With the arrival of GST tax in India, invoice would have to be issued with new norms laid out by the government. Don’t worry The Buzz Stand is here to help you out on basics of GST. We would start with discussing about GST invoice format and then talk about differences between this and earlier invoice formats. Then, taking this post into further detail we would be discussing about invoice ….
We have been discussing about a lot of things around GST tax in our basics of GST series. In this post, we would be discussing about some sort of a problem solver for many. There would be many businesses who would be going for GST enrolment online under the GST tax. Some of them might have the problem that their GST Provisional ID doesn’t work or is not able to ….
A receipt is acknowledgment of the fact that money has been received in cash or kind (goods) for supply of certain goods or service. It can be issued on both sides like while collecting payment and also on buyer of goods side while receiving the goods. In this basics of GST series post we discuss about how is receipt issued under GST tax Receipt Format under GST The receipt format ….
With GST act coming into force, there are still a lot of businesses who have not yet registered for GST tax. Any person who wants to collect GST tax or person might require GST registration to benefit under input tax credit scheme and GST composition levy scheme. In this basics of GST series post we would discuss about how to get your GST registration online. We at The Buzz ….
With GST tax coming into effect on 30th June 2017 the government along with the help of other stakeholders has setup a GSTN or goods and service tax network. GSTN is formed with the purpose of providing IT support and IT infrastructure to all the stakeholders involved. Government of Inia holds 24.5%, other states and UT hold 24.55 and private players hold 51% in this. GSTN is a nonprofit ….
In our previous posts we have been discussing a lot about basics of GST. We would now be discussing about GST composition levy. As we have been hearing about in newspapers and through other media as well that there are an estimated 55 million micro and SME businesses operating in India. GST tax would have an impact on at least 10 million of these businesses. These businesses would ….
In our previous article of basics of GST series we have discussed that GST tax was brought in place to remove the cascading effects of indirect taxes. GST tax is an indirect tax which would replace other taxes from 30th June. It is levied on the basis of value added at each stage. Hence, at each stage there would be an output i.e. goods or services you sell on which ….
With the new GST tax coming into picture we would be seeing creation of new jobs in the form of GST practitioner. In this post of Basics of GST series, we would be discussing about the roe of GST practitioner and how to enroll for it. With new GST act coming into picture there are around 1 crore business which would come under umbrella of GST and would be known ….
In this basics of GST series article, discussion would be moving around calculating GST payment due from the portal. As we discussed in our previous article as well that the GST tax platform uses 3 ledgers which are Electronic Liability Register, Electronic Credit Ledger and Electronic Cash Ledger for management of GST credit, debit liability, interest, penalty etc. Form GST PMT-01 is used to maintain electronic liability register and it manages ….
This article is another post by The Buzz Stand team in basics of GST series. This post would help you know the new HSN code for GST registration process. Harmonized System Nomenclature or HSN is a code number which is internationally adopted for commodity description and coding. HSN is developed by World Customs Organization or WCO. More than 200 countries in the world use HSN for the purpose of custom ….
This article is a part of the basics of GST series by The Buzz Stand where we are trying to educate people about this new GST tax. The series covers articles from GST registration, GST filing, people who would come under this and various other topics which would help make the audience aware. Almost 80 lakhs businesses have migrated to GST, in anticipation that 1st July 2017 will be the roll ….
Taxable person under GST is anyone who has registered for GST tax or needs to be registered for GST. There are different criteria’s such as business activity, turnover, or transactions which has been specified under the GST Act. Each of these details are compulsory for the person who is registered under GST. Any person who has VAT, Service Tax, or Central Excise on the date of GST will be taxable ….
The GST platform which has been created by the Government has 3 ledgers for managing GST payment, liability, input credit, interest, penalty pending, late fee or any other amount which are Electronic Liability Ledger, GST Electronic Credit Ledger and GST Electronic Cash Ledger. The 3 ledgers are used to balance the GST liability, credit and payments pertaining to each of the GST taxpayer. This article would explain the procedure for making ….
In this basics of GST series article, we are going to discuss in depth about various types of GST taxes and how there implementation would be playing a role. IN GST tax, the tax base will change from origin to place of consumption. Now the imports or end use will have to pay the tax and exports as well as production will be free from any tax. Under current situation, ….
We would try to understand how a revised tax invoice under GST tax should be issued as a part of the basics of GST series. A GST tax invoice which is issued by a goods or services supplier, must conform to the rules which have been laid out for issuing an invoice. After it has been issued, there might be a requirement to revise or modify the issued invoice ….