Input Tax Credit (ITC), Eligibility and Conditions for taking Input Tax Credit
by India’s Goods and Services Tax (GST) introduced in 2017, replaced the previous complex system of …
Tag: P7 Corporate Accounting Lucknow University B.com Notes
Payment Voucher, Receipt Voucher, E-way bill
Payment Voucher A payment voucher is a document that is used to record the details …
Tax Invoice, Bill for Supply, Debit Note, Credit Note
Tax Invoice A tax invoice is an important document used in the GST system of …
Composition Scheme and Assessment under Composition Scheme
The composition scheme under GST is a simplified compliance mechanism for small businesses with a …
Exemption from GST
Exemption from GST refers to goods or services which are exempted from the purview of …
Registration under GST, Persons liable to get registered, Compulsory Registration, Registration Procedure
Registration under GST Registration under GST is a mandatory requirement for all businesses involved in …
Reverse Charge Mechanism
Reverse Charge Mechanism (RCM) is a mechanism under the Goods and Services Tax (GST) system, …
Zero rated supply under GST
Zero-rated supply is a concept under GST that refers to supplies of goods and services …
GST tax rate
GST Rates Goods/Services Exempted Unprocessed food items, healthcare services, educational services, residential properties, etc. 0.25% …
Concept and Types of Indirect Tax
Indirect taxes are the taxes that are collected by the government from the consumers who …