Mechanical Engineer • 1y
Hey there! Today, we're delving into GST and its impact on businesses, which is crucial for understanding how illegal activities can affect this framework. Input GST is what businesses pay on raw materials, while output GST is charged to customers upon sale. The difference is paid to the government. For instance, in A's shirt business, he paid ₹10 as input GST on ₹100 of raw materials and collected ₹18 as output GST from selling shirts at ₹120. The ₹8 difference is what he owes the government. Understanding these dynamics helps us see how compliance or non-compliance can affect businesses and the economy
The business should ... • 7m
Attention GST taxpayers: November 30, 2024 is last day to claim pending input tax credit by filing GSTR 3B November 30, 2024, is the last date to claim any pending input tax credit (ITC) or amend any errors or omissions in compliance with the Goods
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AI-Powered GRC Platform Are you spending too much time and money on governance, risk, and compliance (GRC) in India? We’re building PolicyPulse—an AI-powered GRC tool to simplify GST compliance, mitigate risks, and save costs (e.g., INR 500/month vs
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