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GST RETURNS GST RETURN MEANING GST Return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that include: Purchases Sales Output GST (On sales) Input tax credit (GST paid…
E WAY BILL IN GST E Way Bill in GST is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in. Alternatively, E-way…
SUPPLEMENTARY INVOICE IN GST Supplementary invoice in GST is a type of invoice that is issued by a taxable person in case where any deficiency is found in a tax invoice already issued by a taxable person. It can be in form of a debit note or a credit note. According to the GST Act,…
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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,…
