Reach Accountant
Reach Accountant
Blog Post
  • Which is the Best GST Software In India ? With the introduction of Goods and Service Tax, various state and central taxes has been subsumed, thus reducing the cascading effects of taxation for the end consumers. Every business unit is different and it has its own different expectations from any accounting software. Many companies are coming up with different software […] The post Best GST Software...

Reach Accountant
Reach Accountant
Blog Post
  • Input tax credit (also referred to as, “ITC”) is one of the key features of Goods and Services Tax. Input Tax Credit under GST means the credit of GST paid on purchase of Goods and Services which are used for the furtherance of business. The taxpayer is allowed to claim the Input tax Credit of GST incurred on his purchases […] The post Input Tax Credit under GST appeared first on Reach Accounting ...

Reach Accountant
Reach Accountant
Blog Post
  • In any tax system, registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit for the taxes […] The post GST Registration ...

Reach Accountant
Reach Accountant
Blog Post
  • Offence in general means a breach of Law or Act or any illegal act and penalty is defined as the punishment for committing an offence.Section 122 to 138 of the GST Act defines Offences and Penalties under GST. Offences and Penalties under GST The GST Act lists 21 offences in section 122 which are subject to a penalty of 10,000 […] The post Offences and Penalties under GST appeared first on Reach A...

Reach Accountant
Reach Accountant
Blog Post
  • Every person who is liable to pay tax under GST fails to pay the tax or any part thereof to the Government within the due date, interest will be levied on the late payment. Such interest on GST late payment shall be calculated from the day succeeding the day on which such tax was due to be paid. Interest on […] The post Interest on GST late payment appeared first on Reach Accounting Software.

Reach Accountant
Reach Accountant
Blog Post
  • GST is a multi-stage value added tax on consumption of goods or services or both. Transition provisions are incorporated under GST to enable existing taxpayers to migrate to GST in a transparent and exact manner. It is very essential to have transition provisions to ensure that the transition to the GST regime is hassle-free and no ITC (Input Tax Credit)/benefits […] The post TRANSITION PROVISIONS...

Reach Accountant
Reach Accountant
Blog Post
  • In India, Every business needs to know about the GST Invoice rules. Generally, an invoice is a commercial instrument issued by a seller to a buyer. As per GST law, it is not necessary that only a person supplying goods or services needs to issue an invoice but also “any registered person buying goods or services from an unregistered person […] The post How to Invoice under GST? appeared first on R...

Reach Accountant
Reach Accountant
Blog Post
  • Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for a taxpayer registered under the composition scheme, nonresident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS) and a person granted Unique Identification Number. Taxpayers are required to file GST returns dependi...

Reach Accountant
Reach Accountant
Blog Post
  • Accounts and Records to be maintained under GST Every registered person under GST shall keep and maintain all records at his principal place of business, as mentioned in the certificate of Registration. In case more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such […] The post Accounts and Records to b...

Reach Accountant
Reach Accountant
Blog Post
  • How to make GST payment? Under GST regime, every registered tax payer has to make GST payment and furnish GST returns on a monthly basis (small and medium businesses with annual aggregate turnover up to Rs. 1.5 crores file quarterly returns and pay taxes only on a quarterly basis, starting from the third quarter of this financial year i.e. October-December, […] The post How to make GST payment? ap...

Reach Accountant
Reach Accountant
Blog Post
  • GST – Goods and Services Tax is a single tax imposed on supply of goods or services or both. GST replaces most of the current indirect taxes that are imposed separately by the Centre and the States.  GST is introduced to create one tax and integrate the Country into a single market and make Indian products competitive in the domestic and […] The post How to Register GST ? appeared first on Reach A...

Reach Accountant
Reach Accountant
Blog Post
  • Exports Under GST has specific benefits and simplified procedures that will make compliance easier for exporters. Let us take a look at the these procedures outlined by the law and how they are beneficial to the exporter. What are zero-rated supplies? The following supplies of goods or services or both will attract GST at 0%: Exports of goods or services […] The post Exports Under GST appeared fir...

Reach Accountant
Reach Accountant
Blog Post
  • Click here to try a GST Accounting and Return Filing Tool for free Input credit under GST can be claimed on any goods or services or both procured to be used in the business. In this section we will be discussing the following: Conditions to claim input credit on inputs, input services and capital goods Manner of utilisation of input credit […] The post Input Credit Under GST appeared first on Rea...

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