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Goods and Services Tax

What is the time limit to issue GST tax invoice

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A registered person must issue tax invoices under GST to its recipient for supplying goods or services or both in India. Time period for issuance of invoice is different for goods and services. For goods, tax invoice should be issued any time before or at its delivery. For services, it should be issued within 30 days from the date of supply of services. Let us discuss time … [Read more...] about What is the time limit to issue GST tax invoice

How goods and services tax or GST is paid in India

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One of the best thing of GST system is that government has made the entire process online, which means you can pay taxes and file your return online without leaving your office.As per the GST law, a registered taxpayer in case of Intra-state supply of goods or services or both, has to pay central tax (CGST) and state tax (SGST). For inter-state supply of goods or services … [Read more...] about How goods and services tax or GST is paid in India

When Debit and Credit note is issued in GST

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As per GST law, a registered taxable person is required to issue a tax invoice to the recipient for supply of goods or services or both. After issuing tax invoice under GST, there can be a situation where the taxable value has either exceeded the actual value or is found to be less. In such a situation, the taxpayer is required to either issue a credit or debit note under GST … [Read more...] about When Debit and Credit note is issued in GST

Is GST applicable on advance payment to the supplier

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In general, goods and services tax is imposed by the supplier at the time of issuing tax invoice for supply to recipients. Based on the type of supply, an advance payment can be made by the recipient on demand from the supplier. In such type of cases, the question arises, whether the supplier has to charge GST on advance payment? In this article we will be answering this … [Read more...] about Is GST applicable on advance payment to the supplier

When to issue a GST Tax Invoice in India?

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In the context of Goods and Services Tax (GST) law as applicable in India, a tax invoice is a document issued by a supplier to a buyer that provides details about the sale of goods and/or services and the applicable GST.In GST, every transaction should be supported by at least one of the documents as specified in Goods and Services Tax law.Tax invoice issued by the … [Read more...] about When to issue a GST Tax Invoice in India?