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)
Goods and Services Tax
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)
GST under RCM on services supplied by directors
In the normal GST system, it's the responsibility of the supplier of goods and/or services to charge and collect the tax as per the GST law from the recipient and deposit the same with the government. In Reverse Charge Mechanism (RCM), the responsibility for paying the tax shifts from the supplier to the recipient of the goods and/or services.Reverse charge mechanism (RCM) … [Read more...] about GST under RCM on services supplied by directors