Returning a good once sold is very common – even for business during the course of trading. Under the erstwhile indirect tax regime, once a good is returned it has a reducing effect on the total sales turnover of the business. Goods must be returned within a prescribed time, and in a time-bound manner (mostly…

In case you are a registered taxpayer under the erstwhile indirect tax regime, you will be provided with a provisional registration under the GST regime and an opportunity to transition. Once this provisional registration has been granted, a dealer needs to provide information that will be verified upon which a final registration will be issued….

Transitioning under the GST Regime – From a Regular Dealer to the Composition Scheme The GST regime calls for registration – that is the first step in transitioning towards a single unified tax system in India. But first we must understand the threshold limits for liability under the GST regime – are you aware that…

Transitioning with the GST is a great move for any dealer, however, are you aware of how to register under the GST regime? We have provided a snapshot of all the essential information required for GST registration both for an existing dealer as well as for new businesses, as well as the form filings that…

This article shall provide you with an insight into amending GST registration, applying for cancellation of registration and revoking the registration in case of its cancellation. GST Registration Basics – All You Need To Know 1. Amending the GST Registration – Supposing there is a change in the details that you have put in your…

The GST Regime has Introduced Interesting Concepts of Setting off Tax Liability Against the Input Tax Credit Team – Under the GST regime, every time a transaction takes place, it has a dual effect as follows – Central GST (CGST) State GST (SGST) Union Territory GST (UTGST) Integrated GST (IGST) In case of a transaction…

Availing the Input Tax Credit (ITC) is a boon in the GST regime. We have put together a checklist that can help you understand how to avail of this credit to the best of your benefit. Of course, you need to meet certain conditions first. Basics For Availing the GST Input Tax Credit: VAT –…

We have previously discussed situations and examples where one can avail of Input Tax Credit (ITC). However, did you know there are situations where ITC cannot be availed of? In this post, we aim to educate you on the scenarios and situations where a businessman or dealer cannot avail of Input Tax Credit: Registration – …