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Goods and Services Tax

GST Composition Scheme: Eligibility, Rates, Return & Turnover limit

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Composition scheme is beneficial for small businesses looking for easier compliance with lower GST rates. As per the composition scheme,  a registered person is required to pay GST on the turnover.In other words, the registered person opting to pay tax under the composition scheme needs only to ascertain the aggregate turnover and compute the tax thereon at a fixed … [Read more...] about GST Composition Scheme: Eligibility, Rates, Return & Turnover limit

GST returns – Taxpayer’s guide under goods and services tax law

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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

When Interest on delayed payment of GST is to be paid

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A registered person has to pay GST for all taxable supplies of goods or services or both on or before the 20th of the following month for which tax has been charged to recipients. As per section 50, every person who is liable to pay GST in accordance with the provision of this act or rules made there under but fails to pay tax or any part thereof to the government within the … [Read more...] about When Interest on delayed payment of GST is to be paid

Beginner’s guide to TCS under GST – Collection of tax at source

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Collection of tax at source or TCS refers to tax which is collected by the e-commerce operator when a supplier supplies goods or services through its portal. TCS amount should be collected from the payment of supply collected by the electronic commerce operator. This article will be a guide for e-commerce operator to know the provisions of TCS under GST. If you are interest to … [Read more...] about Beginner’s guide to TCS under GST – Collection of tax at source

FAQs on GST TDS in India: Rules, Eligibility, 2% Calculation & GSTR-7 Filing Explained

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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