In India, Financial Year is from 1st of April to 31st March every year. Hence, 31st March is an important date by which important financial obligations should be fulfilled. It is important for those who are required to follow mercantile system to ascertain the transactions accrued up to 31st March and to properly record the…
Goods and Services Tax (GST) is considered the biggest reforms in India. However, one thing that has become the talking point is the mechanism of input credit under GST. In simple words, Input Credit means at the time of paying tax on sales, you can reduce the tax you have already paid on purchases. In…
GST has rolled out and paved the way for a uniform and systematic reporting system that is seldom found anywhere else. This transaction-wise, destination-based reporting system provides for a much effective credit flow, removes chances of corruption and illegal transactions. To achieve this, the government has come up with an effective form-based reporting system that…
Being a destination-based, transaction-wise tax, Goods and Services Tax or GST, ropes in strict compliance procedures for all taxpayers. Since every transaction is recorded and tracked between the source and destination, the taxpayers must maintain and declare information with utmost accuracy. To have a crystal clear movement of goods intra-state or locally, reduce corruption, and…
GST is all set to float its wings across India, and it is a high time that we start adapting to its rules and provisions. Under GST, special attention is given to the reporting structure of all transactions, irrespective of the fact that it is of goods or for services. There are three types of…
Goods and Service Tax is a game changer because, with its implementation, there is a tremendous outflow of benefits. Earlier in India, there were numerous taxes such as Service Tax, VAT, Excise and many others that were ultimately borne by consumers leading to double taxation or having cascading effect. Post GST, around 17 taxes are subsumed…
India is heading towards its biggest tax reforms ever. The whole World is watching this roll out, as the World 3rd largest economy is moving towards a destination based tax-reporting structure. Every transaction has to be reported through the last mile with a common invoice, identifiable to the seller and recipient of goods and services.…
At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is next in this series. Earlier, we had covered Levy and Exceptions under GST and Tax payments under…
At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is next in this series. Earlier, we had covered common questions on GST and GST registration process. In this…
At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is next in this series. Earlier, we had covered overview of GST tax and common questions around it. We…