The Goods and Services Tax (GST), which was implemented in India from July 2017, has brought a host of changes in the taxation system of India. It has replaced a number of indirect taxes that were charged earlier on goods and services by the central and state governments. The main aim of introducing GST was […]
Reverse Charge under GST explained with practical examples
Under the reverse charge mechanism, it becomes the responsibility of the buyer to pay GST to the government instead of the seller. When such situations arise, you will need to mention Reverse Charge as ‘Yes’ while creating a GST invoice. What is Reverse Charge? Usually, it’s the responsibility of the seller to collect GST from […]
Place of Supply in GST: Explained in easy words with examples
While creating a GST invoice, it is important to identify the correct place of supply. Reason being, GST is a destination-based tax, which means, the type of tax is decided depending on the state of supply (also known as ‘Place of supply’). Importance of Place of Supply If place of supply is different than the […]
Download GST registration certificate online: Step-by-step process
After registering for GST, it is an important step to download the GST registration certificate. This doesn’t only act as proof that you are a GST-compliant entity but also acts as address proof for your business. In this article, we have mentioned the step-by-step process of downloading GST certificate online. What is GST certificate? Every […]
GST Guide for beginners – GST explained in simple words
Goods and Service Tax (GST) came into effect from 1st July 2017 in India and replaced all pre-existing indirect taxes in the country like VAT, customs, excise, state excise, etc. This GST India guide is meant to help businesses of all kinds to follow and be compliant to GST rules. To make navigation in to […]
Rs 11,052 crore GST refund claims settled in 47 days: CBIC
The Central Board of Indirect Taxes (CBIC) has announced that it has cleared a total of 29230 GST refund claims amounting to Rs. 11,052 crores in a period of 47 days starting from April 8th to May 24th. This announcement was made via the official CBIC handle on Twitter. Earlier on April 8th, the Finance […]
No Covid cess on GST: FM
Sources from the finance ministry have denied the plans of imposing any kind of extra cess for CoronaVirus on GST. Some media reports earlier mentioned that the goverment is mulling the plans of imposing extra cess for Covid on GST, similar to the flood cess implied by the Kerala government last year. Sources stated that […]
GST state code list India
Under the GST Act, every state of India has been assigned a two digit code, which is called the GST State code. This code is used at various places. For example, you need to mention this code while creating a GST invoice. You also need to mention it while filing the GST return. If you […]
No GST on LIC Maturity Amount: Karnataka AAR
Karnataka AAR bench has ruled that GST shall not be applicable on LIC policy’s maturity amount since the same doesn’t qualify as a service. However, the premium amount is taxable being the consideration that it is a service provided by the insurance companies. “The insurance premium of policies is taxable under GST, being the consideration […]
GST invoice format in Word, Excel, and PDF – Free Download with guide
Invoices are often referred to as the most crucial instrument in the running of a successful business. They contain details such as the quantity of a given good or service, its price, and terms of supply, tax if applicable, etc. to be paid by a consumer. For the services and products sold in India, the […]