The Goods and Services Tax (GST) has revolutionized India’s indirect tax system. One of its key features is the Input Tax Credit (ITC) mechanism, which has simplified the taxation process and reduced the tax burden on businesses. ITC allows registered taxpayers to offset the GST they pay on inputs against the GST they collect on […]
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Taxes and businesses use a lot of phrases, and it’s important to know what they mean to navigate the complex system. “SAC Codes” is the most important outline of the GST system in India. In this article, we will discuss What SAC Codes are and why it is important for businesses in India. How it […]
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Under GST, implementation of the Reverse Charge Mechanism (RCM) is one of the most important changes. The RCM is a mechanism whereby the recipient of goods or services is liable to pay GST, rather Services provided by way of sponsorship to anybody corporate or partnership firm than the supplier. This is in contrast to the […]
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In this comprehensive guide, we will dive into the complexity of GST. Here we will explore its types, history, objectives, advantages, disadvantages, and the new compliance measures it introduced. The guide has framed all the GST basic concepts in one single platform for easy understanding. India’s introduction of the Goods and Services Tax (GST) on […]
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In the field of taxation accuracy in reporting and compliance is foremost important. Goods and Services Tax (GST)reconciliation is an important part of ensuring that the financial records match data reported to the GSTN portal. To make this reconciliation process easy you can use TallyPrime. TallyPrime is accounting software that helps simplify and organize the […]
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If you are running a business, or just looking for information on managing multiple GSTI then you are landed in the right place. We will explore in this Guide, How this software works in managing Multi GST with real-life case scenarios. In the current aspect of taxation and compliance, businesses are facing the challenge of […]
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