Goods and Services Tax

GST Simplified for your Business

1
How to Determine the Value of Supply when Consideration is not in Money
2
GST Rates – A Ready Reckoner
3
Have Customers across States? Here’s how GST will Affect you
4
How to Pay GST?
5
GST Invoicing in Special Business Cases 
6
What to Expect from GST and GST Ready Product?
7
All you Need to Know about e-way Bill under GST
8
How to Determine the Place of Supply of ‘Specific’ Services
9
Representations by Tally Solutions – Issues in GST Laws and Rules
10
ISD: How to Distribute Input Tax Credit

How to Determine the Value of Supply when Consideration is not in Money

Valuation of goods and services is an important aspect which determines the amount of tax to be levied. If goods and services are undervalued, it leads to short-payment of tax, leading to non-compliance and resultant legal implications. Overvaluation will result in loss of revenue for businesses by way of additional taxes. Read More

GST Rates – A Ready Reckoner

On the 18th of May, 2017, the GST council convened to fix and finalise the much awaited GST rates for 1211 goods across 98 categories. The very next day, the council re-convened to finalise the GST rates for 36 categories for services.

To begin with, Hasmukh Adhia, Revenue Secretary, Ministry of Finance, Government of India has stated – that nearly 81% of the items will be classified at 18% GST rate slab and lower; while the remaining 19% will be taxed at 28% and above. Read More

Have Customers across States? Here’s how GST will Affect you

The ultimate dream of every business is growth and expansion. One starts a business, earns profit, re-invests, earns more profit – and the cycle continues. You get your first customer, then 10, then 100. You start off in your immediate locality, and as you grow, you expand your operations to your city, your state, neighbouring states – till the entire country is your playground. Read More

How to Pay GST?

Every registered regular tax payer has to furnish GST returns on a monthly basis and pay the tax due by the 20th of the month. If a tax payer does not pay the tax due, interest on the tax due will be applicable from the day on which the tax was due to be paid.
Read More

GST Invoicing in Special Business Cases 

In the GST regime, broadly two types of invoices will be issued – Tax Invoice and Bill of Supply. Tax invoice is to be issued by a registered taxable person for the supply of taxable goods or services. The bill of supply is to be issued by a registered taxable person for the supply of exempted goods or services, and for supplies by a composition tax payer.
In this blog, considering the latest additions in the GST Law, let us understand the invoices to be issued in specific business cases and the details required to be specified in these invoices. Read More

What to Expect from GST and GST Ready Product?

There are just a few weeks remaining for you to get prepared for the roll out of GST, and out of the many questions you will be asking yourself, ‘what changes should I look for in my system, from my Tax Consultant, or in business processes, in order to better prepare for GST?’, is likely to be at the top of the list. Read More

All you Need to Know about e-way Bill under GST

India being a federal nation, the Central Government is empowered by the Constitution to levy duties and taxes on the manufacturing and rendering of services. The government in the states are empowered to levy tax on intrastate sale of goods, in which movement of goods happen within state jurisdictions. When the sale of goods involves movement of goods between different states, the Centre is empowered to levy tax on such sales, and the revenue so collected, will be shared by the Centre and the State. Read More

Representations by Tally Solutions – Issues in GST Laws and Rules

With each passing day, GST is inching closer to becoming a reality. The law makers are giving final touches to the GST law. As part of the process, the government had made available a copy of the draft law in the public domain for feedback. We at Tally have gone through the law, rules and procedures in detail. Our reading and understanding tells us that multiple aspects of the law need to be revisited and revised as in their current form they are potentially detrimental for the small and medium businesses in the country and therefore for the economy. Read More

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