Tag: gst itc

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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

110,874 total views, 1,064 views today

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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

79,114 total views, 432 views today

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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

80,220 total views, 882 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….

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

53,842 total views, 41 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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

64,809 total views, 687 views today

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

162,069 total views, 3,006 views today

ISD: How to Distribute Input Tax Credit

In our previous blog Understanding Input Service Distributor (ISD) in GST, we discussed the role of an ISD in GST. In this blog, we will discuss the various conditions applicable for the distribution of credit and method of distribution of credit to different units (branches)….

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

62,884 total views, 96 views today

Understanding Input Service Distributor (ISD) in GST

It is quite common that businesses have a distributed system of manufacturing units or service rendering units across the nation. In simple words, businesses with Head Offices (HO) and Branch Offices (BO) which are spread across the nation – could be in the same state or…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

71,482 total views, 113 views today

Impact of GST on Working Capital for SMEs

Working capital is the lifeline of a business to carry out day-to-day operations. Managing working capital efficiently is a problem that plagues both small and large businesses. Inability to manage working capital may have adverse effects, including premature closure of businesses. Are you GST ready…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

19,519 total views, 16 views today

The Sin of Being Small: How GST Law will Affect you

Arguably the biggest indirect tax transformation will be upon us in a few weeks from now. The law makers are deliberating on the specific clauses and contours of it – so that the appropriate legislations can be passed. Are you GST ready yet? Get ready…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

45,452 total views, 73 views today