Category: GST Fundamentals

How to Become a Composition Tax Payer under GST

A person whose aggregate turnover does not exceed Rs. 75 Lakhs (special category States except Uttarakhand) and Rs. 1 crore (rest of India) has the option to register as a composition tax payer. This option can be exercised in 3 scenarios: During transition from the…

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Get ready for GST with Tally.ERP 9 Release 6

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Sale on Approval Basis under GST

In our previous blog, we had discussed about the impact of GST on consignment sales. In this blog, we will be throwing light to an alternate mode of the similar supply i.e. sale on approval basis under GST. Are you GST ready yet? Get ready…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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GST on Supply of Second-Hand Goods- Margin Scheme

Second-hand goods dealers deal in purchase and sale of used goods. These goods might be sold as they are or after minor refurbishing. In this blog, let us understand the impact of GST on the inward and outward supply of used goods by these dealers….

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Get ready for GST with Tally.ERP 9 Release 6

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How to Calculate the Pure Agent Value in GST

In our earlier blog, Who is a Pure Agent in GST? , we discussed various conditions a registered taxable person has to meet to be qualified as a pure agent. In this blog, we will be answering the questions: What is the relevance of determining…

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Get ready for GST with Tally.ERP 9 Release 6

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Concept of Pure Agent under GST

A pure agent is a registered taxable person who liaises between other suppliers on behalf of his client. Under this concept, while providing services to the client, he also undertakes to receive other ancillary services from other service providers, and incurs expenditure on behalf of…

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Get ready for GST with Tally.ERP 9 Release 6

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Gifts to Employees under GST

It is a common business practice to give gifts to employees, especially on the occasion of festivals like Diwali, New Year, etc. In addition, companies provide various perquisites to employees, such as housing, laptops, conveyance, health insurance, etc. In the previous indirect tax regime, these…

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Get ready for GST with Tally.ERP 9 Release 6

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Goods Transport Agency under GST and the Rates Applicable

This article has been updated as per the GST Council’s decision to exempt transportation service provided by a GTA to unregistered persons. Transport of goods by road is the most commonly used mode of transportation for businesses which supply goods. This transportation by road is…

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Get ready for GST with Tally.ERP 9 Release 6

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Works Contract under GST

What is works contract? Works contract, by definition, is an agreement to carry out for cash, deferred payment, or other valuable consideration – building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property. Typically, it…

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Get ready for GST with Tally.ERP 9 Release 6

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Did You Know Advance Received is Taxable under GST?

This article has been updated with the GST Council’s decision that suppliers of goods need not pay tax on advance received with effect from 15th November, ’17. Receiving advance for an order is a common business occurrence. Suppliers usually ask customers to pay advance for…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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