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REVISED INVOICE IN GST Under GST, all the taxable dealers will have to apply for provisional registration and carry out all the formalities post which they will get the permanent registration certificate. For all the invoices issued between the period – Date of implementation of GST Date of issue of Registration certificate The dealers will…
The difference between Debit note and Credit note is as follows: DEBIT NOTE IN GST Debit note is a document issued by a supplier under Section 34(3)of CGST Act, 2017, when there is a need of increase in taxable value or increase in GST charged in invoice. The tax liability of the supplier will increase,…
MEANING Credit Note is a document that is issued by a registered person under section 34(1) of CGST Act 2017 when supplies are returned or found deficient, or decrease in taxable value or GST charged in invoice. The tax liability of the supplier will reduce, as and when the Cr. Note is issued by the…
MEANING Debit Note is a document issued by a supplier under Section 34(3)of CGST Act, 2017, when there is a need of increase in taxable value or increase in GST charged in invoice. The tax liability of the supplier will increase, as and when the Dr. Note is issued by the supplier. It is to…
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…
