Category: GST Fundamentals

GST Impact on Supply without Consideration & Importation of Services

In our earlier blog Supply of Goods and Services: What does it Mean we discussed about supply with consideration which is mostly about business operational activities like sales, transfers, and so on. In this blog post, we will discuss exceptional scenarios, which form a part of…

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Get ready for GST with Tally.ERP 9 Release 6

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Supply of Goods and Services: What does it Mean?

Under the current indirect tax structure, the taxable event differs for each type of tax. The taxable events under the current indirect tax structure are captured below: Type of Tax Taxable Event Central Excise Removal of excisable goods VAT On sale of goods Service Tax…

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Get ready for GST with Tally.ERP 9 Release 6

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

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…

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Get ready for GST with Tally.ERP 9 Release 6

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GST Composition Levy Explained

This post has been updated on 24 April 2017 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, Are you GST ready yet? Get ready for GST with…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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How does GST Eliminate Tax on Tax? [Video]

In the current regime of indirect tax system, the chain of input credit, at a certain point, is broken. Let’s say Central Sales Tax (CST) applicable on interstate trade is non-creditable, leading to a break in the input credit chain. Similarly, a manufacturer charging excise…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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How is GST Different from Current Tax Structure

This blog post has been updated on 6th June 2017. GST (Goods & Services Tax), a single unified tax system aims at uniting India’s complex taxation structure to a ‘One Nation- One Tax’ regime. It is the biggest tax reform since India’s independence. What does…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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What is GST? How does it Work?

This post has been updated on 2 December 2016 to incorporate latest changes. August 3rd, 2016 will be recorded as a red letter day in the history of Indian taxation due to the near unanimous passage of 122nd Constitutional Bill in Rajya Sabha, paving the way…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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