Goods and Services Tax Archives - H&R Block| Blog

Goods and Services Tax

September 22, 2017

Rules and conditions of Form GST TRAN 1 and TRAN 2

Any business that has not availed Input Tax Credit (ITC) on services or a closing stock can claim credit of tax paid under the pre-GST regime, irrespective of whether they are registered or unregistered under this regime. Depending on the possession of the evidence of […]
September 22, 2017

Impact of GST on Automobile Industry

A considerable time has passed since GST came into effect on July 1, 2017. However, the question still remains, ‘Is GST beneficial for the common people, small traders and industry as a whole?’ The answer is difficult to find with the government hailing GST as […]
September 21, 2017

GST Registration is on for TDS and TCS Deductors

The Goods and Services Tax (GST) registration for entities authorised to collect and deduct tax at source has started from September 18, 2017. This followed after the GST Council, chaired by Union Finance Minister Arun Jaitley, at its 21st meeting in Hyderabad decided to open […]
September 19, 2017

Advantages and Disadvantages of GST

  GST is a destination based indirect tax which has replaced several other indirect taxes earlier levied in the country. The tax has created a coalition between central and state levels and reformed the taxation regimes. It has provided a basic single and cooperative linkup […]
September 13, 2017

Due date of July and August 2017 GST Returns – Post GST rollout

Let us have a bird’s eye view for the GST return preparation and due dates for the month of July 2017 and August 2017. There have been widespread concerns over the smooth rollout of GST and there were some glaring concerns from trade and industry. […]
August 25, 2017

Should You Opt for Voluntary Registration under GST?

GST has become a talk of the town. With all confusions and excitements, GST finally rolled out on 01st July 2017. There is a common concern among all whether they should opt for voluntary registration under GST. So simple answer is any business can opt […]
August 14, 2017

Benefits and Drawbacks of GST Composition Scheme

Composition or compounding scheme is nothing new in Indian indirect taxation system. Many taxpayers under state VAT laws already enjoy the benefits of composition. Although service taxpayers never got the benefit of compounding system. GST regime will bring the benefits of composition scheme for all […]
August 10, 2017

Form GSTR-3B to be filed for the first two months of GST implementation

GST is already a reality, and many are still struggling to cope with the requirements of the new regime. To ease this burden and taking into account, the concerns expressed by the trade and industry government has introduced Form GSTR-3B. For the first two months […]
August 9, 2017

The Process of Reconciliation under GST

It has been over a month since India’s biggest ever Indirect Tax reform has been rolled out. Now is the time to actually get down to work and get ready to comply with the procedural requirements specified under the GST Act. One such requirement is filing […]
August 9, 2017

Common Errors Encountered in Saving the Data to GSTN Through Excel

This article delineates the common errors which are encountered while uploading and saving the data on invoices to GSTN through the Offline Excel Utility.  GSTN has released the user manual, addressing the solutions for errors encountered. In this article, we will look at the commonly faced […]