Artificial Intelligence and Data Analytics

The earliest interaction any of us had with Artificial Intelligence was while editing a Word document. This was in February 1971. Now, nearly 47 years later, Artificial Intelligence and Data Analytics surround us. Today, spell checks and grammar are only the most basic applications of machine learning in our daily lives. Artificial Intelligence and Data…

TRAN-1

CBEC released two transition forms TRAN 1 and TRAN 2 to help smooth transition into GST and carry forward their input tax credit. Any businesses which had a closing stock before GST implementation can claim input credit for the taxes paid. Who can file the claim? Taxpayers registered under GST can file TRAN 1 irrespective…

GST Payment Rules

GST Payment is mainly divided into the following categories – CGST – Paid when making supply within the state (paid to center). SGST – Paid when making supply within the state (paid to state). IGST – Paid on interstate supply (paid to center) Apart from the above payments a dealer has to make these payments…

Rules for GST Invoices

 Fundamentally, invoices are documents which notify a buyer of the legal obligation to pay money against buying of goods/services.    Credit matching and reconciliation depends on the invoices uploaded by tax payers. Businesses have to make sure that invoice formats obey the GST guidelines. The government has notified invoicing rules along with a template of invoice GST…

Input Tax Credit

GST structure allows taxpayers to claim input tax credit tax. In simple terms, while paying tax on output, you can subtract the tax you have already paid on inputs and pay only the balance amount. How does it work?   At each stage of the supply chain, the buyer gets credit for the input tax paid. They…

Reverse Charge Mechanism

Typically,business owners collect taxes on behalf of the customers. Then they pay it to the government. Reverse charge is when the buyer pays the tax directly to the government.  The responsibility of reverse charge can either rest completely on the buyer. In certain special cases, it can be partially/jointly borne both by the buyer and the…

Sin Tax

Babuji aka Alok Nath is probably going crazy with bhajan kirtan right now. Apparently the GST Council has soaked in his sanskars. The Government is set to introduce a Sin Tax on alcohol and tobacco products to avert their consumption. Reason for Sin Tax For those who are wondering what sin tax is, allow me…

Mixed & Composite Supply

The only thing that can cheer you up on a gloomy Monday morning is a travel package to a breath taking destination. Six days and five nights in a five-star hotel, promises of three-steaming hot and scrumptious meals and a personal tour guide seemed inviting to say the least. The carrier of this tempting offer…

GST Identification Number (GSTIN)

The earlier taxes such as CST, VAT and Service tax are merged under one tax law governed by single authority. Now, instead of many identification numbers, there is a single registration number – GSTIN. The GSTIN stands for Goods and Services Tax Identification Number (not a code a normal Joe can’t crack). The GSTIN is…