What is the GST Identification Number (GSTIN)/ GST Number?
The Goods and Services Tax Identification Number (GSTIN) is a unique 15-digit identifier introduced by the Government of India on July 1, 2017. This tax, commonly known as GST, was implemented to enhance transparency and streamline the tax collection system for both goods and services. The objective was to replace various state and central taxes, […]
ITC MISMATCH IN GSTR-3B VS GSTR-2A/2B
Over the past year, the GST departments of almost all states have issued notices regarding discrepancies in Input Tax Credit (ITC) using the GST ASMT-10 form. These notices seek an explanation from taxpayers regarding the difference between the ITC claimed in GSTR-3B and the ITC available inGSTR-2A/2B. This has raised an important concern among taxpayers […]
Classification under GST: Role of HSN
Classification under GST: Role of HSN What is classification? There are thousands of tradable commodities chargeable to different rates of tax. Then how does one ascertain the applicable rate of tax on a particular product. The answer to this question is by classifying goods in different groups sub-groups according to their nature, composition etc. and […]
GST REGIME & ITS IMPACTs
GST is a comprehensive consumption tax on goods and services. It will cover in its ambit all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business. GST […]
