FAQs on GST Portal
We know that it is very hard to know everything about GST. So in this article, we will discuss all the important FAQs on GST Portal.
GST
How to Calculate Input Tax Credit (ITC) under GST?
Before knowing how to calculate Input Tax Credit (ITC) under GST it is important for us to know what is the meaning of ITC. The meaning of ITC can be effortlessly comprehended when we take the words ‘input’ and ‘tax credit’ into consideration. Inputs are materials or services that a manufacturer purchases or render to … Read moreHow to Calculate Input Tax Credit (ITC) under GST?
Second Level Verification of New GST Registration
As per the new circular issued by the Kerala GST authority the enforcement squad now has to physically verify the place of business of the new GST registrations. This verification is also known as second-level verification of new GST registration because the first level of verification under GST is the verification of documents uploaded by … Read moreSecond Level Verification of New GST Registration
Understanding Service Accounting Code (SAC) under GST
Service accounting code or SAC is a system of classification framed by the Central Board of Indirect Taxes and Customs (CBIC). These codes are used to identify services and GST Rates to compute tax liability. SAC (Services and Accounting Code) codes depend on the Harmonized System of Nomenclature which is a globally perceived framework for … Read moreUnderstanding Service Accounting Code (SAC) under GST
GST on Supplies made under Corporate Social Responsibility
CSR or Corporate Social Responsibility is the sense of responsibility towards the society and environment where the business carries out day to activities. Is it mandatory to comply with CSR Policy? As per Section 135(5) of the Companies Act, the following company needs to comply with the CSR policy: (i) Any company whose net worth … Read moreGST on Supplies made under Corporate Social Responsibility
How to File Nil GSTR-3B on GST Portal?
GSTR-3B is a type of GST self-declaration return that has to be filed by the registered person monthly. However, amid the coronavirus outbreak majority of the registered taxable person has neither made any sales nor any purchases resulting in no tax liability. It shall be noted that the registered taxable person may still need to … Read moreHow to File Nil GSTR-3B on GST Portal?
SGST Full Form
The full form of SGST is State Goods and Services Tax. Just like CGST and IGST, SGST is also a component of GST. The Act that looks after SGST is the State Goods and Service Tax Act 2017. So, after the introduction of SGST, all the other indirect taxes levied by the state government in … Read moreSGST Full Form
40th GST Council Meeting Highlights
On Friday 12th June 2020, the 40th GST Council meeting took place via video conferencing. This meeting was the first one after the Novel Corona Virus broke-out. The 40th GST Council meeting was chaired by the Union Finance Minister Mrs. Nirmala Sitharaman. In this meeting, the GST council made significant declarations on GST return late … Read more40th GST Council Meeting Highlights