KnowyourGST-Blog on Indian Tax and Accountign Laws

Accounts, records and audit under GST

Every registered person is required to keep accounting books up to 72 months the due date of filing annual return for a particular year. For example, for the financial year 2017-18, accounting records must be kept up to December, 2024. Reason bei…

by Pulkit Sharma 26/04/2017 under GST

Guide on Tax invoices, Debit and Credit notes under GST

This guide will take you through Tax invoice requirements along with Debit Note and Credit notes as required to be furnished under CGST Act, 2017. Tax invoice is a document that every registered person should generate at the the time as prescribed u…

by Pulkit Sharma 25/04/2017 under GST

A guide on returns to be filed under GST

Under GST tax payers are required to file Monthly, quarterly as well as annual returns. Chapter IX of CGST Act, 2017 contains the provisions related to returns to be filed by tax payers. As per this chapter tax payers are supposed to file the follo…

by Pulkit Sharma 24/04/2017 under GST

Procedure to apply and become a GSTN Suvidha Providers (GSP) and list of GSP

Once registered under GST, tax payers will be required to generate E-Way bill (similar to E-Sugam in Karnataka), upload sales and purchase invoices, match the difference in data uploaded by suppliers. Tax payers will also be able to view their ta…

by Pulkit Sharma 23/04/2017 under GST

Meaning of important terms as definined under CGST ACT,2017

When you read an act, the first step should be to understand different words used in Act. You cannot consider dictionary meaning of words which are explicitly defined in the act. In this article let us understand the meaning of different words as…

by Pulkit Sharma 22/04/2017 under GST

GST registration procedure

The GST registration is made simple. As per me compared to earlier laws, registration under GST is simplest. I have tried to cover the registration provision of CGST ACT, 2017 as well as Registration rules along with application rules to provide …

by Pulkit Sharma 22/04/2017 under GST

Composition scheme or normal tax rates, a thought on GST impact on small business

Goods and Services Tax (GST) to be rolled out from July 2017, will have major impact on business practices as well as economy. Big companies have hired top consultants for smooth transition. Small business owners, however will face many issues. F…

by Gst Payer 21/04/2017 under GST

A guide on registration under GST

Section 22 of CGST Act, 2017 contains the provisions on liability to register under the act. As per section 22, following persons are liable to get registered: Every supplier who make a taxable supplies for more than Rs. 20 Lakhs in a financia…

by Pulkit Sharma 20/04/2017 under GST

CGST and IGST acts as approved by president

Much awaited GST law seems to be implemented by July 2017. Hopefully this time we do not witness another extension. The law has been delayed by more than a decade. Finally GST acts are approved by President Pranab Mukherjee, state acts are still pe…

by Gst Payer 19/04/2017 under GST