Have you ever wondered:“What is the GST State Code in my GSTIN?” or “What happens if I register under the wrong jurisdiction?”You’re not alone.These are common and valid concerns, especially among small business owners, salaried individuals with a side business, and independent service providers.In this article, we’ll break down the concepts of GST … [Read more...] about Understanding GST State Codes and Jurisdiction in India: A Beginner’s Guide
Goods and Services Tax
Goods and Services Tax (GST) basics: Frequently Asked Questions (FAQs)
Welcome to our GST FAQ section, where you’ll find answers to all your questions about the Goods and Services Tax (GST) system in India. Whether you're a business owner, an entrepreneur, or an individual taxpayer, understanding GST is essential to ensure that you remain compliant with the law and make the most of the tax benefits available.GST is a complex indirect tax … [Read more...] about Goods and Services Tax (GST) basics: Frequently Asked Questions (FAQs)
Top 10 GST Mistakes Businesses Make and How to Avoid Them Easily
Goods and Services Tax (GST) in India started on July 1, 2017. Its purpose is to simplify taxes and treat goods and services equally all over the country.GST replaces several older taxes like VAT, excise duty, and service tax, creating one single tax system. There are different GST rates for different goods and services, usually between 5% and 28%.Overall, GST has … [Read more...] about Top 10 GST Mistakes Businesses Make and How to Avoid Them Easily
GST e-Way Bill: Top 5 things you must know before moving goods
An e-Way Bill under the Goods and Services Tax is a document generated electronically on the GST portal. e-Way Bill (EWB) is required for the movement of goods worth over a specified value. EWB contains details about the goods being transported, including the consignor, consignee, and vehicle information.Failure to carry a valid e-Way Bill can result in penalties … [Read more...] about GST e-Way Bill: Top 5 things you must know before moving goods
GST on insurance and recovery agents under RCM (Reverse Charge Mechanism)
Services provided by insurance and recovery agents are considered as a taxable supply under GST law. This includes commissions earned for services rendered.The GST rate applicable to insurance and recovery agents typically is 18%.If the agent is unregistered, the recipient of the service (such as the insurance company or bank) may need to pay GST under reverse charge … [Read more...] about GST on insurance and recovery agents under RCM (Reverse Charge Mechanism)