1. Section 25- Procedure for Registration a. Time Limit- Every person who is liable to be registered under section 22 or Section 24 shall apply for registration within 30 days from the date on which he becomes liable to registration. b.…
Every business organization is engaged in finalizing books of accounts and preparation of Balance Sheet for each financial year. It becomes important to understand the legal provisions under GST law while finalizing books of accounts and preparation of Balance Sheet.…
What is GST? Term GST stands for the Goods and Services Tax. GST bill was passed on 6th May 2015 in Lok Sabha. Once the bill is implemented it can give some major advantages to businesses. GST is basically a…
During the last few months there were several media reports relating to the electronic invoice (‘e-invoice’) in the GST law. The e-invoice system will first be rolled out, on a voluntary basis, from January 1st 2020 for the business houses…
GST collections for February were at Rs 1.5 lakh crore, registering an increase of over 8.3% year on year, higher than the nominal GDP growth of 7.5% in 2019-20. This is welcome. The 8.3% growth comes from 12% growth in…
GST and its impact on consumers The finance ministry released the recently released draft of goods and sales tax. And, based on the current scheme of affairs, consumers are expected to pay a service charge tax of around 14.5-15% for…
