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Why Supplier Evaluation is Critical for your Business under GST

In the erstwhile regime, the value of input credit availed by you did not depend on the remittance of tax liability by the supplier. As a result, the compliance of vendor was not an influencing factor in vendor evaluation. Largely, it was all about the cost, quality and efficiency of supplier in delivering the product or services. Under GST, compliance of your vendor will be one of the critical factor in selection/evaluation of your supplier. This is because your input tax credit will be dependent on your supplier’s compliance, that is, your supplier should file the return. He must declare the outward supplies along with the tax payment, and post-matching of invoice. If your supplier fails to furnish a valid return, […]

By |2022-09-28T06:12:38+00:00August 3rd, 2017|GST, gst compliance, gst supply, gst supply conditions, selection of supplier, supplier evaluation, Tax|Comments Off on Why Supplier Evaluation is Critical for your Business under GST

Impact of GST on Manufacturers – Part 2

In our last blog on this topic, we discussed about some of the positive impacts of GST on the manufacturers across our country. While the core benefits do stand out in terms of ease of doing business, and decreased costs on several fronts, there are certain aspects of GST which may not be conducive to the manufacturing sector. Let’s have a look. Negative Impact Reduced working capital Under the current taxation regime, stock transfers are not subject to tax, provided Form F is furnished. Input VAT credit is available in excess of 4% of tax paid on purchase, and the 4% thus reversed, finds its way into product cost. However, under the GST regime, stock transfers are deemed to be ‘supply’ […]

By |2022-06-08T05:46:41+00:00June 8th, 2017|goods and services tax, GST, gst impact, gst manufacturing, GST Registration, gst supply|Comments Off on Impact of GST on Manufacturers – Part 2

Impact of GST on Suppliers on e-commerce Platforms

India’s e-commerce sector is expected to cross revenue of Rs.12,000 crores in 2020, according to a joint Assocham-Forrester study. It is also expected that the sector will grow at an annual rate of 51%, the highest in the world. The Indian Government’s recent move of currency demonetisation and the vigorous push for digitisation in every aspect of life has only propelled the e-commerce industry’s growth. For a supplier on an e-commerce platform, it is certainly an exciting time to do business, given the accessibility to geographically distant customers, low operational costs, and the scalability that e-commerce provides. At the same time, taxation on e-commerce transactions in the current regime is ambiguous and different states have different levies of tax. The […]

By |2022-06-08T07:28:07+00:00June 1st, 2017|e-commerce platforms, e-commerce supplier, ecommrce, GST, gst e-commerce, gst impact, gst india, gst supply, Tax|Comments Off on Impact of GST on Suppliers on e-commerce Platforms

How to Determine the Value of Supply when Consideration is not in Money

Valuation of goods and services is an important aspect which determines the amount of tax to be levied. If goods and services are undervalued, it leads to short-payment of tax, leading to non-compliance and resultant legal implications. Overvaluation will result in loss of revenue for businesses by way of additional taxes. In order eliminate ambiguities and avoid litigation due to inaccurate or flawed valuation of goods and services, valuation methods have been provided by the law which act as guidelines to businesses while determining the accurate taxable value. In our earlier blog How is the Value of Goods & Services Determined under GST? we have discussed about the various valuation methods in the current regime, and also about determining the value […]

By |2022-05-04T13:58:46+00:00May 26th, 2017|goods and services tax, GST, gst supply, gst value of supply, supply of goods, supply of service, valuation of supply of goods or services|Comments Off on How to Determine the Value of Supply when Consideration is not in Money

How to Determine the Place of Supply of Specific Services

Type of Service Type of recipient Place of supply Example Restaurant and catering services Not applicable Location where the service is rendered Manish Caterers in Mumbai, Maharashtra, provides catering services to Mukesh Automobiles for their annual sales event in Mumbai.Location of supplier: Mumbai, MaharashtraPlace of supply: The catering service is performed in Mumbai, MaharashtraThis is an intrastate supply and the taxes applicable are CGST +SGST Personal grooming, fitness, beauty treatment and health services, including cosmetic and plastic surgery Not applicable A Chartered Accountant registered in Bangalore, Karnataka, takes an Ayurveda treatment at Dev Ayurveda Centre in Kerala.Location of supplier: KeralaPlace of supply: The Ayurveda treatment is performed in KeralaThis is an intrastate supply and the taxes applicable are CGST + […]

