GST Invoicing can be broadly classified under two heads – Tax Invoice Bill Of Supply Issued by a registered taxable person Issued by a registered taxable person Issued for the supply of a taxable good or service Issued for the...
Valuing a good or a service enables understanding its total cost, including the amount of tax that is required to be levied on it. Both the monetary and non-monetary value of supply need to be duely computed. In case...
The GST has aimed to unify tax payments across the nation, therefore the key idea is to converge all the taxes – both state and central, and bring it under the ambit of the GST portal. Under the erstwhile...
Confused on filing GST Returns? Here’s all you need to know. Every registered taxable person has to furnish outward supply details in Form GSTR-1 (GST Returns-1) by the 10th of the subsequent month. On the 11th, the visibility of inward supplies is...
Accounting and tax professionals have the authority to file returns on behalf of taxable persons under the indirect tax regime of the country. Under the erstwhile regime, chartered accountants, sales tax practitioners and advocates undertake this job. Under the...
What is a tax refund? A tax refund is any amount returnable to a tax payer, by the government. Dealers and businessmen alike can claim refunds on specific events such as when excess tax has been paid, there is...
Every person is required to pay tax, and hence is known as a taxpayer. However, the amount of tax payable by various persons, meaning their tax liability towards the government, varies due to several factors. Determining the amount of...
Accounting and reporting form the backbone of compliance of any company. The indirect tax regime in India prescribes the standards that need to be maintained for accounting pertaining to tax and other ancillary information. Records need to be maintained...