This post has been updated on 21, October 2016 to incorporate latest changes. One of the fundamental features of GST is the seamless flow of input credit across the chain (from the manufacture of goods till it is consumed) [...]
GST is a dual concept system. On every transaction (within a state), there will be component of Central GST (CGST) and State GST (SGST). Integrated GST (IGST) is for interstate transactions. Therefore, it is important for businesses to know [...]
In the current tax regime, various conditions are applicable for availing input tax credit. A brief overview is given below: Type of Input Tax Credit Conditions for availing Input Tax Credit (ITC) VAT As a VAT dealer, you can [...]
1. Registration not applied for within 30 days from the date on which you become liable to register If you have not applied for registration within 30 days from the date on which you become liable to register, you will lose [...]
It is quite common that businesses have a distributed system of manufacturing units or service rendering units across the nation. In simple words, businesses with Head Offices (HO) and Branch Offices (BO) which are spread across the nation – could be in the same [...]
Conditions for distribution of input tax credit by an ISD The following are the conditions applicable for distribution of input credit by an ISD: 1. An ISD invoice clearly indicating ‘issued only for distribution of input tax credit’, should be [...]
GST, a comprehensive indirect tax system introduced on 1st July, 2017, is a transaction-based, technology-driven tax system. Under GST, compliance becomes a key factor for the success and credibility of businesses. GST compliance works on the concept of Self-Monitoring [...]
GST , a comprehensive indirect tax system, was introduced on 1st July, 2017. The businesses are in the transition phase, and doing everything possible to get equipped with new taxation reform. Among the various aspects, migrating of input tax credit [...]
Input tax credit is a critical component of compliance under GST. While input tax credit is available on all inputs used in the course of business or for furtherance of business, certain conditions have been laid down for claiming [...]
GST, a comprehensive indirect tax system introduced on 1st July, 2017, has subsumed a host of Central and State levied taxes and has transformed the entire nation as ‘One Nation –One Tax –One Market’. The convergence of taxes into [...]
