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TDS/TCS

Person deducting tax under GST is required to get compulsory Registration? Yes, the person deducting tax needs to take compulsory registration under section 24 of CGST or SGST Act, 2017. In this case, registration has to be taken without any threshold limits. Also, the same can be taken only with TAN and having PAN (Permanent Account Number) is not mandatory. Whether the status of Registration application be tracked online? Yes, it is possible to track the status of a registration application by the process mentioned below Click on GST websiteSEE DETAILS

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Composition

What is the meaning of Composition Scheme under GST? Composition scheme is an alternative taxation levy under GST. It is an optional scheme introduced to benefit the small taxpayers. This will save them from the hustle of lengthy tax compliances like maintenance of detailed records, the filing of multiple returns monthly etc. Also, the procedures in terms of the issue of invoices etc are very minimal and simplified. Under this scheme, a registered taxpayer would be required to pay tax(GST) on their turnover based on the prescribed percentage. The taxSEE DETAILS

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TDS/TCS

TDS means Tax deducted at source. It means the income is taxed as and when you earn. The concept of TDS is applicable in both Acts – newly introduced GST and the Income Tax Act. So, with the help of this blog, let’s get the deep insights. The below table represents the differences between TDS under Income Tax and TDS under GST in a summarised form. S.No. Particulars TDS under Income Tax TDS under GST 1 Deductor Every person who is making the specified payments mentioned under the Income Tax.SEE DETAILS

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TDS/TCS

Tax Collection at Source in respect of GST means an amount of tax collected by the e-commerce operators from the proceeds transferable to actual sellers. Let us get a clear understanding of the complete scenario with a case study Suppose, there is a seller named M/s XYZ who sells his goods through Amazon For ₹ 1,20,000. In this case, the customer will place a purchase request on Amazon and will remit money i.e ₹ 1,20,000 to Amazon. Further Amazon will give pre-decided consideration to actual seller M/s XYZ (say ₹SEE DETAILS

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TDS/TCS

Tax deduction at source i.e. giving the receiver money after subtracting from it taxes has been an age-old concept. But, its inception in GST is quite recent. Now the notified classes of persons would be required to comply provisions of TDS under GST. In this blog, we will try to decode all related matters and get an in-depth understanding of the same. What is TDS in GST? BlogBlogTax Deduction at Source means when a payment is made to a person it is already adjusted for taxes. For eg. if paymentSEE DETAILS

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Did GST replace all taxes in India?
Basics, GST (Goods and Services Tax) India, GST System

Before understanding which taxes have been replaced by the GST in India, let us first understand the taxation system in India. The Indian taxation system is classified into two parts namely  Direct Taxes & Indirect Taxes.Direct tax is collected by Central Government. Whereas Indirect Tax used to be collected by the Central and State government & local bodies. For Instance,  Entry Tax and VAT were charged by State Government but along with this Central Government. Other taxes like Property Tax, Water Tax, Toll Tax etc. were levied by the Local Bodies.For better enforcement, tax payment andSEE DETAILS

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What is GST SYSTEM
GST (Goods and Services Tax) India, GST System

Goods and Services Tax came into effect from 1st July 2017 in India. It replaced multiple existing indirect taxes which were previously levied by the Central and State government in the country. Under this article, you will come to know about the existing GST system in India-                                                                                       SEE DETAILS

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How to use Government GST portal
GST (Goods and Services Tax) India, Guides, How to use government GST Portal?

The government GST websitewww.gst.gov.in also, known as GST Portal. It provides various facilities.But, the thought of using a government website without any guidance or prior experience is very scary. To overcome that, we have developed the most comprehensive guide for using the www.gst.gov.in website. The guide is written in simple language with a step-by-step approach for better understanding. The guide covers-      Contents :-Overview of the GST portal How to Login GST portal?The Procedure for GST Registration How to Track Registration Application Status?How to file for cancellation of GST Registration?PaymentSEE DETAILS

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SEZ

Contents :-How supply made by SEZ unit to DTA unit should be reported in the Annual Return by SEZ unit?In case of supply of goods by SEZ, whether disclosure required in Annual Return?How supply made by SEZ unit to DTA unit should be reported in the Annual Return by SEZ unit?Supplies by SEZ unit to DTA unit does not form part of its turnover. Hence , is not required to be reported by Special Economic Zone unit either inPeriodical GSTR 1 orAnnual GSTR 9Whereas, DTA (Domestic tariff Area) unit isSEE DETAILS

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RCM & E Way Bill

Contents :- Who needs to disclose transaction relating to Reverse Charge in Annual Return – Supplier or Recipient?Is the reporting in GSTR9 required if, credit has been taken in April 2018 for GST paid in March 2018?Whether demand for e-way bill for Financial Year 2017-18, raised in FY 2018-19 needs to be disclosed in annual return.Does a taxpayer needs to make some disclosure related to E-way Bills in the Annual Return?Who needs to disclose transaction relating to Reverse Charge in Annual Return – Supplier or Recipient?The transaction covered under reverseSEE DETAILS

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