What Are Debit Notes and Credit Notes Under New GST Regime Credit notes and debit notes There comes a time when humans mistake in generating an entry or a transaction. These cases often lead to exception and a further reconciliation is required credit note and debit note between the interacting parties to make correct, such generates. This can happen due to a machine crash as well. Such a wrongRead more
Simplications of in indian GST: Simplication of More competing business environment: It will shift the burden of taxes from the manufactures in India where the tax system is unfairly change towards the consumers. Manufacturers will pay lesser taxes and there will be an environment of greater competitiveness and more flexibility in business. Simplication of Systematic tax rates across states: Would you not decrease your rates to attract moreRead more
GST will impacts on FMCG firms, The new Goods and Services Tax (GST) regime will bring several benefits of the economy, and could particularly valise (FMCG) the fast-moving consumer goods industry Apart from driving supply chain inefficiencies, bringing untaxed players into the tax net—a large section of the industry still operates in the unorganized segment— will level the playing field for the larger, established players in the industry. TheRead more
GST make homes expensive after 1 July 2017 under-construction projects will attract a goods and services tax (GST) rate of 12%. Amid all the hullabaloo over the unified tax regime in the country, speculation is the ride on would it be lead to a hike in property prices? Taxes are being rationalized which will lead to the increased transparency. There will be more clarity post and GST in termsRead more
Easy claim ITC refund under GST regime: What is ITC (input tax credit): ITC “Input Tax” in relation to a taxable person, means the Goods and Services Tax charged on any supply of goods or services to him which are used or are intended to be used, during furtherance of his business.Getting of ITC (Input Tax Credit )under GST – Conditions To Claim is one of the most criticalRead more
4 Tasks you need to do before migrating GST, With the recent approval of central GST laws and the rules by the lower house and the GST Council respectively, implementation of GST in India from 1 July 2017 appears apparent. After knowing a broad structure of GST proposed for the India, it is time for the industry to focus on transition tasks to be undertaken to prepare for any unwarrantedRead more
GST GET REGISTERED FOR GST Under GST laws, entities supplying taxable product and services need to be registered all the states from which these will be supplied. The entity already registered in a state under existing law should be migrated to GST regime. Unregistered entities will have get registered in specific states from which supplies are made. The window for this is likely to open from June 25 for monthRead more
All the existing taxpayers registered under Sales tax, excise tax and VAT need to register on the common GST portal. The migration process is explained clearly in this article.Here is the step by step guide on how to migrate to GST. Steps of GST migration Create User ID and password on the common portal Do submit the business details All the details related to proprietor, partner and etc shouldRead more