Transitional provisions rules under GST Law

Transition provisions are incorporated under GST to enable existing tax payers to migrate to GST in a transparent and exact manner. One of the major concerns for businesses is the availability and eligibility for claiming input tax credit when the current indirect tax regime changes to GST. Transitional provisions under GST law address three key… Read More »

GST Invoice Rules: All you need to know about GST invoice

GST INVOICE: The government has notified rules of invoicing under GST along with a template of invoice covering the elements such as suppliers’ details, GST rates that need to be presented. The Central Government has issued GST Invoice Rules, based on that suppliers can issue two kinds of invoices under GST namely tax invoice and… Read More »

How to create GST invoices: It’s EASY

There are some apprehensions in the trade circles that suppliers of goods have to issue GST invoices as per the prescribed format and that issuing invoice is going to be burdensome process. This is false. First of all, the invoice becomes a basic document for recording the sale or purchase in books of accounts. And… Read More »

GST: E-way Bill will likely to be adjourned by Govt.

An E-way bill talks about the seamless movement of good and services. Moving of goods worth Rs. 50,000 under GST, you will need prior online registration of the consignment and secure an ‘E-way bill’ that tax officials can inspect anytime during the transit to check tax evasion. Goods can’t move otherwise in simple words. Some… Read More »

Anti-profiteering Clause in Goods and Service Tax

The draft goods and services tax (GST) law has proposed an anti-profiteering mechanism to ensure benefit of lower taxes is shared with consumers, and indicates no tax on securities and subsidies provided by the government as also free of cost supplies. In order to prevent any rise in price of commodities after goods and service… Read More »