By |2022-07-20T10:37:43+00:00May 2nd, 2017|goods and services tax, GST, gst restaurants, gst supply, gst supply conditions, supply of service|Comments Off on How to Determine the Place of Supply of Specific Services

What is Time of Supply for Services on Reverse Charge

In our previous blog, we discussed Time of Supply for Services under the Forward Charge Mechanism. Under the reverse charge mechanism, the recipient or buyer of services has to pay tax to the credit of the government unlike forward charge, where the supplier has to pay tax to the government. What is reverse charge mechanism? Under the reverse charge mechanism, the recipient or buyer of services has to pay tax to the credit of the government unlike forward charge, where the supplier has to pay the tax. For example, on availing a transportation service, the recipient of the service has to pay service tax to the government. Why reverse charge mechanism? In order to ensure that the tax is collected […]

By |2022-10-19T09:38:14+00:00March 31st, 2017|goods and services tax, GST, gst supply, gst supply conditions, gst supply on reverse charge, reverse charge, supply of service, time of supply|Comments Off on What is Time of Supply for Services on Reverse Charge

What is Time of Supply for Goods on Reverse Charge

In our previous blog post What is Time of Supply for Goods on Forward Charge we discussed time of supply for goods on Forward Charge. In this blog, we will discuss time of supply of goods on reverse charge. In order to ensure that the tax is collected on the sale of goods or services from various unorganised sectors, the government introduced Reverse Charge Mechanism. Under this, the recipient or buyer of goods or services has to pay the tax to the credit of the Government, unlike in the forward charge, where supplier is liable to pay the tax. The key change is the shift in responsibility of paying tax, which has moved from the supplier to the buyer. Under Current […]

By |2022-05-04T13:29:35+00:00March 31st, 2017|goods and services tax, GST, gst supply, gst supply conditions, reverse charge, supply of goods, time of supply|Comments Off on What is Time of Supply for Goods on Reverse Charge

What is Time of Supply for Services on Forward Charge

In our previous blog post What is Time of Supply for Goods on Forward Charge we discussed time of supply for goods. In this blog, we will discuss the Time of Supply on Forward Charge for Services. Under Current Regime Under the current indirect tax regime, on rendering taxable services, service tax is applicable. The point in time when service tax is to be paid to the central government is determined in accordance with the point of taxation (POT). According to POT, the liability to pay service tax on forward charge will be determined as shown below: Earliest of the following Date of issue of invoice If the invoice is issued within 30 days from the date of completion of the […]

By |2022-06-08T08:01:07+00:00March 29th, 2017|forward charge on services, forward charges, goods and services tax, GST, gst supply, gst supply conditions, supply of service, time of supply|Comments Off on What is Time of Supply for Services on Forward Charge

What is Time of Supply for Goods on Forward Charge

Point of Taxation (POT) refers to the point in time when tax is required to be paid. This is a mechanism which is used to determine the point in time when the tax liability will arise. Under the current indirect tax regime, the point of taxation is different for each of the tax type. Scenario Type of Tax Point of Taxation Manufacturing of Goods Central Excise Incidence of excise duty arises on the manufacture of goods in India, and the liability to pay excise duty arises at the time of removal of the excisable goods from the excise unit. For example, Goods manufactured on 28th April, 2016 and removed from the excise unit for sale on 5th May,2016. The liability of […]

By |2022-05-04T13:59:59+00:00March 27th, 2017|forward charges, forward charges on goods, goods and services tax, GST, gst supply, gst supply conditions, supply of goods, time of supply|Comments Off on What is Time of Supply for Goods on Forward Charge

How to Determine the Place of Supply of Services

In the current tax regime, the provision of a taxable service is subject to service tax.  Service tax is levied by the Central government and is applicable irrespective of whether the provision of service is interstate or intrastate. However, under GST, the place of supply of service will determine the type of tax applicable on the service. This is based on the concept of GST being a ‘destination based consumption tax’, where tax will accrue to the State where the supply is consumed. Hence, it is important to determine the place of supply of services. The rules for determining the place of supply of services are different from the rules for determining the place of supply of goods. In case […]

