Input refers to any goods or services or both used by a registered taxpayer to create the finished product and/or to render services to the consumer. The beauty of input tax credit (ITC) mechanism in GST is that the registered supplier gets credit for GST that he has paid while purchasing goods and/or services to supply the final product or services. In simple words, input tax … [Read more...] about What are the documents required to avail input tax credit in GST
Goods and Services Tax
When Delivery challan can be issued in GST instead of tax invoice
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 supply GST 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
What is composition scheme in GST and when its applicable
Small suppliers whose aggregate turnover from supplying goods for a year is less than Rs 40 lakhs are not required to register under GST. This limit is Rs 20 lakhs for supply of services and Rs 10 lakhs for north east states. However, if you have taken registration under the GST law, then you are liable to pay goods and services tax based on supplies irrespective of your … [Read more...] about What is composition scheme in GST and when its applicable
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