GST billing software kerala

Offenses & Penalties Offenses There are  21 offenses under GST .  We have mentioned a few here. For the entire list of 21 offenses please go to our main article on  offenses . The major offenses under GST are: Not registering under GST, even though required by law. (Read our article for the list of those  who have to register mandatorily under GST ) Supply of any goods/services without any invoice or issuing a false invoice The issue of invoices by a taxable person using the GSTIN of another bona fide taxpayer Submission of false information while registering under GST Submission of fake financial records/documents or files, or fake returns to evade tax Obtaining refunds by fraud Deliberate suppression of sales to evade tax Opting for composition scheme even though a taxpayer is ineligible Penalty If any of the offenses are committed then a penalty will have to be paid under GST.  The principles on which these  penalties  ...

Efiling or electronic filing is submitting your income tax returns online. There are two ways to file your income tax returns. The traditional way is the offline way, where you go the Income Tax Department’s office to physically file your returns. The other way is when you e-file through the internet. Over the past few years, e filing has become popular because it is easier, doesn’t require prints of documents, and can be done for free! Am I Required to File Income Tax Returns? It is mandatory to file income tax returns in India if any of the below conditions are applicable to you (as per the Income Tax Act): Earn gross annual income more than- Particulars Amount For individuals below 60 years Rs 2.5 Lakhs For individuals above 80 years Rs 5.0 Lakhs Earn income other than salary like house property, etc Want to claim income tax refund from the department Earn from or have invested in foreign assets Wish to apply for visa or loan applications Company or ...

Details to be covered in Debit Note and Credit Note The debit note/ credit note shall contain the following particulars: name, address, and GSTIN of the supplier, nature of the document, a consecutive serial number containing only alphabets and/or numerals, unique for a financial year, date of issue of the document, name, address and GSTIN/ Unique ID Number, if registered, of the recipient, name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is unregistered, serial number and date of the corresponding tax invoice or, as the case may be, bill of supply, the taxable value of goods or services, rate of tax and the amount of the tax credited or, as the case may be, debited to the recipient, and signature or digital signature of the supplier or his authorized representative. Debit Note or Credit Note can be issued anytime i.e there is no time limit for issuing the Debit Note. Also, Debit Notes and Cre...

One must bear in mind that not all income can be taxed on slab basis. Capital gains income is an exception to this rule. Capital gains are taxed depending on the asset you own and how long you’ve had it. The holding period would determine if an asset is long term or short term. The holding period to determine nature of asset also differs for different assets. A quick glance of holding periods, nature of asset and the rate of tax for each of them is given below. Residents and non residents: Levy of income tax in India is dependent on the residential status of a taxpayer. Individuals who qualify as a resident in India must pay tax on their global income in India i.e. income earned in India and abroad. Whereas, those who qualify as Non-residents need to pay taxes only on their Indian income. The residential status has to be determined separately for every financial year for which income and taxes are computed. Defining Income Income has been very widely defined in the Incom...

Tax gain-loss harvesting  is another form of tax planning or management relating to investments. It is helpful because it can use a portfolio's losses to offset overall capital gains. According to the IRS, short and long-term capital losses must first be used to offset capital gains of the same type. In other words, long-term losses offset long-term gains before offsetting short-term gains. As of 2018, short-term capital gains, or earnings from assets owned for less than one year, are taxed at ordinary income rates.  Long-term capital gains are taxed based on the tax bracket in which the taxpayer falls.  0% tax for taxpayers in the lowest marginal tax brackets of 10% and 15% 15% tax for those in the 25%, 28%, 33%, and 35% tax brackets 20% tax of those in the highest tax bracket of 39% For example, if an investor in a 25% tax bracket had $10,000 in long-term capital gains, there would be a tax liability of $1,500. If the same investor sold underperfo...

3.1 In post-Independence period, central excise duty was levied on a few commodities which were in the nature of raw materials and intermediate inputs, and consumer goods were outside the net by and large. The first set of reform was suggested by the Taxation Enquiry Commission (1953-54) under the chairmanship of Dr. John Matthai. The Commission recommended that sales tax should be used specifically by the States as a source of revenue with Union governments' intervention allowed generally only in case of inter-State sales. It also recommended levy of a tax on inter-State sales subject to a ceiling of 1%, which the States would administer and also retain the revenue.  3.2 The power to levy tax on sale and purchase of goods in the course of interState trade and commerce was assigned to the Union by the Constitution (Sixth Amendment) Act, 1956. By mid-1970s, central excise duty was extended to most manufactured goods. Central excise duty was levied on unit, called specific duty, ...