Key Takeaways The reverse charge mechanism in GST shifts the tax liability to purchasers from sellers. Thus, the recipient of goods and services needs to pay the tax (Goods and Services Tax) instead of suppliers. This mechanism specifically applies to cases where goods or services are purchased from unregistered suppliers. Further, if the taxable person […]
Key Takeaways The GSTR-4 Form is an official document for composition dealers to file returns. You need to file this form on the unified GST (Goods and Services Tax) portal by filling in the necessary details within the due date to avoid imposition of penalties, interest and late fees. Learn how to file GSTR-4 on […]
Key Takeaways The Goods and Services Tax has been a significant reform in the Indian taxation system. Filing timely GSTR forms is a compliance requirement for businesses in India and a crucial aid for streamlining operation efficiency. One of the key components of the GST ecosystem is GSTR 9. Filing GSTR 9 is mandatory for […]
Key Takeaways India’s Goods and Services Tax (GST) framework depends heavily on automatically generated GSTR 2A which acts as a purchase-related tax return to present detailed information about inward supplies. The system gathers transaction details from GSTR 1 supplier uploads which contain details of outward supplies to create GSTR 2A which provides transparency while helping […]
by Key Takeaways GST was introduced to simplify indirect taxation in India. It sought to simplify the process and unify the fragmented and complex taxation system. Yet, many questions still arise about how it works and in which cases GST is applicable and in which cases it is not. One such question is GST on exchange […]
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