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Inverted Duty Structure vs. Normal Duty Structure in GSTThe Goods and Services Tax (GST) in India was designed to streamline the indirect tax system and remove cascading taxes. While the system has brought more transparency and efficiency, certain structural inconsistencies persist. One such issue is the Inverted Duty Structure (IDS), which contrasts with what is considered a normal or ideal duty structure. Understanding the difference...0 Σχόλια 0 Μοιράστηκε 197 Views 0 ΠροεπισκόπησηΠαρακαλούμε συνδέσου στην Κοινότητά μας για να δηλώσεις τι σου αρέσει, να σχολιάσεις και να μοιραστείς με τους φίλους σου!
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Best Practices for Managing Input Tax Credit under GSTManaging Input Tax Credit (ITC) efficiently under GST is essential for businesses to optimize their tax liability and cash flow. An organized ITC management system can help businesses avoid compliance issues, penalties, and errors during audits. Below are the best practices for Eligible and Ineligible Input Tax Credits under GST. 1. Implement Robust Accounting Systems Using a robust and...0 Σχόλια 0 Μοιράστηκε 219 Views 0 Προεπισκόπηση
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Common GST Registration Mistakes and How to Avoid ThemGoods and Services Tax (GST) registration is a critical step for businesses operating in India. It ensures legal compliance and allows businesses to collect GST on sales, claim input tax credits, and participate in inter-state commerce. However, many businesses—especially new or small ones—often make mistakes during the registration process, which can lead to delays, penalties, or...0 Σχόλια 0 Μοιράστηκε 264 Views 0 Προεπισκόπηση
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Common GST Registration Mistakes and How to Avoid ThemGoods and Services Tax (GST) registration is a critical step for businesses operating in India. It ensures legal compliance and allows businesses to collect GST on sales, claim input tax credits, and participate in inter-state commerce. However, many businesses—especially new or small ones—often make mistakes during the registration process, which can lead to delays, penalties, or...0 Σχόλια 0 Μοιράστηκε 291 Views 0 Προεπισκόπηση
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Navigating the Duty Drawback Scheme for Export: Everything You Need to KnowThe Duty Drawback Scheme can be an excellent opportunity for exporters to save on costs and improve profitability. However, navigating this program requires an understanding of the rules, procedures, and necessary documentation. Here's everything you need to know about how to navigate the Duty Drawback Scheme effectively: 1. What is the Duty Drawback Scheme? The Duty Drawback Scheme is a...0 Σχόλια 0 Μοιράστηκε 538 Views 0 Προεπισκόπηση
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How to Avoid Refund Claim Rejections When Output Tax Is LowerOne of the biggest hurdles businesses face while claiming a GST refund is having their claim rejected. If your output tax is lower than input tax, you may be entitled to a refund, but improper filing or missing documents can result in rejection. Also Read: GST Refund Claim Process Here’s how to avoid refund claim rejections when output tax is lower than input tax:...0 Σχόλια 0 Μοιράστηκε 704 Views 0 Προεπισκόπηση
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Steps to Claim GST Refund for Exports Under Inverted Duty StructureUnder the Goods and Services Tax (GST) system, businesses often face challenges when the Inverted Duty Structure (IDS) comes into play. This occurs when the GST rate on inputs is higher than the GST rate on output goods or services. For exporters, this can create a situation where they accumulate excess Input Tax Credit (ITC), which they cannot utilize directly, as exports are zero-rated under...0 Σχόλια 0 Μοιράστηκε 644 Views 0 Προεπισκόπηση
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How to File GSTR 1, GSTR 2B, and GSTR 6: A Step-by-Step GuideIntroduction to GSTR Filing For businesses registered under GST, filing returns is mandatory to report their sales, purchases, and taxes paid. While there are various forms under GST, GSTR 1, GSTR 2B, and GSTR 6 are among the most commonly used by businesses. Each form serves a specific purpose and plays a crucial role in ensuring the correct reporting of tax details. Also Read: GST...0 Σχόλια 0 Μοιράστηκε 777 Views 0 Προεπισκόπηση
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