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)[…]

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[…]

FAQ on Audit under GST

Who can conduct audit of taxpayers? Ans. There are three types of audit prescribed in the GST Act(s) as explained below: (a)  Audit by Chartered Accountant or a Cost Accountant: Every registered person  whose turnover exceeds the prescribed limit, shall get his accounts audited by a chartered accountant or a cost accountant. (Section 35(5) of Read more about FAQ on Audit under GST[…]