GST

GST impacting Textile industry

India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. Even today, textiles sector is one of the largest contributors to India’s exports with approximately 15% of total exports. The textiles industry is also labour intensive and is one of the largest employers. The …

GST

Understanding GST

GST Or Goods and Services Tax is an indirect, comprehensive, multi-stage, destination based tax that is levied on every value addition More than 150 countries already have GST. In India, it was first considered by Vajpayee government in 1999 and was implemented on 1 July 2017 after being passed as …

GST

UNDERSTANDING GSTR-2!

As quoted by Albert Einstein “Any fool can know,the point is to understand.” To have a better understanding of GSTR-2,we need to get familiar with the term GSTR first. What is GSTR? GSTR or Goods and services tax return are the documents containing details of income which a taxpayer is …

GST

Is GST a boon or a bane in startups?

Goods and service tax or GST is one tax to subsume all taxes. Yet another agenda that has been inflicted upon us Indians to go figure if this will prove to be a benefit or an affliction. We have been trying to understand GST on the basis of the changed …

GST

GSTR 3

GSTR-3 is a monthly return with the summarized details of sales, purchases, sales during the month along with the amount of GST liability. This return is auto-generated pulling information from GSTR-1 and GSTR-2.

GST

GSTR 2

Every registered taxable person is required to give details of Inward Supply, i.e., purchases for a tax period in GSTR-2.

GST

GSTR 1

GSTR 1 is a monthly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. GSTR-1 has a total of 13 sections.