HSN stands for Harmonized system of Nomenclature, it is an internationally accepted product coding system used for maintaining the uniformity in the classification of goods. Goods traded across the world are known by different names due to language differences. Similarly, in IT-enabled multinational trade, a unique code is given to each…
An Invoice is required for every form of supply such as transfer, barter, exchange, license, rental, lease or disposal. GST requires a Tax Invoice or Bill of Supply to be issued before or on the occurrence of a certain event or within a prescribed period of time allowing a seamless…
1. ACCOUNTS & RECORDS Accounts & Records maintained by an Organisation are a crucial and important part of the day to day business. They are relied upon at the time of financial reporting, proposals, audits, assessments, etc. The current GST laws prescribe the manner in which the books of accounts…
The procedure of GST Registration has already started and below you may see the complete analysis on model Goods and Service Tax (GST) Law Transitional Provisions. In this article, we have strived to provide complete details for Transitional Provisions analysis. FOR OFFICERS APPOINTED UNDER THE GST LAW: Officers appointed under…
-The mentioned GST rates were approved on the 14th GST Council Meeting. GST shall come into effect from 1st July 2017 without any further delay. The Goods and Services Tax (GST) Council has finally zeroed down on GST rates for the majority of goods and services. Broadly the rates are…
The new GST law happens to be one of India’s biggest tax reforms, an initiative that is expected to improve the compliance levels, thus increasing the government revenue and creating a common base for the businesses by amalgamating the central and local taxes into a single levy. The GST law…
Registered taxpayers must file returns for Goods and Services Tax (GST) every month, a ‘return’ is stated as the paperwork that a taxpayer is required to file in accordance with the tax authorities. It is a record of all the taxes collected from the customers. Every individual registered under the…
The most important aspect of the Goods and Services Tax (GST) is the inclusion of a new input credit system. When you purchase goods or services from a registered dealer you pay taxes on the purchase and while making sales, the tax is collected and the same is adjusted periodically…
The Centre and the States both have been designated the powers to levy and collect taxes and as per the Constitution, they have different responsibilities to perform. The dual system of GST will, therefore, be keeping with the Constitutional requirement of fiscal federalism. The Centre and States will simultaneously levy…