KnowyourGST-Blog on Indian Tax and Accountign Laws

Billing application to generate invoices with GST

If you are registered under GST and supplying goods or services or both, then you have to issue a tax invoice which should follow the compulsory requirements specified under law. The tax invoice issued by you to your client or customer should con…

by Pulkit Sharma 31/07/2017 under GST

List of GST HSN code with product description and Tax rate

The most confusing part in entire GST compliance cycle has been finding the correct GST tax rate applicable on different goods. Government has released the list of items with applicable tax rates. I have taken this list from CBEC website. You …

by Pulkit Sharma 14/07/2017 under GST

जीएसटी बीजक केसे बनाये? - GST tax invoice in hindi

अगर आप चिन्तित हैं की GST BILL KESE BANAYE तो आप बिलकुल सही लेख पे आए हैं। मेरा ये लेख आपकी सारी चिंता दूर कर देगा। में आपको GST के तहत बनाए जाने वाले BILL यानी की TAX INVOICE की पूरी जानकारी दूँगा और साथ में ही ये भी बताऊँगा की कोनसा SOFTWARE आप …

by Pulkit Sharma 25/06/2017 under GST

Cost analysis for small traders under composition levy scheme and normal tax levy

Whether to go for composition levy or normal levy is the main question asked by small clients. I got a call from a client who deals in materials falling under tax rate of 28%, his question was whether he should opt for composition levy or normal …

by Pulkit Sharma 20/06/2017 under GST

GST returns - due date list

If you are registered under GST, you need to file monthly returns. Every month a single monthly return with summary of outward supply and inward supply will be the main return. However to file this monthly return you have to first file the outwar…

by Pulkit Sharma 18/06/2017 under GST

GST contest to test your knowledge and win free gift

First 50 winners will get a surprise gift. Total 17 questions are added in this quiz. You need to answer each to get 100% result. Question asked are basic in nature and are related to GST registration, composition scheme, GST Invoice. Quiz is fo…

by Pulkit Sharma 16/06/2017 under GST

How to generate GST tax invoice?

I will show you how to generate bills of supply and Tax Invoice. A Tax invoice is very important document, you must posses invoices of your purchases/inward supplies to claim input credit, in same manner your buyer should have the valid tax invoice …

by Pulkit Sharma 12/06/2017 under GST

GST Accounting with ledgers and double entry system

With Goods and Services Tax law there will be changes in way you account your business transactions and maintain tax records. One benefit every tax payer will have is availability of Electronic tax ledger at GST portal. Your accounting data shoul…

by Pulkit Sharma 03/06/2017 under GST

GST Reverse Charge mechanism and rules with accounting entries

Reverse charging mechanism a procedural way of discharging tax liabilities and formalities by buyer of services or goods or both instead of seller. For example, a transaction will be considered as reverse charge if tax is payable by buyer instead…

by Pulkit Sharma 01/06/2017 under GST

List of different forms under GST

The form naming system under GST is impressive. They have named forms in such a simple manner that understanding nature of form becomes easy. Form example all the forms for return filing will are named as GSTR-1, GSTR-2 etc. and similarly forms t…

by Pulkit Sharma 27/05/2017 under GST

Point of taxation and time of supply

Point of taxation under GST is at the time of supply of goods or services or both. Liability to pay tax arises at the time of supply of goods or services or both. It is very important to understand concept of time of supply to compute the liabili…

by Pulkit Sharma 27/05/2017 under GST

All about Input Tax Credit

To avoid cascading effect governments all over the world provide input tax credit. Under GST also input tax credit is available which can be utilised to pay against tax liability of output tax. Before proceeding to input tax credit provisions, fi…

by Pulkit Sharma 18/05/2017 under GST

Guide on GST practitioners

Goods and services tax practitioner or GST practitioner is a person who is approved under section 48 of CGST act to act as a practitioner. GST practitioners can help their client file information with respect to inward and outward supplies and al…

by Pulkit Sharma 17/05/2017 under GST

GST compliance rating score and how to improve your GST rating score

Every registered person under GST is given a compliance rating. This rating number depends on timely tax payment, timely and accurate return filing and fulfilling other requirements. Section 149 of CGST act, specifies that Every registered pers…

by Pulkit Sharma 15/05/2017 under GST

Trading with unregistered person under GST and levy under reverse charge

A registered person is one who has registered under GST and unregistered person is one who is not registered under GST. This is a simple definition of registered and unregistered person in a layman language. As a registered person to comply cor…

by Pulkit Sharma 15/05/2017 under GST