Invoicing is a crucial aspect of tax compliance for every business. It is essential to be aware of the rules of invoicing under GST. Let us understand these in detail. Invoicing in the current tax regimes In the current tax [...]
In the GST regime, broadly two types of invoices will be issued – Tax Invoice and Bill of Supply. Tax invoice is to be issued by a registered taxable person for the supply of taxable goods or services. The bill [...]
Invoice matching is a unique and critical requirement of the GST regime. Therefore, we can understand that the businesses are worried about how to handle GST Bill Numbering under GST regime. What does the law say about bill numbering? [...]
Introduction “At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom.” These words of our first Prime Minister Pt. Jawaharlal Nehru, spoken at the midnight of 14th August, 1947 – as India [...]
Note: This blog is particularly meant for business owners who are doing manual billing in GST era, in spite of the fact that GST was rolled out in India on July 1, 2017. If you are a tax consultant [...]
Every tax invoice issued under GST has to contain certain details, which are mandatory to be mentioned. There is also a time limit within which an invoice should be issued. This checklist can be used by you to ensure that you [...]
In business, it is common to issue and receive invoices for goods or services where the price is inclusive of tax. Inclusive of tax means that the price quoted includes the value of tax. In such cases, a person [...]
We have learnt about Tax Invoice and Bill of Supply under GST, which are to be issued at the time of supply. Once a supply is made and Tax invoice or Bill of Supply has been issued, the supply [...]
Many suppliers have defined credit terms, which require their customers to make payment for supplies by a certain date. If the payment is not made, the supplier charges interest on the amount due from the customer. One of the [...]
In business, it is common to face scenarios where the value of tax turns out to be in decimals. How to treat such values? Should the amount of tax be retained with decimals? Or should it be rounded upward [...]
