STUDY TO ENLIGHTEN YOURSELF
TAX INVOICE UNDER GST The Tax invoice under GST is a compulsory required document to be issued for supply made by the every registered person under the provisions of GST Act. This document primarily represents the transaction entered between the two parties. The provisions regarding the Tax Invoice is given in the Section 31 of…
INPUT TAX CREDIT IN GST Input tax credit in GST means at the time of paying tax on output, the tax already paid on inputs can be reduced and only the balance amount a person is liable to pay. When you buy a product/service from a registered dealer you pay taxes on the purchase. On selling,…
INPUT TAX CREDIT UNDER GST Input tax credit under GST means at the time of paying tax on output, the tax already paid on inputs can be reduced and only the balance amount a person is liable to pay. When you buy a product/service from a registered dealer you pay taxes on the purchase. On selling,…
HOW TO CLAIM TDS IN GST Tax Deducted at Source (TDS) is one of the ways to collect tax based on certain percentages on the amount payable by the receiver on goods/services. The collected tax is a revenue for the government. EXAMPLE: Selling price of 10 Typewriters @ Rs. 10,000/- per typewriter (Taxable Value) Rs….
HOW TO CLAIM TCS IN GST Tax Collected at Source (TCS) under GST means the tax collected by an e-commerce operator from the consideration received by it on behalf of the supplier of goods, or services who makes supplies through operator’s online platform. TCS will be charged as a percentage on the net taxable supplies….
ONLINE PAYMENT OF GST Online payment of GST is one of the major requisites for a business to stay compliant. As per the guidelines of GST Act, every registered regular taxpayer has to furnish the GST returns on a monthly basis, and pay the requisite tax by the GST payment due date – 20th of…
DIFFERENCE BETWEEN COMPOSITE AND MIXED SUPPLY COMPOSITE SUPPLY Composite supply means a supply is comprising two or more goods/services, which are naturally bundled and supplied in with each other in the ordinary course of business, one of which is a principal supply. It means that the items are generally sold as a combination. The items cannot…
MIXED SUPPLY Mixed supply under GST means a combination of two or more goods or services made together for a single price. Each of these items can be supplied separately and is not dependent on any other. Under GST, a mixed supply will have the tax rate of the item which has the highest rate of…
WHAT IS COMPOSITE SUPPLY Composite supply means a supply comprises two or more goods/services, which are naturally bundled and supplied in with each other in the ordinary course of business, one of which is a principal supply. It means that the items are generally sold as a combination. The items cannot be supplied separately. A supply…
INTRA STATE SUPPLY Section 8 of the IGST Act provides that intra State supply means any supply of goods and/or services where location of the supplier and place of supply are in the same State or same Union territory Exceptions – Supply of goods to or by a Special Economic Zone developer or a SEZ unit; or…
