Connect with us +91 966 777 9615
As we know, all registered GST taxpayers and business owners in India are required to file certain GST returns on a monthly, quarterly, or annual basis. One such return form is GSTR-4, which taxpayers under the Composition Scheme need to file. Let’s understand what GSTR-4 is in detail: What is GSTR-4? GSTR-4 is a yearly
Know More
Are you also a GST registered businessmen who is confused between the filing the different GST forms? India’s GST system includes a wide range of return forms, each applicable based on the taxpayer’s nature of business, turnover, and eligibility. However, many individuals and companies often misunderstand these requirements, leading to incorrect filings and unexpected penalties.
Know More
Do you know that even a one-day delay in GST payment can attract interest and penalties? Or What if a taxpayer commits an offence under GST either voluntarily or involuntarily? The GST law was introduced in India in a strict way with the aim of ‘One Nation, One Tax’ to replace all other indirect taxes.
Know More
Under GST, the Time of supply concept helps to determine the point when goods and services are considered as supplied or provided, i.e., the time when the taxpayer is liable to pay the taxes. In simple terms, it determines the time when the tax payment is liable to make the payment of taxes. The time
Know More
The Goods and Services Tax (GST) was introduced in India on July 1, 2017, bringing a major change to the country’s tax system. By combining different state and central taxes into a single tax structure, GST has made the process simpler and removed tax duplication. Among the various GST compliance requirements, filing GSTR-9 and GSTR-9C
Know More
Are you familiar with India’s essential export regulations? If you receive payments from abroad in foreign currency, you are exempt from paying GST. Per the export regulations set by the Indian government, the export of goods and services is considered a zero-rated supply if payments are received in foreign currency. Since payments are received later,
Know More
Introduction Supply Definition: As per the Act, Supply means all forms of supply of goods or services, e.g., sale, transfer, barter exchange, lease, disposal made or agreed to be made for a consideration by a person in the course of furtherance of business In the dynamic world of commerce, where every supply holds a story
Know More
GST (Goods and Services Tax) replaces indirect taxes such as VAT, excise duty, and services tax. It is a levy on the supply of goods and services. A non-resident taxpayer has to register under GST for doing business in India. The registration is to be obtained within five days before commencing the business. All non-resident
Know More
Collection of input tax credit happens when the tax paid on inputs is more than the output tax liability. Such collection will have to be carried over to the next financial year until the registered person can utilize it to pay an output tax liability. However, the GST law permits refund of unutilized ITC in
Know More
Every registered taxpayer must file GSTR-3B monthly, which summarizes all the inward and outward supplies taken during the month. The taxpayer can file the GSTR-3B by online & offline mode available on GST Portal. Further, if no sales and purchases are made during the year, the registered taxpayer needs to file NIL GSTR-3B. Failure to
Know More
