Category: All about GST

GST ready?

GST effect on Garment industry.

  Sr. No. Description of commodity Chapter Number Tax rate % 1. Cotton 52 5% 2. Cotton Waste 52 5% 3. Cotton Yarn 52 5% 4. Cotton Sewing Thread 52 5% 5. Cotton Fabrics 52 5% 6. Sewing Thread (Made in Filament Yarn) 54 18% 7. Rubber Thread and Card 54 12% 8. Narrow Woven…
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goods and service tax

Goods and Service tax a new regime

Goods and Service tax: Congratulations or a satire perhaps  is the  GST law commencement today? GST  have been inaugurated by three hands on the final introduction of largest unbeatable level of one umbrella of taxation. While wondering about what’s these three hands are, let me let you know the trick. The forth hand is technology…
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Impact of GST on businesses with customers across states

Business with customers across states: Business is all about  making profits and more profits at unprecedented way. However,  expanding your business  operations  to spread to the neighbouring states first and the country is a motive every businessmen have.  A curator will always be clear with the current regime of taxation in this case, for uninterrupted…
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Penalties

Penalties and loss upon failing to file GST returns

Penalties and loss upon failing to file GST returns: Much more can be lose if you do not file your Income  tax return by July 31st. As the date approaches fast enough to trail on,  the people are expected to file and not fall prey for consequences.  As the government is ready to implement GST…
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Input Tax Credit

Situations where Input Tax Credit cannot be availed.

INPUT TAX CREDIT  With the continuing sensations of GST law and implementation, the mechanism can only function when rest on ITC i.e Input tax credit. Input Tax credit can be defined as at the time of paying  tax on output,  one can reduce the tax he,/she have already  paid on inputs. Any individual can avail…
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Garment Industry

GST effect on Garment industry

Different Taxings on different products of Garment industry.     Sr. No. Description of commodity Chapter Number Tax rate % 1. Cotton 52 5% 2. Cotton Waste 52 5% 3. Cotton Yarn 52 5% 4. Cotton Sewing Thread 52 5% 5. Cotton Fabrics 52 5% 6. Sewing Thread (Made in Filament Yarn) 54 18% 7.…
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Advance payment GST

Impact of GST on advance payments

Advance Payment GST: According  to the revised model  of GST law,  the time of Supply  of goods and services should be earliest of date of issue of invoice and receipt  of payment done advance. If in situations where the recipient of goods and services  which made by advance payment gst as in terms to the…
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Reconciliation

Reconciliation of GST

Reconciliation of GST : The restoration or reconciliation  under GST would help in keeping  the account books in sync with the filling  done. It will happen between  the purchase ledger you make GSTR-2A,  which shall be auto populated using the sales data uploaded in GSTR-1. Reconciliation of GST will highlight errors in different cases,  among…
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Chartered Accountant

Role of Chartered Accountant in GST

Role of Chartered Accountant in GST: As the pace of GST implementation is on hold,  here goes to the Chartered Accountant to conquer their professional services.  Necessary guidance and support provide by Chartered Accountants will be  undertaken as a content  management to the taxation proceedings by the taxpayers. CAs will act as a body  representatives…
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e-way bill

What is E-way bill under GST? What happens when you don’t update the E-way bill?

  E-WAY BILL: As the day is falling short for GST Implementation, the central government is in favour of postponing its commencement by a few months more as of the process of E-way bill, which requires movement of good above Rs 50000 to be per registered online. As the world is going online for everything,…
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