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Some Vital Points that You Must Know about GST

Vital Points About GST

GST is an indirect tax and it will be applicable to professionals, service providers, freelancers and businesses whereas it is not applicable to salaried individuals.

Is it Mandatory register for the GST?

You should register for the GST in the cases mentioned below:-

  • If your sale or turnover exceeds Rs. 20 lakh ( Rs. 10 lakh in case of the Northeastern states).
  • If you are selling goods online. You are selling goods through your website or through e-commerce portal.
  • You can make inter-state sales, in case if you are living in one state and selling goods in another state. Let’s understand with an example, if you are living in Jaipur and selling goods to Kolkata, this is considered an inter-state sale.
  • If you are selling goods on behalf of another taxable person (i.e. you are an agent).
  • If you are dealing in goods/ services in which reverse charge implements- where the buyer has to deposit the tax instead of the seller.

Who will not be applicable for GST?

Agriculturist and farmers are not applicable for the GST. For example, If you are growing your own vegetables and selling it, then you are not required to pay GST. If you are dealing business in exempted goods or services, then you are not applicable to pay for GST. Read More

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Download GST Helpline App And Get Discount Offer On All Softwares

GST Helpline App

GST helpline application is a mobile application for GST. It has been developed by SAG Infotech PVT. LTD. based out in Jaipur, India. The application has been made to run smoothly on both Android and iOS platforms. It is available on Google play store over android devices (OS Version 4.0 and above). The GST helpline app offers secure login feature along with wide range of information on GST India. Read More

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Guideline For Maintaining Accounts and Records Under GST

Accounts and Records Under GST

Recently the Goods and Services Tax (GST) in India has rolled out various heavy implication over the financial maintenance industry in which it has mandated the business entities to regularize the accounts and records of the transactions. In fact, each and every law prevailing has the government the taxpayer community to maintain certain accounts and registers in which records must be maintained for a certain period of time. The records of transactions are the very basis which is required to file the taxes and to be presented in front of official authority in case of any checkout. Then there is a series of assessment which will determine the tax liability of a taxpayer under GST scheme. Read More

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How to Claim Refund Under GST in India?

GST Claim

Are you going to claim GST Refund in India? You have come to the right place. In this post, you can read complete information about who can claim refund in GST, process to claim refund and What is a refund if delayed.

What is Tax Refund?

A Tax Refund is meant for the refund of any kind of amount that is due to the taxpayer from the IT Department. There are some special cases in which refund is allowed and the taxpayer can claim refund only in the mentioned conditions. Read More

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Process Of Assessment of Tax Liability Under GST

Assessment of Tax Under GST

The term “Assessment of tax” means acknowledgment of the tax liability of an individual. The tax liability of a person is determined by the amount of tax paid by him/her during the tax timeline. However, the types of taxes in the GST is same as the old regime. There are commonly two types of tax assessments, namely, assessment by the taxable individual by themselves, also known as self- assessment and the other one is the assessment by the tax authorities. Read More

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TAX APPLICABLE ON SALES OF GOODS PRE GST AND FILE RETURN POST GST

Goods and Services in GST

In the old taxation scenario, the goods are eligible to be reduced from the overall turnover of sales, on the condition that the goods are returned within the mentioned timeline. The rebate in tax and its eligibility varies from one state to other. It takes 6 months from the actual date of sale.

GST (Goods and Services Tax) is a major taxation reform that has been implemented from July 1, 2017. As the Supply is a taxable event, therefore, it is necessary for businesses to understand the applicability of tax on goods and services in GST regime.
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Simple Ways to Determine the Supply of Goods and Services in GST

Goods and Services in GST

What is meant by Supply of Goods and Services?

The supply of Goods and Services under the GST is the taxable entity. All the indirect taxes in the old taxation structure such as Service Tax, VAT/CST, Central Excise are subsumed under GST (Goods and Service Tax). With this subsumption, the concept of sales, manufacture of goods and the services will be irrelevant. There are some indirect taxes that are included in the GST. The taxes that are not included in the GST: Basic Customs Duty, Exports Duty, Road & Passenger Tax, Toll Tax, Property Tax, Stamp Duty and Electricity Duty. Read More

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