GST registration is mandatory for most businesses in India. It involves obtaining a unique Goods and Services Tax Identification Number (GSTIN) from the tax authorities. Once registered, businesses can legally collect GST from customers, claim Input Tax Credit (ITC), and file GST returns Why is GST Registration Important? Legal Requirement: Businesses with a certain […]
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Composite supply is a unique concept under the Goods and Services Tax (GST) regime. It occurs when two or more goods or services are bundled together, but one of them is the principal supply, and the others are ancillary or supplementary to the principal supply. The entire supply is taxed at the rate applicable to
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Capital goods are assets that businesses purchase for long-term use, typically to facilitate production, expansion, or improvement of their operations. Under the GST framework, capital goods are treated differently than other supplies and services because of their significant value and long-term nature. Your business purchases a new industrial machine for Rs. 5,00,000 for use in
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Manufactured items are products created by assembling or processing raw materials or components. In the GST regime, businesses that engage in manufacturing or production activities need to account for the GST implications of these processes. Record the manufacturing entry in Tally Prime: Debit: Finished Goods Account (Smartphones) – Value of the manufactured smartphones Credit:
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Debit Note: Issued by a buyer to a seller, it represents an increase in the purchase value. Debit Notes are issued when the buyer has received more goods or services than initially mentioned in the invoice or when additional taxes are payable. Credit Note: Issued by a seller to a buyer, it represents a decrease
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URD transactions refer to transactions where a registered business supplies goods or services to individuals or entities that are not registered for GST. These unregistered dealers do not have a GSTIN (GST Identification Number) Example Your business sells a computer system for Rs. 30,000 to an unregistered individual. The applicable GST rate for URD
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B2C transactions refer to transactions where businesses supply goods or services directly to end consumers. In the context of GST, these are transactions that involve the sale of goods or services to unregistered individuals or entities. Example Your retail business sells electronic gadgets directly to individual customers. You sell a smartphone for Rs. 20,000,
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Service tax, previously governed by the Service Tax Act, was replaced by GST on July 1, 2017. Under GST, service tax is subsumed into the GST framework, making it a part of the comprehensive tax structure Generate GST Reports Tally Prime offers various GST reports that help you manage your service tax obligations: GSTR-1:
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GSTR-2, or the Goods and Services Tax Return-2, is a report that businesses in India need to file under the GST (Goods and Services Tax) regime. Unlike GSTR-1, which focuses on outward supplies made by a registered taxpayer, GSTR-2 deals with inward supplies, i.e., purchases made by the taxpayer during a specific tax period.
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GST R1 Return is an important filing under the Goods and Services Tax (GST) system in India. If you are a business owner registered under GST, you must file this return to report your sales (outward supplies) every month or quarter. GSTR 1 is a monthly, or quarterly GST returns filing form that all taxpayers
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