Imagine a state electricity department hiring a contractor to repair machinery in a thermal plant. The total contract amount is ₹60 lakh. When the department pays the contractor, it does not transfer the full amount immediately. Instead, it deducts a small portion of tax and deposits it directly with the government.This deduction is called GST TDS (Tax Deducted at Source … [Read more...] about FAQs on GST TDS in India: Rules, Eligibility, 2% Calculation & GSTR-7 Filing Explained
What is the time limit to issue GST tax invoice
A registered person must issue tax invoices under GST to its recipient for supplying goods or services or both in India. Time period for issuance of invoice is different for goods and services. For goods, tax invoice should be issued any time before or at its delivery. For services, it should be issued within 30 days from the date of supply of services. Let us discuss time … [Read more...] about What is the time limit to issue GST tax invoice
How goods and services tax or GST is paid in India
One of the best thing of GST system is that government has made the entire process online, which means you can pay taxes and file your return online without leaving your office.As per the GST law, a registered taxpayer in case of Intra-state supply of goods or services or both, has to pay central tax (CGST) and state tax (SGST). For inter-state supply of goods or services … [Read more...] about How goods and services tax or GST is paid in India
When Debit and Credit note is issued in GST
As per GST law, a registered taxable person is required to issue a tax invoice to the recipient for supply of goods or services or both. After issuing tax invoice under GST, there can be a situation where the taxable value has either exceeded the actual value or is found to be less. In such a situation, the taxpayer is required to either issue a credit or debit note under GST … [Read more...] about When Debit and Credit note is issued in GST
Is GST applicable on advance payment to the supplier
In general, goods and services tax is imposed by the supplier at the time of issuing tax invoice for supply to recipients. Based on the type of supply, an advance payment can be made by the recipient on demand from the supplier. In such type of cases, the question arises, whether the supplier has to charge GST on advance payment? In this article we will be answering this … [Read more...] about Is GST applicable on advance payment to the supplier