GST

Businesses often sell old machinery when they upgrade equipment, replace outdated assets or close a business unit. However, such a sale may create GST obligations. Therefore, the seller must carefully review the machinery’s HSN classification, applicable GST rate, input tax credit claimed and manner of disposal. This article explains the GST rules for selling old […]

Businesses often find that their sales as per books do not match the sales reported in GSTR-1. This difference may arise because of missing invoices, duplicate entries, incorrect GSTINs, credit notes, timing differences, or errors in taxable value. A mismatch does not always indicate tax evasion. However, every difference requires proper investigation and supporting documents. […]

Many small business owners, freelancers, consultants, online sellers, and professionals operate their businesses from home. Many have a question that are they eligible to register for the GST services sitting at their home. Yes, you can generally register for GST at your home address if you genuinely conduct business and can provide valid address-proof documents. […]

Many businesses compare their bank credits with GST turnover and become concerned when the figures do not match. However, this mismatch does not automatically indicate an accounting error or unreported sales. Bank credits show the money received in a bank account. In contrast, GST turnover represents the value of supplies made under GST law. Therefore, […]

Many taxpayers believe that once the GST Department cancels their GST registration suo motu, they no longer need to complete any GST compliance. However, this assumption can create further notices, late fees and tax liabilities. Cancellation of GST registration does not automatically remove your past GST responsibilities. If GSTR-10 applies to you, you must file […]