Tag: GST Input Tax Credit

How to File GST TRAN-1 : Part 2

In our earlier blog How to File Form GST TRAN-1: Part I, we discussed about filing GST TRAN-1 with details of CENVAT and input VAT credit carried forward.  In this blog, we will discuss about how to file Form GST TRAN-1 for claiming transitional ITC on Capital…

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Get ready for GST with Tally.ERP 9 Release 6

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How to File GST TRAN-1 : Part 1

In our earlier blog What is Form GST TRAN-1 and when to file it , we discussed about the due date to file Form GST TRAN-1 and different scenarios in which  businesses are required to file Form GST TRAN-1 to claim the transitional input tax credit….

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Get ready for GST with Tally.ERP 9 Release 6

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What is Form GST TRAN-1 and when to File it

Businesses having carry over Cenvat credit and Input VAT credit are allowed to carry forward the eligible Cenvat/Input Credit (ITC) from earlier regime to GST. The Cenvat credit including Service Tax will be carried forward as CGST Input Tax credit and VAT including entry tax…

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Get ready for GST with Tally.ERP 9 Release 6

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How to Claim Input Tax Credit on Business Expenses

The input tax credit provisions under GST are framed with a border perspective to allow the tax credit on all the inward supplies. Now, businesses can claim input tax credit on all the inputs or input services which are “used or intended to be used…

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Get ready for GST with Tally.ERP 9 Release 6

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Taxes Eligible for ITC on Opening Stock of 1st July

GST, a comprehensive indirect tax system introduced on 1st July, 2017, has subsumed a host of Central and State levied taxes and has transformed the entire nation as ‘One Nation –One Tax –One Market’. The convergence of taxes into a single indirect tax system is…

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Get ready for GST with Tally.ERP 9 Release 6

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Your Checklist for Claiming Input Tax Credit (Downloadable)

Input tax credit is a critical component of compliance under GST. While input tax credit is available on all inputs used in the course of business or for furtherance of business, certain conditions have been laid down for claiming the input credit. Also, input tax…

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Get ready for GST with Tally.ERP 9 Release 6

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How to File Form GSTR-3B

This blog post is updated with the GST Council’s decision to extend the return due dates 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…

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Get ready for GST with Tally.ERP 9 Release 6

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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….

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Get ready for GST with Tally.ERP 9 Release 6

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Reversal of GST Input Tax Credit (ITC)

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…

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Get ready for GST with Tally.ERP 9 Release 6

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Impact of GST on Traders

On October 14th, 2016 the Confederation of All India Traders (CAIT) signed an MOU with Tally Solutions in order to train their member businesses – roughly 6 lakh traders all over the country, on the subject of GST. While the focus is largely to enable…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

78,935 total views, 416 views today