rendering units across the nation. In simple words, businesses with Head Offices (HO) and Branch Offices (BO) which are spread across the nation – could be in the same state or a different state. Under this system, in order to have better operational efficiency and control, usually businesses adopt centralized billing for procurement of common services at the HO. This situation leads to the accumulation of input tax credit paid on common inward supplies which are used by the branch units. Read More

What is Union Territory GST (UTGST)?

In our previous blogs, we have discussed about the taxes that will be levied on supply under GST.

  • On intrastate supplies, the taxes levied are Central GST (CGST) and State GST (SGST).
  • On interstate supplies, the tax levied is IGST.

Another component of GST is now being talked about – UTGST. UTGST stands for Union Territory Goods and Services Tax.

Let us understand UTGST, the circumstances in which it is levied, and the manner of its levy. Read More

How are Imports and Exports Treated in GST

Taxation laws have laid down the taxes applicable on import and export of goods and services. In the current tax regime, laws of Customs duty, Excise, Service Tax and VAT lay down the tax treatment of imports and exports. In the GST regime, Excise, Service Tax and VAT will be subsumed into GST and customs duty will continue to be levied separately. Let us understand the tax implication on imports and exports under GST in comparison to the current regime. Read More

Impact of GST on Working Capital for SMEs

Working capital is the lifeline of a business to carry out day-to-day operations. Managing working capital efficiently is a problem that plagues both small and large businesses. Inability to manage working capital may have adverse effects, including premature closure of businesses. Read More

Assessment of Tax Liability in GST

Assessment of tax means determination of the tax liability of a person. The tax liability of a person is the amount of tax to be paid by a person during a tax period. The types of assessment of tax under GST remain similar to those in the current regime. Broadly, there are 2 types of assessments – assessment by the taxable person himself/herself, i.e., self-assessment, and assessment by the tax authorities.
Read More

Consequences of Non-compliance under GST

Various measures have been laid down to check non-compliance under GST. These vary based on the severity of the offence. Penalties have been made stricter for tax evaders under GST, when compared to the current regime. In the current regime, tax authorities can arrest a taxable person if the amount of tax evaded exceeds Rs 2 Crores under Excise and Service Tax. In VAT, barring Gujarat, no other state has the arrest clause. Read More

What are the Accounts and other Records you should Maintain under GST

Accounts and records are the primary source of data for any organization’s financial reporting. Every law of Direct and Indirect Tax in our country also mandates that information in a prescribed manner has to be captured and preserved for a certain period of time. These accounts and records form the basis for returns filed by tax payers under each law. Read More

How to Claim Tax Refund under GST

A Tax Refund refers to any amount that is due or returnable to the tax payer from the tax department. There are specific scenarios in which refund is allowed and dealers can claim tax refund only in these scenarios, such as excess payment of taxes, unutilized input tax credit on account of output supplies being exports, rate of tax on inputs being higher than the rate of tax on outputs (Inverted duty structure), etc.

Read More

Moving to GST: Composition Dealer Switching to Regular Dealer

All registered taxable persons under the existing indirect tax regime will be automatically transitioned to GST and will be given a provisional registration ID. After validation of the details submitted during enrolment, final registration IDs will be issued. Similarly, those traders, who have opted for composition levy, will be auto transitioned to GST. Read More

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