The Electronic Way (eWay) Bill is a system introduced under the Goods and Services Tax (GST) regime in India to facilitate the seamless movement of goods across state borders. It’s essentially an electronic document generated online for the movement of goods worth over a specified threshold value. Key Components: Generation: The eWay bill is generated …
Registering for Goods and Services Tax (GST) can offer several benefits for businesses: Legal Compliance: Registration ensures compliance with the law. It’s mandatory for businesses whose turnover exceeds the prescribed threshold limit, as per the GST regulations. Input Tax Credit (ITC): Registered businesses can claim ITC on taxes paid on their purchases. This helps in …
To deregister from GST (Goods and Services Tax), you typically need to follow these steps: Check Eligibility: Ensure that you meet the eligibility criteria for deregistration. Generally, businesses that no longer meet the turnover threshold or have ceased operations can apply for deregistration. Prepare Documents: Gather all necessary documents such as your GST registration certificate, …
In India, under the Goods and Services Tax (GST) regime, the Reverse Charge Mechanism (RCM) is a system where the recipient of goods or services is liable to pay GST instead of the supplier. RCM is applicable in specific scenarios as defined under the GST law. As of my last update in January 2022, here …
What is RCM in GST and on which goods and services it is applicable Read More »
Goods and Services Tax (GST) registration is mandatory for businesses in India that meet the criteria laid out by the GST law. Here is an overview of the GST registration process and timelines: GST Registration Process: Determine Eligibility: Businesses with an annual aggregate turnover exceeding the threshold limit must register for GST. The threshold limit …
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