How to Record GST Transactions in Accounts – Journal Entries

Accounting Treatment Under GST GST will not only subsume the existing indirect taxes such as Service Tax, VAT, Excise, CST etc. but also simplify business and accounting processes. Initially, there may be certain transitional issues but in long term, it will ensure more transparency in business reporting and compliance. In the GST regime, a taxpayer Read more about How to Record GST Transactions in Accounts – Journal Entries[…]

All About Accounts and Records to be Maintained Under GST Law

Under the Goods and Services Tax law, the taxpayer is required to maintain certain documents, accounts, and records in respect manufacturing, trading or provision of services. In this article, we will discuss all the aspects related to maintenance of Accounts and Record under GST. Types of Accounts and Records Required GST The registered taxpayer should Read more about All About Accounts and Records to be Maintained Under GST Law[…]

Input Credit Set Off Under GST – Explanation With Examples

Dual Tax Scenario Under Goods and Service Tax : Illustrations The CGST / SGST is payable on all intra-State supply of goods and/or services and IGST is payable on all interState supply of goods and/or services. The CGST /SGST and IGST are payable on the same value at the rates specified in the Schedules to Read more about Input Credit Set Off Under GST – Explanation With Examples[…]

GST Practitioner : Eligibility, Functions, Enrollment and Filing of Returns

The Goods and Services Tax law provides for appointment of GST tax practitioners (tax return preparer) to file GST returns on behalf of taxpayers. The taxpayer can authorize any tax practitioner approved by Government to perform GST filing activities on behalf of the taxpayer. In this article, we will discuss the functions of tax practitioner, eligibility Read more about GST Practitioner : Eligibility, Functions, Enrollment and Filing of Returns[…]

GST Returns : Types, Due Date, Forms and Salient Features [With Infographics]

GST Returns Filing Requirements For Regular Taxpayers [Infographics]   GST Return: Type of Return, Due Date, and Forms Return Due Date Form Outward Supplies   10th of next month   GSTR -1   Inward Supplies   15th of next month   GSTR-2   Summary return for all taxable persons except specified herein under   20th Read more about GST Returns : Types, Due Date, Forms and Salient Features [With Infographics][…]

All about E-Way Bill under GST (Procedure for Transportation of Goods)

In the current VAT regime, the States have various check-posts on borders and highways to monitor the movement of goods. The officer can verify the goods and relevant documents to ensure that proper duties have been paid on said goods. Movement of goods is the important aspect in indirect tax laws due to possibilities of tax Read more about All about E-Way Bill under GST (Procedure for Transportation of Goods)[…]

What Is GST and How Does It Work – Detailed Guide With Infographics

GST Implementation in India and Its Impact GST is proposed to be implemented with effect from 1st July 2017. Implementation of Goods and Services Tax (GST) in India is one of the biggest reforms in the field of taxation. It is estimated that implementation of GST will boost the GDP by 1.5% to 2%. GST will Read more about What Is GST and How Does It Work – Detailed Guide With Infographics[…]

GST Rates & HSN Code For Coffee, Tea, Mate and Spices (Chapter 9)

GST Rate for Coffee, tea, mate and spices (Chapter 9) Nil Rate Products (Exempted) 1. All goods of seed quality 2. 0901 Coffee beans, not roasted. 3. Unprocessed green leaves of tea [0902], 4. Fresh ginger [09101110] and fresh turmeric [09103010] other than in processed form 5% Rate Products All goods not specified elsewhere 1. 0901 Read more about GST Rates & HSN Code For Coffee, Tea, Mate and Spices (Chapter 9)[…]

GST Rates & HSN Codes For Edible Fruit, Nuts; Peel of Citrus fruit etc. (Chapter 8)

GST Rates on Edible fruit and nuts; peel of citrus fruit or melons (Chapter 8) Nil Rate Products (Exempted) Fresh fruits other than in frozen state or preserved 1.   0801 Coconuts, fresh or dried, whether or not shelled or peeled. 2.  0802 Other nuts, fresh such as Almonds, Hazelnuts or filberts (Coryius spp.), walnuts, Chestnuts Read more about GST Rates & HSN Codes For Edible Fruit, Nuts; Peel of Citrus fruit etc. (Chapter 8)[…]

GST Rate & HSN Codes For Edible Vegetables, Roots and Tubers (Chapter 7)

GST Rates on Edible vegetables,  Roots and Tubers (Chapter 7) Nil Rate Products (Exempted) Fresh vegetables, roots and tubers other than those in frozen or preserved state 1.  0701 Potatoes, fresh  or chilled. 2. 0702 Tomatoes, fresh  or chilled. 3. 0703  Onions, shallots, garlic, leeks and other alliaceous vegetables, fresh or chilled. 4. 0704 Cabbages, Read more about GST Rate & HSN Codes For Edible Vegetables, Roots and Tubers (Chapter 7)[…]