Output tax liability is the GST you collect on your sales, while input tax credit (ITC) is the GST you paid on your purchases. Your net GST payable is the output tax liability minus the eligible ITC, so knowing the difference is key to paying the correct tax. Under GST, output tax liability is the
Bank charges, including processing fees, RTGS/NEFT transfers, foreign exchange remittances, and custodian services, are subject to the GST. They are eligible for Input Tax Credit (ITC) when incurred for business purposes. However, many taxpayers overlook this credit because bank charges are not always explicitly itemised on statements. Ensuring your GSTIN is registered with the bank
When a business obtains GST registration, the GST previously paid on inventory, capital goods, and finished products held in stock becomes eligible for Input Tax Credit (ITC). Form ITC-01 is the mandatory declaration filed on the GST portal that enables newly registered taxpayers to claim this credit on their existing stock from the date of
Businesses required to generate e-invoices under GST must establish a connection with an Invoice Registration Portal (IRP) to obtain Invoice Reference Numbers (IRNs). One of the most efficient ways to achieve this connectivity is through a GST Suvidha Provider (GSP), which acts as an intermediary between the taxpayer’s accounting system and the government’s e-invoice portal.
The Employees’ Provident Fund (EPF) is a government-backed retirement savings program in India where both employees and employers contribute a portion of their salaries each month. Regularly reviewing your EPF balance is essential for monitoring contributions, interest accrual, withdrawals, and loan activities. With digital services now widely available, checking your EPF balance is straightforward and
The GST return filing framework in India has evolved considerably since its initial launch in 2017. The GST Council introduced plans for an updated return system to address shortcomings in the existing mechanism, including continuous invoice uploads, real-time matching, and enhanced reconciliation. However, these changes have presented their own set of challenges for businesses and
India introduced the Goods and Services Tax (GST) on July 1, 2017, to unify the country’s fragmented indirect tax structure into a single, streamlined framework. While GST has delivered meaningful improvements in tax administration, its implementation has faced several persistent challenges. From technical glitches on the GSTN portal to complex compliance requirements for small businesses,
Chapter 17 of the CGST Rules outlines the procedures for inspection, search, and seizure under India’s Goods and Services Tax framework. These provisions empower tax authorities to investigate suspected tax evasion, seize goods and documents, and ensure compliance with the Act. For every GST-registered business, understanding these rules is critical to knowing your rights and
Chapter 9 of the Central Goods and Services Tax (CGST) Rules lays down the framework for tax payment provisions under GST in India. These rules govern how taxpayers manage their electronic liability register, electronic credit ledger, and electronic cash ledger on the common portal. Understanding these provisions is essential for every GST-registered business to ensure
Filing your income tax return too early – before your AIS, Form 26AS and Form 16 are updated – can lead to mismatches, notices and a revised return. Waiting until these statements reflect all your income and TDS, while still filing before the due date, usually makes the process smoother. This guide explains the right
Chapter 8 of the CGST Rules (Chapter VIII) sets out the procedures for filing GST returns. It covers how outward supplies are furnished in GSTR-1, how the summary of supplies and tax is reported and paid in GSTR-3B, and the rules for annual, final and other special returns, forming the backbone of GST return compliance.
The GST Composition Scheme under Section 10 of the CGST Act lets small businesses pay tax at a fixed, lower rate on turnover instead of standard rates, with fewer returns and less paperwork. Traders and manufacturers pay 1%, restaurants 5%, and eligible service providers 6%, but they cannot claim input tax credit (ITC), collect GST
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