Goods and Services Tax

In Reverse Charge Mechanism (RCM), the responsibility for paying the tax under Goods and Services Tax (GST) shifts from the supplier to the recipient of the goods or services. This is different from the regular GST system where the supplier is responsible for collecting and remitting the tax to the government.Reverse Charge Mechanism (RCM) applies to specific situations as … [Read more...] about Reverse charge mechanism (RCM) on legal services by a Lawyer or Advocate

TopicSimple ExplanationMeaning of GST TDSGST TDS means a government body deducts a small part of tax (2%) while paying a supplier and deposits it directly with the government.Purpose of GST TDSIt helps the government collect tax on time and increases transparency in payments.Who Deducts GST TDSMainly government departments, local authorities, PSUs, government agencies, and … [Read more...] about GST TDS Rules, Eligibility, Calculation, and Filing — Quick Summary Guide

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

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

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