GST registration is mandatory for online service provider and for for other business entity depending upon the circumstances. Get your GST registration done at Just Rs 1899/-.
GOODS AND SERVICE TAX GUIDES-LEARN ABOUT VARIOUS GST TOPICS
Goods & Services Tax will impact accounting and invoicing processes across industries for both Chartered Accountants and Businesses. After July 1, businesses and accountants will have to adopt software and ERPs which are capable of managing taxation, invoicing & accounting as per the new tax regime. liberators being a pioneer in the industry will help you understand the technical aspects of the implementation of Goods and Services Tax, the impact on ERP systems, and what you need to do to be tax compliant in this section.
Terms & Definitions
The Goods and Services Tax Law has brought new opportunities for all accountants and tax practitioners to grow their tax practice. It also requires us to learn and know about various terms and definitions related to the new tax regime. Read about some of the most common and basic terms used under the Goods and Services Tax Law in this section.
From 1st July, 2017 Goods and Services Tax will replace Central and State level indirect taxes like VAT, Service tax, Excise etc. Businesses that are registered under VAT or Service Tax need to migrate to Goods & Services tax as per the enrolment plan of State Governments. It is applicable to you if your annual turnover is Rs. 40 lakh or above. In case of North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura) and hilly regions i.e. Himachal Pradesh, Uttarakhand, Jammu & Kashmir and Sikkim, the threshold limit is Rs. 20 lakh. Read our articles to understand more about registration process, its applicability and rules.
Transition to GST
All existing Central Excise and Service Tax assessees and VAT dealers will be migrated to GST. To migrate to the new tax system, assessees would be provided a Provisional ID and Password by CBEC/State Commercial Tax Departments. Learn more about the process. All businesses plan your transition into the new Goods & Services Tax regime with our guides available here and make a smooth transition. Find out how you can carry forward your input tax credit from existing tax regime to GST. Read all about the transition provisions in our articles.
Invoice is issued on every sale/purchase. The invoice contains S.No., details of the product such as product name, description, quantity, etc along with the details of supplier, purchaser, tax charged and other particulars such as discounts, terms of sale etc. Every business is required to furnish a GST invoice as per the new law. Find out all the details your invoice must have through our articles on the topic.
Accounts and Record
Our guides will help you determine all compliance requirements related to business accounting. Here you will find the list of accounts required to be maintained under Goods & Service Tax. You will also find an article on bookkeeping with the accounting entries required to be passed.