The GST Regime mandates every person/business with an annual turnover of Rs. 40 lakhs or more, to register as a normal taxable person.
The Input Tax Credit mechanism allows a taxpayer to reduce his tax liabilities on his sales with the taxes paid on inward supplies.
GST, the biggest tax reform of the country, is envisaged to simplify tax management for companies and government equally.
Composition Scheme is a simple and easy scheme under GST for small taxpayers. The composition scheme is available only for taxpayers whose turnover is less than Rs. 1.5crores.
A quarterly statement cum challan, form CMP 08 shall be used to declare the self-assessed details of the tax payable by a composite dealer in the given quarter.
This article will help you to decide what to look forward to as Composite Dealers/Composite Taxpayers.
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The provisions made under GST define a Casual Taxable Person as any individual who transacts goods and services occasionally while acting as a Principal, Agent or in any other capacity for the furtherance of the business, but does not possess any fixed place of business in the given taxable territory,
The pure agent makes a payment to a third party, on behalf of the recipient, for procuring a supply when the contract for the supply of services procured is between the third party and the recipient.
Although the due date to file the annual return forms has been extended to August 31, 2019, the confusion among the taxpayers is yet to be settled.
The Goods and Service taxation introduced in the country in 2017 is one of the most intricate taxation systems worldwide.
The GST Council meeting held today under the chairmanship of newly elected Union Finance Minister Mrs. N Sitharaman was long awaited by the tax community.
