GST Accounting with ledgers and double entry system

With Goods and Services Tax law there will be changes in way you account your business transactions and maintain tax records. One benefit every tax payer will have is availability of Electronic tax ledger at GST portal. Your accounting data should match the details available at GST portal. Acc... Click to read full article

Pulkit Sharma 03/06/2017 under GST-Accounting


GST Reverse Charge mechanism and rules with accounting entries

Reverse charging mechanism a procedural way of discharging tax liabilities and formalities by buyer of services or goods or both instead of seller. For example, a transaction will be considered as reverse charge if tax is payable by buyer instead of seller. GST reverse charging provisions a... Click to read full article

Pulkit Sharma 01/06/2017 under GST-RCM


List of different forms under GST

The form naming system under GST is impressive. They have named forms in such a simple manner that understanding nature of form becomes easy. Form example all the forms for return filing will are named as GSTR-1, GSTR-2 etc. and similarly forms to apply for a practitioner are named as GST PCT-... Click to read full article

Pulkit Sharma 27/05/2017 under GST-Documents


Point of taxation and time of supply

Point of taxation under GST is at the time of supply of goods or services or both. Liability to pay tax arises at the time of supply of goods or services or both. It is very important to understand concept of time of supply to compute the liability of output tax. What is time of supply in G... Click to read full article

Pulkit Sharma 27/05/2017 under GST-Compliance


All about Input Tax Credit

To avoid cascading effect governments all over the world provide input tax credit. Under GST also input tax credit is available which can be utilised to pay against tax liability of output tax. Before proceeding to input tax credit provisions, first understand some terms and logic behind input... Click to read full article

Pulkit Sharma 18/05/2017 under GST-Input


Guide on GST practitioners

Goods and services tax practitioner or GST practitioner is a person who is approved under section 48 of CGST act to act as a practitioner. GST practitioners can help their client file information with respect to inward and outward supplies and also filing returns. What is the eligibilit... Click to read full article

Pulkit Sharma 17/05/2017 under GST-General


GST compliance rating score and how to improve your GST rating score

Every registered person under GST is given a compliance rating. This rating number depends on timely tax payment, timely and accurate return filing and fulfilling other requirements. Section 149 of CGST act, specifies that Every registered person may be assigned a goods and services tax comp... Click to read full article

Pulkit Sharma 15/05/2017 under GST-General


Trading with unregistered person under GST and levy under reverse charge

A registered person is one who has registered under GST and unregistered person is one who is not registered under GST. This is a simple definition of registered and unregistered person in a layman language. As a registered person to comply correctly with GST law, you must understand certain... Click to read full article

Pulkit Sharma 15/05/2017 under GST-Compliance


Bill of supply and invoice for GST composition levy scheme

Those who have opted for composition scheme needs to provide a bill of supply instead of a tax invoice. Section 31 of CGST Act, contains the provision for issuing invoice for supply of goods or supply of services. If you are paying tax under composition scheme, you are not required to issue a ... Click to read full article

Pulkit Sharma 14/05/2017 under GST-Invoice


GST Login closed temporary login not allowed

The last date to enroll or migrate under GST was 30th April 2017. The GST portal has message that login for existing as well as new registration is closed with effect from 1st May 2017 and will reopen after some period. As a result those who have already registered on GST portal cannot log... Click to read full article

GST Payer 09/05/2017 under GST-News


Guide on Goods and Service Tax (GST) for beginners

This article is a basic guide on Goods and Service Tax (GST) for beginners, which will be further improved from time to time. The purpose of this guide is to explain GST in a simplified manner and linking the useful information that every tax payer must know. Goods and Service Tax (GST) is... Click to read full article

Pulkit Sharma 08/05/2017 under GST-Compliance


Search HSN code and HS description of a product with explanation

Search with HSN Code HSN Code HS Description GST - Tax Rate Result HSN or HS Code or Harmonized System (HS) is an effort to classify traded products into a common internati... Click to read full article

Pulkit Sharma 06/05/2017 under GST-General