The objective of the composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers. The composition scheme under GST is similar to the composition schemes available to small taxpayers in the erstwhile laws such as Excise, Service Tax, and VAT. This scheme allows small taxpayers to pay a fixed …
GST enables a seamless flow of Input Tax Credit (ITC) on all goods and services procured for providing outward supply (apart from the ineligible supply) There are numerous services that are procured centrally but used across geographical locations. The tax credits on such services can be accounted for centrally and distributed across such locations by …
Know All About Input Service Distributor Concept Under GST Read More »
Presently the Indirect tax system in India is a multi-point tax system where tax is levied only on value addition. This is achieved by the fact that Indirect tax (i.e. GST) borne on procurements or capital goods is available as a credit or set-off against GST liability on outward supplies. Relevant to note that over …
In this article, we will discuss the returns required to be filled by various types of taxpayers under the GST regime. GST returns expected to be filed by the taxpayers from 1st October 2020 can be referred to as New Returns. The return to be filed depends on the turnover, nature of operations and type …
The GST council recently announced the new return system for taxpayers in its 31st Council Meeting. In May 2019, they had shared a prototype of the offline tool on the GST Portal allowing users to use it and feel the difference. New GST return system Background The Goods and Service Tax Act has come with many …
New GST return system for taxpayers. Simplified! is it? Read More »
