Types of GST credit: Eligible Non-eligible Blocked Introduction: Under the Goods and Services Tax (GST) in India, input tax credit (ITC) is an essential feature that allows businesses to claim credit for the taxes they have paid on inputs used in the course of their business. However, not all inputs are eligible for ITC. Here …
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Due Dates Calendar for GST filing Date GST returns FILING 10/06/2023 GSTR-7 (for May 2023) 10/06/2023 GSTR-8 (for May 2023) 11/06/2023 GSTR 1 RETURN FILING(for May 2023) 13/06/2023 IFF filling (optional) 13/06/2023 GSTR-5 (for May 2023) 13/06/2023 GSTR-6 (for May 2023) 20/06/2023 GSTR-5A (for May 2023) 20/06/2023 GSTR 3B (for May 2023) 25/06/2023 …
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E-invoice under GST The introduction of the Goods and Services Tax (GST) in India revolutionized the country’s tax system, simplifying compliance and streamlining business processes. As part of its ongoing efforts to enhance the efficiency of GST, the government introduced the concept of E-Invoice under GST. This article will provide a comprehensive overview of the …
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Introduction and Meaning: The composition scheme is a simplified tax scheme available for small taxpayers under the Goods and Services Tax (GST) in India. It allows eligible taxpayers to pay tax at a lower rate and comply with fewer compliance requirements. Who is eligible? For the service sector, the composition scheme is available to those service …
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Introduction: The term GTA stands for Goods Transport Agency. This term has its importance under GST because of the unique taxability of these services. The legal position of a person who is providing service of transportation of goods (Except GTA) is exempt from tax i.e GST does not apply to such supplies. The GST is …
Introduction: As we all know, GST registration for any person becomes mandatory when the supplies exceed the basic exemption limit i.e. 40 lakhs in case of goods and 20 lakhs in case of services. Additionally, there are a few circumstances in which GST registration becomes mandatory. State-wise, separate GST registration is to be obtained for …
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