GST: Late Fee

Website GST: Late Fee Table of Contents Goods and service tax is a tax for the majority of products and services sold for domestic consumption. Consumers pay the GST through the GST Return, and businesses that sell the products and services are responsible for remitting it to the government. GST late fee is a sum assessed […]

TDS: Function In GST

Website TDS: Function In GST Table of Contents According to section 51, this rule applies to payments made under contracts by the government, government undertakings, and other notified entities where the total value of such supplies exceeds Rs. 2.5 lakhs to suppliers. It was created to take tax payments directly from the source of an […]

GST Payment Under Wrong Head

Website GST Payment Under Wrong Head Table of Contents There is no mechanism in the GST provisions that allows the taxpayer to adjust the tax amount paid under the incorrect head with the correct head. For example, if a taxpayer paid tax under the CGST and SGST but later discovered that tax should have been […]

Anjana Mobiles

Website Anjana Mobiles The secret of getting ahead is, getting started! –Mark Twain Having your own business may be a dream for many, but only a few succeed. After 14 years of working in large corporations, Anjali and Lokesh decided to open their own mobile store in Tirupati, Andhra Pradesh, to fulfil their own business […]

Place of Supply of Goods

Website Place of Supply of Goods Table of Contents GST is a destination-based tax, which means that it is levied at the point of consumption rather than the place of origin. As a result, the state in which they are consumed will have the ability to collect GST. Therefore, the place of supply is critical […]

CGST Act: A Study

Website CGST Act: A Study Table of Contents Goods and Service tax was introduced in India several times but actually got into effect from July 1, 2017 onwards. The idea of bringing about GST subsumed all the taxes that prevailed in the country earlier, and are now categorised differently as CGST, SGST and IGST. Central […]

GST Compliance Rating

Website GST Compliance Rating Table of Contents GST compliance rating is a ranking given to each registered taxpayer by the Goods and Service Tax Department based on their track record of compliance. This score will be calculated based on parameters such as timely filing of monthly and annual returns, furnishing details of input credits used, […]

HSN Code

Website HSN Code Table of Contents The acronym HSN stands for “Harmonized System of Nomenclature.” This system has been implemented all over the world for the systematic classification of goods. The HSN code is a 6-digit uniform code that classifies over 5000 products and is recognised globally. The World Customs Organization (WCO) created it, and […]

Vedas Foods

Website Vedas Foods “The merit of all things lies in their difficulty.” ― The Three Musketeers in picture: Sandhya Prasad, Durga Vangipurapu, Priyasudha Kompella (from left) Three years back in 2019, three highly accomplished women in their respective fields came together to set up their own business. Priyasudha, Durga and Sandhya; the women behind Vedas […]

SGST, CGST, IGST and UTGST

Website SGST, CGST, IGST & UTGST Table of Contents The central government will collect CGST, SGST, or IGST depending on whether the transaction is intrastate or interstate under the GST law. When goods or services are supplied within a state, this is referred to as intra-state transactions, and both the CGST and SGST are collected. […]