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Input Tax Credit (ITC) under the Goods and Services Tax (GST) system is a mechanism that allows businesses to set off the tax paid on purchases (input tax) against the tax collected on sales (output tax). This reduces the overall tax liability for businesses and promotes the seamless flow of…

Under the GST Act, 2017, the terms supplier and recipient refer to the parties involved in a supply of goods or services. 1. Supplier A supplier is defined as the person or entity who provides goods or services to another. The supplier is responsible for charging GST on the sale…

The GST registration procedure is a straightforward process for businesses in India that need to register under the Goods and Services Tax (GST) system. It involves several steps, which are carried out online via the GST portal. Below is a step-by-step guide to the registration process: Step-by-Step Procedure for GST…