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Provisions related to registration under GST regime

As per the GST laws, one is required to take registration on or before 30th July 2017. All traders are requested to register now without waiting for the last date. If one is carrying-out any business and have an Annual Aggregate turnover in the preceding Financial Year exceeding Rs. 20 lakh (Rs. 10 lakh in Special Category States), you need to register in all the States/Union Territories from whereRead more

Debit Notes and Credit Notes Under New GST Regime

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 and complications of indian GST

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

Easy claim ITC refund under GST regime

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

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