Accounting

GST - Input Tax Credit

There are two types of transactions happen in any business, inward supply and outward supply. Business procure raw materials, semi-finished or finished goods which is inward supply and after making the product they sale it, which is outward supply.

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Accounting

GST - Refund Voucher

Generally manufacturers demand advance to delivery a bulk of products. Service providers also asks for an advance payment for completion of a service.

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Accounting

GST - Advance Receive

Taking advance against an order is a common scenario in business. Usually suppliers take advance from customers to ensure that the order will not be cancelled. Before GST there was no effect of advance on tax.

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Accounting

GST - Job Work Process

Job work process is one of the common activities in manufacturing industries. There are several processes like initial process, intermediate process, assembly, packing, final process etc. are being carried out by a manufacturer.

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Accounting

GST - Revised Tax Invoice

If you are a businessman and your business is in India and if your annual turnover is Rs. 20 lakh or more then surely you will have to be registered under GSTN (Goods & Services Tax Network) to obtain your GSTIN.

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Accounting

GST – Reverse Charge Mechanism

We all know that India has adapted with new tax system called GST (Goods & Services Tax) from 1st July, 2017. This is a consolidated tax system where Indian Government combine many of their Central and State tax on products and services.

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