Have you ever bought something and wondered who really pays the tax? That question helps us understand why GST is called an indirect tax. Simply put, GST (Goods and Services Tax) is levied on goods and services, but the burden of the tax is passed on from businesses to the final consumer. That shifting of […]
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The concept of supply in GST is quite important to understand if you want to calculate the net value of production over a certain period. However, in GST, supply is known as the taxable income. In most cases, supply is known as the taxable event. There are various types of taxable events like manufacturing, rendering, […]
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An input service distributor under GST is a tax payer who needs to distribute input tax credit that pertains to GSTIN. They pertain it to its various units and branches that comprises of different GSTINs but are registered under similar PAN. An input service distributor under GST is a very confusing concept and you need […]
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Do you want to know about the components of GST? If yes, then you must read this article till the end to have a clear understanding of it. You cannot just make your choices on the incorrect end. Components of GST are there to make the process of GST collection smoother and more efficient. It […]
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The Goods and Services Tax (GST) is one of the most significant tax reforms in India’s post-independence history, fundamentally reshaping the country’s indirect tax structure. Knowing the structure of GST in India can boost your tax calculation process perfectly. Implemented on July 1, 2017, GST replaced a myriad of central and state taxes with a […]
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The Goods and Services Tax (GST) has completely revolutionized India’s tax structure. Many tax policies are framed under this tax regime to bring transparency and reduce complexity. One such scheme is the GST Composition Scheme – a simplified compliance mechanism to reduce the burden on smaller players. This blog will explain the in-depth concept of […]
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