Key Takeaways Online GST billing software are perfect tools designed to streamline the management of supply transactions. They accurately record every stage of a transaction, from initial supply to final payment. For improved convenience and business performance, many of these cloud-based online billing software are available as mobile apps. These all-in-one software platforms ensure that […]
Key Takeaways Understanding what a GST invoice is for registered dealers is crucial for operating under the new taxation system. It serves as a legal document of an exchange of either goods or services where details of the transaction are mentioned. This document ensures correct computations of indirect taxes to be levied and consequently enhances […]
Key Takeaways According to the Goods and Services Tax rules in India, if any business exceeds the standard revenue threshold, it must register and pay GST. The current GST exemption limit for goods is ₹40 lakh and for services, it is ₹20 lakh. Businesses with turnover below these limits are not obligated to register for […]
Key Takeaways Determining the value of a taxable supply under GST is a critical task. One aspect that should be considered when determining the value under GST is the treatment of discounts. There is much confusion among GST advisors and CAs in treating various GST on discounts received by a business. To resolve this, the […]
by Key Takeaways The value of supply under GST can be calculated in multiple ways. Each method varies based on the elements considered in the method. However, additional costs that a supplier incurs to supply goods and services to a recipient need inclusion in the supply value determination. Learn the factors that you need to include […]
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