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…
375,572 total views, 114 views today
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….
74,410 total views, 22 views today
How to Manage Reverse Charge Transactions in Tally.ERP 9
In this blog we are addressing reverse charge for two specific scenarios and how they are handled in GST Software by Tally – Tally.ERP 9 Release 6 Services under reverse charge Advance payment to unregistered dealer Are you GST ready yet? Get ready for GST with…
97,836 total views, 22 views today
How to Calculate the Value on which GST should be Charged?
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….
142,448 total views, 97 views today
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…
118,873 total views, 52 views today
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…
30,716 total views, 16 views today
When do you have to Pay Tax on Reverse Charge Basis?
This article has been updated as per the GST Council’s decision to suspend reverse charge mechanism on purchase of goods or services from unregistered dealers. Reverse charge is a concept we were familiar with, in the previous tax regime. To put it simply, under reverse…
78,464 total views, 54 views today
Want to Register under Composition Scheme in GST? Check your Eligibility
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,…
143,663 total views, 66 views today
Watchout: Payment Patterns may Change after GST
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…
60,432 total views, 21 views today
Who are Casual and Non-resident Taxable Persons in GST?
Certain businesses operate in a manner that they occasionally undertake transactions in territories where they don’t have a fixed place of business. Under GST, a person who has a fixed place of business in a state and undertakes taxable outward transactions has to register, if…
89,055 total views, 63 views today
Beware! After GST, Choosing a Wrong Vendor can Kill your Business
With GST, there has been a fundamental shift in how your books are maintained. Till now in the entire tax regime, the only version of the truth was how you maintained your books. All your filings flowed from that. Are you GST ready yet? Get…
130,269 total views, 41 views today
How to Determine the Place of Supply of Transportation Services
Under Goods and Service Tax, ‘supply’ will be the single taxable event and the major transformation that will occur is ‘Destination based consumption tax’, where tax will accrue to the state in which the supply is consumed. The place of supply will determine the type…
109,810 total views, 44 views today
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