Basic Concepts: Supply, Composite and Mixed Supplies
A composite supply is two or more goods or services that are only sold as a set and cannot be sold individually. Every composite supply has a principal supply, which is the main […]
Services under GST
Works contract was treated as both goods and supply in the pre-GST regime. Both VAT and service taxes were applicable on it. There were various rates, composition schemes available for […]
Levy and Charges of GST
In India, there is wide socio-economic gap and it would not be feasible to levy same rate of tax for necessary items like milk and luxury items like BMW Cars. […]
Person and Taxable Person
A taxable person is liable to pay tax under GST. A person is registered or is liable to be registered under the law would be a taxable person in GST. A person […]
Payment of GST Tax
Indian businesses are in for a learning curve — the payment process under Goods and Services Tax (GST) differs drastically from current procedures. Namely, each step of the process — like all […]
Assessment of Tax
Types of Assessment under GST Self-assessment Provisional assessment Scrutiny assessment Best judgment assessment Assessment of non-filers of returns Assessment of unregistered persons Summary assessment Only self-assessment is done by the […]
Tax Invoice
There are lots of rumors spread in the business class relating to tax invoices under GST. Two myths which need to be busted are digital invoices under GST and mandatory […]
Credit and Debit Notes
When goods supplied are returned or when there is a revision in the invoice value due to goods (or services) not being up to the mark or extra goods being […]
Accounts and Records
GST or Goods and Services Tax is set to change the way business is conducted in India by ushering in an indirect tax system that is completely technology based. Under […]
