Goods and service tax, also known as, GST is a form of indirect tax, the burden of which falls on the end consumer of goods and services. It is a value-added tax system that has been implemented in many countries, including India. GST invoicing is the process of creating and issuing invoices for goods and services being sold by the business.
The main aim of GST is to eliminate the multiplicity or cascading effect of tax which was evident in the earlier schemes. With the help of this tax regime, there is uniformity in paying taxes. It has become essential for a small business owner, to understand the aspects of GST to sell goods or services in India
Let us understand more about GST invoicing and let this article serve as a guide for small business owners.
In India, GST is a multi-level tax that is levied on the supply of goods and services. The GST tax structure has four different tax slabs, namely 5%, 12%, 18%, and 28%. The GST tax applies to all types of goods and services that are sold in India, with a few exceptions.
Restrictions under CGST Rule 96(10) & Deemed Export under GST
Form 15G, Form 15H to Save TDS on Interest Income
Section 80GGC of Income Tax Act
