Goods and Services Tax

GST Simplified for your Business

1
Watch who you Buy from – 3 Types of Suppliers
2
How to File Form GSTR-3B
3
How to Carry Forward Closing Balance of ITC from Earlier Regime to GST?
4
How to Manage Reverse Charge Transactions in Tally.ERP 9
5
How to Calculate the Value on which GST should be Charged?
6
Reversal of GST Input Tax Credit (ITC)
7
GST Rates for White Goods
8
When do you have to Pay Tax on Reverse Charge Basis?
9
Want to Register under Composition Scheme in GST? Check your Eligibility
10
Watchout: Payment Patterns may Change after GST

Watch who you Buy from – 3 Types of Suppliers

In the GST era, a business will broadly be classified under two brackets – registered and unregistered. Within the registered bracket, there will be two possibilities – either the business may be a regular dealer, or under composition scheme. Assuming that you are a regular dealer, you may thus be interacting with all 3 types of suppliers. There may be situations where you need to choose between compliance benefit and existing business relations. Thus, it is advisable that you are completely clear about the implications of purchasing from all 3 types of suppliers. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

How to File Form GSTR-3B

Last updated on August 21st, 2017 at 04:43 pm

The 17th GST Council meeting held on 18th June, 2017, provided a much needed relief to the businesses across the nation. Listening to the concerns raised by the various trade and industrial bodies, and to ensure the smooth roll out of GST, the council decided to extend the timeline for invoice-wise return filing in Form GSTR-1 and Form GSTR-2 for the first two months. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

How to Carry Forward Closing Balance of ITC from Earlier Regime to GST?

GST, a comprehensive indirect tax system, was introduced on 1st July, 2017. The businesses are in the transition phase, and doing everything possible to get equipped with new taxation reform. Among the various aspects, migrating of input tax credit (ITC) is an important one. The closing balance of ITC of CENVAT, VAT, Service Tax as on 30th June, 2017, will be allowed to carry forward as input tax credit to GST. CENVAT (Including Service Tax) will be carried forward as CGST input tax credit, and VAT will be carried forward as SGST input tax credit. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

How to Calculate the Value on which GST should be Charged?

Last updated on August 18th, 2017 at 12:47 pm

With the advent of GST on 1st July, 2017, an immediate task on your hands is to generate accurate invoices that meet the criteria laid down for GST tax invoices. An important component of a GST tax invoice is the tax collected on the supply.
Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

Reversal of GST Input Tax Credit (ITC)

Last updated on July 24th, 2017 at 03:49 pm

GST, a comprehensive indirect tax system introduced on 1st July, 2017, is a transaction-based, technology-driven tax system. Under GST, compliance becomes a key factor for the success and credibility of businesses. GST compliance works on the concept of Self-Monitoring mechanism, under which the input tax credit will be dependent on your supplier’s compliance. This means, your supplier should file the returns, declaring the outward supplies along with the tax payment, and matching of invoice between supplier and recipient of goods and services. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

GST Rates for White Goods

As the nation prepared to embrace GST last month, it had almost seemed as if Diwali had arrived early. With attractive discounts being shelled out by home appliance stores across the country, household consumers did make the most of the opportunity. However, the happiness was bound to fizzle out once the GST regime dawned, as white goods have been categorised under the highest GST tax rate slab of 28%. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

When do you have to Pay Tax on Reverse Charge Basis?

Reverse charge is a concept we were familiar with, in the previous tax regime. To put it simply, under reverse charge, the liability to pay tax on a transaction to the Government is on the recipient. Under Service Tax, reverse charge was applicable in the case of specific notified services. Under VAT, in almost every state, on purchases from unregistered dealers, a registered person had to pay tax, on behalf of the unregistered seller. It was also applicable in the case of imports, where the importer had to pay import duties to the Government.
Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

Want to Register under Composition Scheme in GST? Check your Eligibility

Last updated on August 9th, 2017 at 12:40 pm

Businesses have to balance between managing their business and strive towards profitable venture. At the same time, caution and care is required towards compliance to various laws of the land. Over the past decade, with compliance in our country, though have taken the technology route, the amount of information to be furnished has increased. This naturally calls for dedicated time on the compliance front as they have a periodic deadline. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

Watchout: Payment Patterns may Change after GST

Last updated on August 18th, 2017 at 12:49 pm

With GST one of the biggest change in habit would be that accounts need to be maintained regularly on a daily basis and the pressure on compliance would then become much lesser because then it becomes a normal activity. If the accounts are not being maintained regularly then it could end up being a high stress activity. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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