Ans. Retailing businesses, such as the greeting card store, sell products directly to the people who use or consume them.

Ans. Service business type of entrepreneurial business sells instead of a product Explanation: Service business include companies locked in transport, food service, distribution, retail, and other industries that offer administrations instead of products

Ans. You don’t need a fancy calculator for this. The net income formula is simply: Gross revenue – Expenses = Net Income

Ans. Yes, you have to pay GST via RCM. You can avail ITC of the GST so paid if you are otherwise eligible.

Ans.e-invoice has many advantages for businesses such as Auto-reporting of invoices into GST return, auto-generation of the e-way bill (where required). e-invoicing will also facilitate standardization and interoperability leading to reduction of disputes among transacting parties, improve payment c...

Ans. As per Rule 48(4), notified person has to prepare the invoice by uploading specified particulars in FORM GST INV-01 on Invoice Registration Portal and after obtaining the Invoice Reference Number (IRN). As per Rule 48(5), any invoice issued by a notified person in any manner other than the mann...

Ans. i. Invoices ii. Credit Notes iii. Debit Notes, when issued by notified class of taxpayers (to registered persons (B2B) or for the purpose of Exports) are currently covered under e-invoice. Though different documents are covered, for ease of reference and understanding, the system is referred to...

Ans. For Registered persons whose aggregate turnover (based on PAN) in any preceding financial year from 2017-18 onwards, is more than the prescribed limit (as per relevant notification), e-invoicing is mandatory.

Ans. New registration would be required as Partnership firm would have new PAN.

Ans. As per Rule 48(4) of CGST Rules, notified class of registered persons has to prepare the invoice by uploading specified particulars of the invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN).