Under section 46 of the Goods and Services Tax (GST) Act, the following details must be included in a tax invoice for a B2C (business-to-consumer) transaction: It is important to note that the GST laws prescribe specific details that must be included in the invoice, and it is the responsibility of the supplier to ensure … Continue reading In a B2C (business-to-consumer) transaction under the GST, what are the mandatory components in tax invoices
In a B2C (business-to-consumer) transaction under the GST invoices and receipt are same?
No, in a B2C (business-to-consumer) transaction under the Goods and Services Tax (GST) regime, tax invoices and payment receipts are not the same things. A tax invoice is a document that is issued by the supplier to the customer, and it contains all the necessary details required under GST laws to record a taxable supply … Continue reading In a B2C (business-to-consumer) transaction under the GST invoices and receipt are same?
What is the mathematical formula to calculate GST
Understanding the Calculation of GST Calculating the Goods and Services Tax (GST) on goods or services is straightforward with a simple mathematical formula. Here’s how you can determine the GST amount and the total cost inclusive of GST. The GST Calculation Formula The formula to calculate GST is:[ \text{GST} = \left(\frac{\text{Price of goods or services} … Continue reading What is the mathematical formula to calculate GST
What comes under the 12% GST rate
The 12% GST rate applies to the following categories and items: Note: The above list is not exhaustive and GST rates are subject to change. Please provide in a comment what we have missed.
Explain GST with mathematical example
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It is a combination of multiple taxes like Central Excise Duty, Service Tax, State VAT, etc. The GST is comprised of the following components: The total GST payable on a supply of goods or services … Continue reading Explain GST with mathematical example
Is a tax invoice and receipt same under GST
No, a tax invoice and a payment receipt are not the same under GST. A tax invoice is a document that serves as proof of a taxable supply of goods or services and is issued by a registered taxpayer to another registered taxpayer or an unregistered person. A tax invoice must contain certain prescribed details … Continue reading Is a tax invoice and receipt same under GST
Input tax credit under GST
Introduction: Goods and Services Tax (GST) is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services in India. The input tax credit (ITC) system is an important component of the GST system, as it helps in reducing the cascading effect of taxes. Definition: Input Tax Credit refers to the … Continue reading Input tax credit under GST
Difference between CGST, SGST and IGST
CGST, IGST, and SGST are three components of the Goods and Services Tax (GST) system in India. The difference between them is as follows: In summary, CGST is levied on the supply of goods and services within the country, SGST is levied on the supply of goods and services within the state, and IGST is … Continue reading Difference between CGST, SGST and IGST
What is IGST?
IGST stands for Integrated Goods and Services Tax. It is a tax levied by the central government on the inter-state supply of goods and services in India. Interstate supply refers to the supply of goods or services from one state to another state within the country. In such cases, the IGST is levied in addition … Continue reading What is IGST?
What is CGST
CGST stands for Central Goods and Services Tax. It is one of the two components of the dual GST system in India, along with the State Goods and Services Tax (SGST). CGST is a tax levied by the central government on the supply of goods and services within the country. The revenue collected from CGST … Continue reading What is CGST