Key Takeaways A GST invoice presents the tax amount, tax rate, subtotal and the total in addition to the line total. However, the invoice value and the taxable value on an invoice differ based on tax applicability. Learn what is invoice value in GST to distinguish it from the taxable value on an invoice. What […]
Key Takeaways Suppliers mandatorily need to issue a GST invoice to their customers to collect payment for the supply of services and goods. As a supplier, you can either use an automated invoice template or a handwritten GST invoice to detail the transactions for the supply of services and goods. Learn elaborately about accurate tax […]
Key Takeaways Invoicing is an essential component of every business’s financial aspect. It not only ensures payment collection but also maintains transparency. Additionally, it helps in avoiding losses due to disputes. It is important for every Indian business to define payment terms and conditions clearly in the agreement to reduce delays and build trust with […]
Key Takeaways The Goods and Services Tax (GST) has simplified the tax filing process for businesses in India. It also made tracking of financial records and transactions easier. The GST portal is an essential tool for all tax transactions. The B2B invoice or the purchase register acts as a mirror image of purchases and provides […]
by Key Takeaways The Composition Scheme under GST offers a simplified taxation structure for small taxpayers. It reduces their tax burden and helps them avoid paying taxes at standard rates. However, businesses sometimes find it necessary to opt out of the scheme. Whether due to exceeding turnover limits or a change in business activities, businesses need […]
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