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GST, Supply of Goods & Service -

Invoicing is a crucial aspect of tax compliance for every business. It is essential to be aware of the rules of invoicing under GST. Let us understand these in detail. Invoicing in the current tax regimes In the current tax regimes, two types of invoices are issued: Tax invoice – This is issued to registered dealers, and can be used to claim tax credit. Sample formats of the two main types of tax invoice in the current tax regime, the Rule 11 Excise invoice and tax invoice are shown below.   Retail or commercial invoice – This is issued to an...

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GST, GST Returns -

Convergence is the key to GST; convergence between states and central taxes. Consider what happens today. A manufacturer who is compliant under Central Excise, Service Tax, and VAT has to file returns as specified by each of the states.  The manufacturer has to deal with returns, annexures, and registers for Excise, Service tax and VAT with monthly, quarterly, half-yearly and yearly periodicity. With GST in place, it does not matter whether you are a trader, manufacturer, reseller or a service provider, you only need to file GST returns. Wow! This sounds good. Let us understand different types of return forms...

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GST, GST Returns -

Every registered taxable person has to furnish outward supply details in Form GSTR-1 (GST Returns-1) by the 10th of the subsequent month. On the 11th, the visibility of inward supplies is made available to the recipient in the auto-populated GSTR-2A. The period from 11th to 15th will allow for any corrections (additions, modifications and deletion) in Form GSTR-2A and submission in Form GSTR-2 by 15th of the subsequent month.The corrections (addition, modification and deletion) by the recipient in Form GSTR-2 will be made available to supplier in Form GSTR-1A. The supplier has to accept or reject the adjustments made by the...

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GST, GST Returns -

In the current indirect tax regime, there are accounting and tax professionals who are authorized to file returns on behalf of taxable persons. Currently, this role is performed by Chartered Accountants (CAs), Sales Tax Practitioners (STPs) and advocates. The Draft Model GST Law seeks to formalize this association between a tax payer and the return preparer and make the three-way association between a tax payer, a tax return preparer and GSTN transparent. Let us understand who a Tax Return Preparer is, under GST. A Tax Return Preparer is a person approved by the Central or State Government to perform any...

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GST, Migration of Tax -

The first and foremost task for you, as a business registered under the current law, is transiting to GST. While it is important to know the fundamentals of GST, it is also very critical for you to understand GST transition provisions available, and take the necessary actions to ensure a smooth transition to GST and leverage on transition benefits. You will need to review your accounting and reporting procedures, procurement, logistic decisions, and so on in advance to avail the appropriate GST input tax credit.   Today, the manufacturing, sales and service activity are governed by a separate indirect tax...

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