GST

Reverse Charge Mechanism

Reverse charging mechanism a procedural way of discharging tax liabilities and formalities by buyer of services or goods or both instead of seller. Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the […]

GST Updates for Microsoft Dynamics NAV

Below link will provide Partner access to Application Hotfixes released by Microsoft. https://mbs.microsoft.com/customersource/Global/NAV/downloads/tax-regulatory-updates/MDNAV2016GSTIN Features included in this Release Credit Flow changes ( from Interim to Recoverable account) Sub-Contracting changes Exempted Good & Service for Service transfers and Service management Input Service Distribution transaction changes based on Credit flow changes Reconciliation changes based on revised Credit […]

GST implications for companies

GST will be transformational, and the implications for companies extend well beyond tax. GST will affect the tax structure, tax incidence, tax computation, tax documentation, tax accounting, credit availment and utilization, tax reporting, and so on. The result will be a complete overhaul of the current indirect tax system. The design of the GST compliance […]