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Discounts under GST

In this article, we will discuss the impact of discounts under GST and its eligibility. Table of Contents Treatment of Discount in the previous indirect taxation regime Treatment of Discount under GST The Bottom Line Treatment of Discount in the previous indirect taxation regime Here is the treatment of discount in the previous taxation rule: … Read moreDiscounts under GST

Valuation of Supply: Made or Received between Principal and Agent

Under GST any supply made or received by an agent to the principal or vice-versa is taxable. In this article, we will discuss how to determine the value of the supply of goods made or received via an agent What do yo understad by Principal and Agent relationship? Before getting into the depth of the … Read moreValuation of Supply: Made or Received between Principal and Agent

Valuation Rules Under GST

Every fiscal statue makes rules and regulations regarding the determination of tax value, similarly, under GST, Section 15 of the CGST Act talks about the valuation of supply of goods or/and services supplied in different circumstances and to a different person. In this article, we will discuss the different valuation rules under GST. What do … Read moreValuation Rules Under GST

Place Of Supply of Service Under GST

In the previous article, we discussed the place of supply of goods under GST. However, in this one, we will discuss the concept of the place of supply of service under GST Importance of Determining the correct Place of Supply Before we start, it is important to know why ascertaining the accurate place of supply … Read morePlace Of Supply of Service Under GST

Place of Supply of Goods under GST

As we already know that the GST is a destination-based tax, the place of supply plays a major role under GST. What is the Place of Supply? Under GST, the place of supply is the place of delivery of goods or the place where service is rendered by the taxpayer. In simple words, the place … Read morePlace of Supply of Goods under GST

Reverse Charge Under GST

Reverse Charge is a type of mechanism wherein the recipient has to pay the tax liability for the goods purchased or services rendered instead of the supplier. What is the RCM (Reverse Charge Mechanism)? Generally, the taxpayer who supplies goods or/and services is required to pay the tax on the supply made. However, in the … Read moreReverse Charge Under GST

Time of Supply of Services under GST

Point of taxation (POT) under GST means the point of time in which services are deemed to be provided or rendered. In simple words, the Point of Taxation (POT) is that point of time when the taxpayer is liable to pay CGST and SGST/UTGST to the government. This is why Point of Taxation (POT) completely … Read moreTime of Supply of Services under GST

Time of Supply of Goods under GST

Point of taxation under GST means the point of time in which goods are deemed to be supplied. In simple words Point of taxation (POT) means the time when the taxpayer is liable to pay CGST and SGST/UTGST to the government. However, Point of Taxation (POT) completely depends upon the time of supply. Under GST, … Read moreTime of Supply of Goods under GST