Input Service Distributor in GST
Thus, the concept of ISD is a facility made available to businesses that have a large share of common expenditures, and billing and payment are done from a centralized location.
Category GST
What is the Process for GST Refund and How to claim?
What is GST Refund? A GST refund is the process by which registered taxpayers can claim a GST amount available into the GST login portal account in the form of cash or Input Tax Credit (ITC). What are the reasons…
Registration under GST
Registration is the most fundamental requirement for the identification of taxpayers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of…
50th GST Council meeting
Very Important Decisions were taken in the 50th GST Council meeting dated 11th July 2023. Brief for your quick access:
Bill TO Ship TO Transactions
Bill-to-ship-to transactions are a common practice in today’s business scenario. These transactions involve supplies where goods are to be delivered to the recipient on the instruction of a third party i.e. bill to. The Goods and Service Tax is an…
Input Tax Credit Reversal due to non-payment to vendor
Under the GST law, the input tax credit can be availed by a registered person on goods/services used during business subject to satisfaction of conditions and restrictions set out therein. Accordingly, such a person can avail the ITC on the…
ITC: Input Tax Credit
ITC means credit of input tax. Input tax means the central tax, State tax, integrated tax, or Union territory tax paid on receipt of goods or services from the registered person. ITC can only be claimed under GST if its…
Goods and Service Tax
What is GST? The PM, Narendra Modi said, “Good and Simple Tax” & “A way of doing Business” GST “Tax on supply of goods and services” In the GST regime, 17 taxes have been subsumed which were earlier levied by central, state,…