In the following cases, a delivery challan in GST may be issued by the consigner instead of tax invoice;Supply of liquid gas where the quantity at the time of removal from the place of business of the supplier is not known,Transportation of goods for job workTransportation of goods for reasons other than by way of supplyGST Delivery challan should always be prepared in … [Read more...] about When Delivery challan can be issued in GST instead of tax invoice
What is Bill of supply in GST and when it should be issued
In goods and services tax law, a registered person opting for composition levy should not collect GST from the recipient. Similarly, a registered person supplying exempted goods or services or both is not required to charge GST to recipients. As these suppliers do not charge tax, recipient should not expect tax invoice from them. Therefore, in the following two cases, bill of … [Read more...] about What is Bill of supply in GST and when it should be issued
GST Composition Scheme: Eligibility, Rates, Return & Turnover limit
Composition scheme is beneficial for small businesses looking for easier compliance with lower GST rates. As per the composition scheme, a registered person is required to pay GST on the turnover.In other words, the registered person opting to pay tax under the composition scheme needs only to ascertain the aggregate turnover and compute the tax thereon at a fixed … [Read more...] about GST Composition Scheme: Eligibility, Rates, Return & Turnover limit
GST returns – Taxpayer’s guide under goods and services tax law
In simple terms, return means a statement of information furnished to the government by the taxpayer at periodical intervals to comply with the law. In Income tax, individuals, partnership firms, private and public limited companies and other taxpayers are required to file their income tax return or ITR on or before the due date of filing for the income that they incurred for … [Read more...] about GST returns – Taxpayer’s guide under goods and services tax law
When Interest on delayed payment of GST is to be paid
A registered person has to pay GST for all taxable supplies of goods or services or both on or before the 20th of the following month for which tax has been charged to recipients. As per section 50, every person who is liable to pay GST in accordance with the provision of this act or rules made there under but fails to pay tax or any part thereof to the government within the … [Read more...] about When Interest on delayed payment of GST is to be paid