Impact of GST on Transport Sector

Impact GST Transport Sector

1. Interstate transportation become more efficient.
2. Burden of paper work will be reduce.
3. Logistic will go down

Before GST all 29 states collect taxes at a various rate at every border. So taxes collected multiple times. Also, delays, mafias and many bad elements that affect the transportation cost badly. Finally, after GST, Transporter will get relaxation and logistics cost will …

How to Save Income Tax?

Income From House Property

1) Interest benefits on Housing loan: Some people won't housing loans but now it will be beneficial for the taxpayer. From the tax POV, they may claim tax deduction under section 80C but it should not exceed from Rs 1,50,000/-. Gross value for tax purposes is taken as NIL and claiming deduction results in loss under the head ‘Income from house …

Input Tax Credit in India

Enough has been said about what a significant reform GST will be. But if there is one thing that completely stands out about this new tax, it is – the mechanism of input credit under GST. One of the basic features of GST is that the seamless flow of input credit across the chain (from the manufacture of products until it's consumed) and across the …

GST Invoice

What is GST invoice??

GST invoice must follow GST rules and pattern, GST invoice should contain all details like supplier’s name, shipping and billing address, HSN Code, place of supply. In the below article, you will get the clear picture about the GST Invoicing

GST Invoice time limit

GST tax invoice, revised bills, debit notes and credit notes all of those have time limit issue as per GST …

GST Composition Scheme in India

Importance of GST Composition Scheme

what is GST composition scheme? Routine recovery of taxes, return filing, generation and maintenance of records, invoices and other documentation is the job of tax administration but more often this thing becomes a burden for small businesses. To short out this burden composition scheme has been introduced by GST under their respective State VAT laws with few condition and eligibility. …