Written on Jun, 10, 2017 by in

GST identification number or GSTIN will be provided to every businessman by tax authorities. At present the person who is registered under state VAT law has got an unique TIN number from state tax authorities and the person who provides the services, is being allotted the unique service tax registration number by Central Board of Excise and Customs. To bring …

Written on May, 27, 2017 by in

Input tax means:- when a business man pays SGST, IGST, CGST or UTGST at the time of purchase of goods or services for the purpose of resale. Input tax paid on purchase of capital goods which are purchased by registered person during the course of running of business and also activities which would further the interest of business. Thus, the …

Written on May, 21, 2017 by in

Any Manufacturer/Service Provider/Trader whose annual turnover is below Rs.20 lakh need not to pay any GST and need not register.  A person  would be liable to be registered under GST if he is making a taxable supply of goods or services or both under same PAN in the entire country exceeds the threshold limit as provided in GST. Threshold limit …

Written on May, 20, 2017 by in

CGST (Central GST) IGST (Integrated GST) SGST (State GST) UTGST (Union Territory GST) CGST will go to Central Government. IGST will go the Central Government. SGST will go to the State Governemnt. UTGST will go to the Union Territory. In case of Intra-state sales SGST will be collected along with CGST. Intra-state sales means if the goods are supplied within …

Written on May, 20, 2017 by in

WHAT IS GST TYPES OF LEVIES IN GST WHO IS LIABLE TO REGISTERED UNDER GST HOW INPUT TAX CREDIT WOULD BE ALLOWED IN GST GST IDENTIFICATION NUMBER COMPOSITION SCHEME UNDER GST RETURNS TO BE FILED UNDER GST REVERSE CHARGE UNDER GST GST RATES OF GOODS AND SERVICES TRANSITION PROVISIONS UNDER THE GST LAW FAQ IN RESPECT OF GST TAX INVOICE …

Written on May, 20, 2017 by in

There are so many indirect taxes which are levied on sale of goods and services in India. These indirect taxes are divided in two parts ie. State Indirect Taxes and Central Indirect Taxes. State Indirect Taxes:- These taxes are classified as under:- Local Sales Tax or Value Added Tax (VAT) Central Sales Tax Purchase Tax Luxury Tax Entertainment Tax Purchase …

Written on Dec, 02, 2012 by in

Sales Tax plays a very important role in case of purchase of sale of taxable goods. In this connection, we would like to clarify the following points:- Q. Is sales tax charged on cost of packing of material? Ans. Yes. Sales tax also charged on the packing material used for packing the goods. Q. What should be the rate of …

Written on Dec, 02, 2012 by in

Input Tax means which a dealer pays on purchases.The Input Tax can be utilized in following dealings:- Input Tax can be utilized to adjust the output vat against any Local sales. Input Tax can be utilized to adjust any Central Sales, Export Sales Input Tax on purchase of Machinery which is purchased for production of goods for sale, also can …

Written on Dec, 02, 2012 by in

The use of ‘C’ form is very important in case of inter state sales. It means any business firm sells the taxable goods to other state or purchases taxable goods from other states then it has to receive or issue the ‘C’ form as the case may be, for concessional rate of central sales tax. In this respect, we would …

Written on Nov, 29, 2012 by in

Calculate the Input Tax on all purchases during the return period. Add the amount of tax credit, brought forward from previous return period. Calculate the Vat Output on Sale made by the business firm. Now, deduct the Output tax from Input Tax and Balance Brought Forward If total of input tax/tax credit is more than output tax then it means …


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