Goods and Services Tax

GST Simplified for your Business

1
Your Checklist for Availing GST Input Tax Credit
2
All you Need to Know about Invoicing under GST
3
Highlights of the Revised Draft Model GST Law
4
Moving to GST: For Registered Businesses
5
How is the Value of Goods & Services Determined under GST?
6
Demonetization and Business Accounting – How does it Tally?
7
GST– What you Need to Know as a Trader
8
Moving to GST: Can I Avail Input Credit on Closing Stock?
9
Moving to GST Era: For Registered Manufacturers
10
GST Composition Levy Explained

Your Checklist for Availing GST Input Tax Credit

In the current tax regime, various conditions are applicable for availing input tax credit. A brief overview is given below:

Type of Input Tax Credit Conditions for availing Input Tax Credit (ITC)
VAT As a VAT dealer, you can avail credit of the VAT paid on goods purchased in the course of business, for re-sale or for manufacture of goods, subject to conditions. Only purchases from registered dealers within the state are eligible for ITC
CENVAT/Service Tax As a manufacturer, you can avail CENVAT credit on all inputs used directly or indirectly in relation to the manufacture of final products. You can also avail ITC on the service tax paid on any input service.
If you are a service provider providing taxable service, you can avail ITC on the service tax paid on input services used for provision of the taxable services.

Under the GST regime, input tax credit can be availed by every registered taxable person on all inputs used or intended to be used in the course of or for furtherance of business. Read More

Highlights of the Revised Draft Model GST Law

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The revised draft model GST law was made available on 26th November, 2016. Key highlights of the revised Draft Model GST Law are categorized into the following sections:

  • What are the changes?
  • What are the new additions?
  • What are the exclusions?

Read More

Moving to GST: For Registered Businesses

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The first and foremost task for you, as a business registered under the current law, is transiting to GST. While it is important to know the fundamentals of GST, it is also very critical for you to understand GST transition provisions available, and take the necessary actions to ensure a smooth transition to GST and leverage on transition benefits. You will need to review your accounting and reporting procedures, procurement, logistic decisions, and so on in advance to avail the appropriate GST input tax credit.

Read More

How is the Value of Goods & Services Determined under GST?

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The value of all the goods and services consumed in an economy is arrived at based on certain metrics. In the current tax regime in India, this value is calculated in different ways. An overview is provided in the table below:

Tax Value of goods/services
Excise Based on transaction value or quantity of goods or MRP
VAT Based on sale value
Service Tax Based on taxable value of service rendered

Read More

Demonetization and Business Accounting – How does it Tally?

On 8th Nov 2016, India’s Prime Minister announced demonetization of Rs 500 and Rs 1000 currency notes. This news came as a surprise to many of us! However, if you carefully think through the sequence of measures undertaken by the Government such as opening of bank accounts, linking with Aadhar numbers, introducing the tax amnesty program, announcing a warning for defaulters and so on, you will see a pattern that makes you believe this was well planned. Read More

GST– What you Need to Know as a Trader

Transition provisions in GST have undergone significant changes in the Revised Draft Model GST Law published on 26th November 2016. Click here to read the revised blog post.

As we gear up for the final move – to GST – it becomes important for all of us to be prepared. Moving to GST is inevitable – whether you are a manufacturer, a trader or a service provider. Read More

Moving to GST: Can I Avail Input Credit on Closing Stock?

Transition provisions in GST have undergone significant changes in the Revised Draft Model GST Law published on 26th November 2016. This post has been updated with changes in the revised draft law.

 

On the date of transitioning to GST, broadly there will be business who fall under any of the following categories:

  1. Businesses not liable to be registered under the current law, but are liable for registration under GST
  2. Business which are engaged in the manufacture or sale of exempted goods or services
  3. First stage dealer or a second stage dealer or a registered importer

Read More

Moving to GST Era: For Registered Manufacturers

Transition provisions in GST have undergone significant changes in the Revised Draft Model GST Law published on 26th November 2016. Click here to read the revised blog post.

The first and foremost task for you, as a business registered under the current law, is transiting to GST (Goods and Services Tax). While it is important to know the fundamentals of GST, it is also very critical for you to understand GST transition provisions available, and take necessary actions to ensure a smooth transition to GST and leverage on transition benefits.

Read More

GST Composition Levy Explained

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This post has been updated on 2 December 2016 to incorporate latest changes.

The current state indirect tax regime has provided a simpler compliance for small dealers known as the Composition Scheme. Under this scheme you, Read More

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