Advanced Search
Search Results
33 total results found
Reverse Charge Mechanism (RCM)
Reverse Charge Mechanism (RCM) under GST The Reverse Charge Mechanism (RCM) is a special provision under GST where the recipient of goods or services, instead of the supplier, is liable to pay the tax. This mechanism is applied in specific situations to preven...
Handling Specific Transactions
Handling Specific Transactions under GST Certain transactions require special attention under GST to ensure accurate tax computation and compliance. Here's a breakdown of two such transactions: Advance Receipt: Tax Implications When a business receives an adva...
Provisions-Conditions-Utilization of CGST, SGST, UTGST and IGST-Capital Goods
Input Tax Credit (ITC) and GST Liability 1. Introduction The Goods and Services Tax (GST) system in India consists of four key components: CGST (Central Goods and Services Tax) – Levied by the central government on intra-state supplies. SGST (State Goods an...
Matching and Reversal of input tax credit
Matching and Reversal of Input Tax Credit (ITC) Matching and reversal of ITC play a crucial role in ensuring transparency and compliance in the GST system. Businesses must regularly reconcile their ITC claims with GSTR-2B and follow the prescribed reversal pro...
Computation of GST liability
1. Introduction GST liability refers to the net tax payable by a business after adjusting Input Tax Credit (ITC) against the Output Tax liability. The computation ensures that businesses only pay tax on the value added at each stage of production or distributi...
Tax Invoice
Meaning A Tax Invoice is a legal document issued by a registered supplier to the recipient of goods or services, containing details of the transaction, including tax charged. It serves as proof of supply and enables the recipient to claim input tax credit unde...
Other Important Documents - Bill of Supply, Receipt and Payment, Voucher Credit and Debit Notes
Bill of Supply Meaning A Bill of Supply is issued by a supplier who is not liable to charge GST on their sales. Unlike a tax invoice, a bill of supply does not include GST details because the seller is either dealing in exempt goods/services or is registered u...
Transportation of Goods Without Invoice
Meaning Under the Goods and Services Tax (GST) system, a Tax Invoice is a mandatory document for the supply of taxable goods. However, in certain cases, goods can be transported without a tax invoice while remaining compliant with GST regulations. Cases Where ...
GST Returns
Meaning A GST Return is a document that taxpayers registered under the Goods and Services Tax (GST) system must file with the tax authorities. It contains details of sales, purchases, tax collected, and tax paid. Filing GST returns ensures compliance with tax ...
Electronic Ledgers
Electronic Ledgers in GST The GST system maintains three electronic ledgers for each taxpayer to track tax payments, credits, and liabilities. These ledgers are automatically generated on the GST portal and help in seamless tax compliance. 1. Electronic Liabi...
Interest and Penalty - When Interest and Penalty are Chargeable
Interest and Penalty under GST The Goods and Services Tax (GST) law imposes interest and penalties on taxpayers for non-compliance, such as late payment of taxes, incorrect ITC claims, or failure to file returns. Understanding when interest and penalties are c...
E-Way Bill
Meaning An E-Way Bill (Electronic Way Bill) is a digital document required for the movement of goods under the Goods and Services Tax (GST) system. It is generated on the E-Way Bill Portal (ewaybillgst.gov.in) and serves as proof of tax compliance during the t...
GSP (GST Suvidha Provider)
Meaning A GST Suvidha Provider (GSP) is an authorized third-party service provider that helps businesses comply with GST regulations by offering automated solutions for filing returns, generating invoices, and managing compliance. GSPs are approved by the Good...