While doing your tax planning for FY2019-20, it is important to know which tax slab your income falls in. The slab rate in which your income will fall is the rate at which your last rupee of income will be taxed. As your income level increases, income at different levels or in different bands wil...
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As a GST registered dealer, you are required to provide GST Invoices, also known as bills to your clients. 1. What is a GST Invoice? An invoice or a bill is a list of goods sent or services provided, along with the amount due for payment. 2. Who should issue GST Invoice? If you are a GST...
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During the course of filing GST Return, a taxpayer may discover additional tax liabilities that he or she may need to pay. GST tax portal has the provision that allows you to do so. “There is a section in the GST portal that talks about user services. There you need to choose DRC 03 and th...
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Ever since the GST came into effect on July 1, 2017, the Indian economy has seen a plethora of regulations implemented by the GST council. Now the department is using analytics to keep tab on the errant taxpayers who are claiming excess input tax credit or to track some taxpayers who are not serious...
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1. What is GST Return? A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that include: Purcha...
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1. New Tax Slabs vs Old Tax Slabs A new (and optional) tax slab is introduced now which has lower tax rates compared to old one. The investor will have choice of either staying with the old slabs along with various exemptions and deductions they used to enjoy, or they can shift to new slabs witho...
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