Accounting and reporting form the backbone of compliance of any company. The indirect tax GST regime in India prescribes the standards that need to be maintained for accounting pertaining to tax and other ancillary information. Records need to be maintained for the financial year starting in April and ending in March of the subsequent year….
GST returns are mandatorily required to be provided on a monthly basis under the GST regime. Ever taxpayer must file his returns diligently by the 20th of every subsequent month. In case such tax due has not been paid, it shall accrue from the day on which it was due to be paid. Further, the…
The Goods and Services (GST) Council so constituted, convened on May 18, 2017 to discuss and finalize GST rates for approximately 1200 goods spread across in almost 100 categories. Additionally, on May 19, 2017, the GST Council met to settle on the rates on services spread across 36 categories. According to the Revenue Minister Mr….
Transitioning under the GST is imperative for all businesses once the GST regime sets in. Every business must understand what category it falls under to ensure smooth transitioning from the erstwhile indirect tax regime into the GST regime. Review of accounting procedures, procurement and logistic decisions, and finally availing of Input Tax Credit (ITC) under…
Upon GST transition taking place all over the country, you need to be updated with the basics. This article is going to help you understand all you need to know with respect to your business and compliances that you need to undertake to undergo a smooth transition into the GST regime. For the purpose of…
Returning a good once sold is very common – even for business during the course of trading. Under the erstwhile indirect tax regime, once a good is returned it has a reducing effect on the total sales turnover of the business. Goods must be returned within a prescribed time, and in a time-bound manner (mostly…
In case you are a registered taxpayer under the erstwhile indirect tax regime, you will be provided with a provisional registration under the GST regime and an opportunity to transition. Once this provisional registration has been granted, a dealer needs to provide information that will be verified upon which a final registration will be issued….
Transitioning under the GST Regime – From a Regular Dealer to the Composition Scheme The GST regime calls for registration – that is the first step in transitioning towards a single unified tax system in India. But first we must understand the threshold limits for liability under the GST regime – are you aware that…