Invoicing under GST: Rules and Formats

From 1st July, 2017, GST has replaced most of the indirect taxes in india. There is slight difference between invoicing under GST and invoicing under old regime. Governement has notified rules for GST invoice and sample GST invoice format. Let’s understand this new era of GST in India.   Invoicing under GST: Invoicing under Old regime:  There were two types of invoices in old regime. Tax invoice and Retail invoice. Tax invoice has been issued to give input tax credit for tax paid. It was issued to registered person having tax number. The retail invoice was required to issue...

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13 Highly concerned GST issues and their solutions

Goods and service tax is a very ambitious tax scheme which will be subsuming almost every indirect taxes currently prevailing in India. The Indian government and presumably all the business sectors are ready to implement GST into their structure. The apex governing body of this new tax scheme i.e. GST council has finalised almost all the tax rates and laws concerned but there is still some bone of contention and shortcomings into the pipeline. There are a number of GST issues for which Government is facing stiff opposition from the business class.Let’s understand the GST issues regarding the returns,...

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GST Rate chart applicable from 1st July, 2017

Do you know what will be GST rate for products/ services you sell? No worries. We have given here GST rate chart covering most of the goods, services with HSN and SAC code. Following points are covered in this article: What is GST in India? GST rate for goods and services with HSN code what is composition scheme and GST rate under the scheme? Reverse charge under gst and GST rate under the same GST Compensation Cess Rate How to charge CGST, IGST, SGST while issuing invoices? GST benefits GST credits What is Good Service Tax (GST)?: GST is...

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Section 269ST : Explanation with practical example

Introduction of Section 269ST: Cash forms the base for any business or profession. There is always continuous cash cycle to keep a business moving and enter all daily transaction. Cash transaction many times means chances of tax evasion or generation of black money. There are many sections under Income tax that governs the limits of cash transaction, let me highlight a few sections to elaborate on cash transaction and their respective limits.     Section 40 of Income Tax under Income from Business and profession section: Section 40A(2) and (3) are sections which checks tax evasion by disallowing cash...

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