1. e-invoicing became mandatory for all the taxpayers from 1st October 2020, whose aggregate turnover in a financial year exceeds Rs.500 crore. Thereafter, taxpayers with turnover more than Rs.100 crore must comply from 1st January 2021 whereas taxpayers with turnover more than Rs.50 crore must begin cRead more

    e-invoicing became mandatory for all the taxpayers from 1st October 2020, whose aggregate turnover in a financial year exceeds Rs.500 crore. Thereafter, taxpayers with turnover more than Rs.100 crore must comply from 1st January 2021 whereas taxpayers with turnover more than Rs.50 crore must begin complying from 1st April 2021. Eventually, all taxpayers may be brought under the tax ambit in a phased manner.

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  2. The CGST Rules require all the invoices (including credit notes/debit notes) to be physically signed by the authorised representative of the entity issuing the invoice. However, such authorised representative may also place his digital signature if it is affixed as per the provisions of the InformatRead more

    The CGST Rules require all the invoices (including credit notes/debit notes) to be physically signed by the authorised representative of the entity issuing the invoice. However, such authorised representative may also place his digital signature if it is affixed as per the provisions of the Information Technology Act, 2000.
    The e-invoice system requires a supplier to upload the JSON of the invoice onto the Invoice Registration Portal (IRP). The JSON will have to follow the specific mandatory and optional parameters while reporting the invoices. The digital signature is one of the optional parameters in this case. Once the e-invoice is signed by the IRP, it will be a valid e-invoice which can be used by the seller for his various business transactions. The IRP will also forward the digitally signed e-invoice to the GSTN and the e-way bill system.
    One can conclude from this that every invoice must be signed by the athorised dsignatory, however it is not necessary that there must Digital Signature only.

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  3. The Harmonised System of Nomenclature (HSN) code shall be used for classifying the goods under the GST regime and services will be classified as per the Services Accounting Code (SAC). HSN code is introduced for the systematic classification of goods all over the world to avoid inconvience while traRead more

    The Harmonised System of Nomenclature (HSN) code shall be used for classifying the goods under the GST regime and services will be classified as per the Services Accounting Code (SAC).
    HSN code is introduced for the systematic classification of goods all over the world to avoid inconvience while trading internationally. It is a 6-digit uniform code that classifies the products worldwide. Under this, section and chapter titles describes broad categories of goods, while headings and subheadings describe products in detail. The HSN system is used by more than 200 countries and economies for reasons as it helps in the uniform classification of products and provides a base for their customs tariff.
    Similary, the SAC code means Services Accounting Code under which the services fall under the GST are classified. HSN code and SAC code are the codes used to classify goods and services under the GST regime in India.

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  4. Imports of Goods or Services or both will be treated as inter-state supplies and IGST will be levied on the import of goods or services into the country. The incidence of the tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported gooRead more

    Imports of Goods or Services or both will be treated as inter-state supplies and IGST will be levied on the import of goods or services into the country. The incidence of the tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed.

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  5. The formula for GST calculation: 1. Add GST: GST Amount = (Original Cost x GST%)/100 Net Price = Original Cost + GST Amount 2. Remove the GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount. This can be explained with the help of an example: LeRead more

    The formula for GST calculation:
    1. Add GST:
    GST Amount = (Original Cost x GST%)/100
    Net Price = Original Cost + GST Amount
    2. Remove the GST:
    GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}]
    Net Price = Original Cost – GST Amount.
    This can be explained with the help of an example:
    Let’s assume that a product is sold for Rs. 2,000 and the GST applicable to that product is 12 %.
    Then the net price of the product becomes Rs. 2,000 + 12% of Rs.2,000.
    The final outcome is Rs. 2,000 + Rs. 240 = Rs. 2,240

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  6. The gold jewellery are subject to a 3% tax on the value of the metal and a 5% making fee under the GST

    The gold jewellery are subject to a 3% tax on the value of the metal and a 5% making fee under the GST

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  7. The rate of GST in India, depends on the type of good or service one consumes.The GST rates for various goods and services is divided under four slabs; these are 5% GST, 12% GST, 18% GST, and 28% GST. However, there are certain products that do not carry any GST rate.

    The rate of GST in India, depends on the type of good or service one consumes.The GST rates for various goods and services is divided under four slabs; these are 5% GST, 12% GST, 18% GST, and 28% GST. However, there are certain products that do not carry any GST rate.

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  8. There are many cases where refund can be claimed. Here is the illustrative list of instances where refund can be claimed – > Excess payment of tax is made due to any mistake or omission. >Dealer Exports (including deemed export), the goods/services under claim of rebate or Refund >ITC accumRead more

    There are many cases where refund can be claimed. Here is the illustrative list of instances where refund can be claimed –
    > Excess payment of tax is made due to any mistake or omission.
    >Dealer Exports (including deemed export), the goods/services under claim of rebate or Refund
    >ITC accumulation due to the output being tax exempt or nil-rated
    >Refund of tax paid on purchases made by the Embassies or UN bodies
    >Tax Refund for the International Tourists
    >Difference arising due to final result of provisional assessment

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  9. Introduction of the GST has brought an affirmative influence on the automobile sector. Earlier, the dealers could not claim credit of the excise duty and VAT paid, which would further increase the purchase cost. But, GST has eliminated the cascading effect of taxes, thereby reducing the price of theRead more

    Introduction of the GST has brought an affirmative influence on the automobile sector. Earlier, the dealers could not claim credit of the excise duty and VAT paid, which would further increase the purchase cost. But, GST has eliminated the cascading effect of taxes, thereby reducing the price of the automobiles.
    The GST rate on car service is 18%.

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  10. Limit of the information that can be stored in with specifications: >Smallest symbol size 21 x 21 modules >Largest symbol size 177 x 177 modules >Maximum data capacity Numeric 7089 characters >Alphanumeric 4296 characters

    Limit of the information that can be stored in with specifications:
    >Smallest symbol size 21 x 21 modules
    >Largest symbol size 177 x 177 modules
    >Maximum data capacity Numeric 7089 characters
    >Alphanumeric 4296 characters

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