By |2022-05-04T10:10:05+00:00March 16th, 2017|goods and services tax, GST, gst place of supply, gst supply, gst supply conditions, supply of service, Uncategorized|Comments Off on How to Determine the Place of Supply of Services

How to Determine the Place of Supply in Case of Bill to-Ship to Transactions

In the Bill to – Ship to model, the billing and shipping of goods are done to two states and entities. In order to avoid the cascading of multiple taxes through the course of the transaction, the first sale will be taxable, and any subsequent sale during the movement of goods is exempt from tax. Today, Bill to – Ship to transactions are a common occurrence. Let us understand ‘Bill to – Ship to’ transactions with an example. Ganesh Traders, a dealer in hardware goods, located in Maharashtra receives an order from Maruthi Traders, located in Karnataka. The order is for the supply of 100 aluminium ladders, with an instruction to ship the ladders to Prime Hardwares, located in Tamil Nadu. […]

By |2022-10-19T09:33:39+00:00March 13th, 2017|bill to ship to, goods and services tax, GST, gst calculation, gst place of supply, gst supply, gst supply conditions, supply of goods, supply of service|Comments Off on How to Determine the Place of Supply in Case of Bill to-Ship to Transactions

How to Determine the Place of Supply When there is No Movement of Goods

1. When supply does not involve movement of goods, the location of the goods at the time of delivery to the recipient is the place of supply. For example: Rex Cars, whose registered place of business is Chennai, Tamil Nadu, opens a showroom in Mysore, Karnataka. They purchase a pre-installed generator at the premises from Rohan Generators in Mysore, Karnataka. Location of supplier: Mysore, Karnataka Place of supply: The supply of the generator does not require its movement. Hence, the place of supply is Mysore, Karnataka. This is an intrastate supply, and the taxes applicable are CGST and SGST. When supply does not involve movement of goods, the location of the goods at the time of delivery to the recipient […]

By |2022-05-04T10:30:15+00:00March 10th, 2017|goods and services tax, GST, gst place of supply, gst supply, gst supply conditions, supply of goods, supply of service|Comments Off on How to Determine the Place of Supply When there is No Movement of Goods

What is Place of Supply in GST

Under GST, the existing system of levy of tax on manufacture, provision of taxable services, and sale of goods will be replaced by the concept of ‘SUPPLY’. The taxable event under GST is the ‘Supply’ of Goods or Services. It is very important, therefore, to understand the place of supply in determining the right charge of tax on supply. The model GST Law lays down the criteria to determine the place of supply. Based on these criteria, you can treat the supply of goods or services as either Intra-State (within the State) or Inter-State (Outside the State). There are two important components which determine the tax to be charged on a supply: • Location of the Supplier – It is […]

By |2022-06-08T05:42:07+00:00February 28th, 2017|goods and services tax, GST, gst place of supply, gst supply, supply of goods|Comments Off on What is Place of Supply in GST

Provisions in GST with Respect to E-Commerce

Electronic Commerce or e-commerce has transformed the way business is done in India. Currently, the e-commerce industry in India is faced with the levy of multiple taxes. Every state has imposed its own set of rules and taxes on the e-commerce industry. The lack of clarity on the tax treatment of the various types of e-commerce transactions, and new aspects such as e-wallet and cashbacks, has resulted in a chaotic tax environment for the industry. E-commerce firms are looking forward to the implementation of GST in the hope of greater clarity, and removal of state specific rules and levies. The draft Model GST Law recognizes the need for rules specific to the e-commerce industry. In this blog, we will look […]

By |2022-05-04T10:23:32+00:00February 27th, 2017|ecommerce and gst, goods and services tax, GST, GST Return Filing, gst supply|Comments Off on Provisions in GST with Respect to E-Commerce

Supply of Goods or Services between Related and Distinct Persons

In our earlier blog GST Impact on Supply without Consideration and Importation of Services, we discussed about supply without consideration and the import of service. This blog discusses, in detail, supplies without consideration between: • Related person • Distinct person Related person The definition of “Related Person” is similar to the current Customs Valuation Rules. The supply is considered as between related persons only if the supply of goods or services is made between 1. Officers or directors of one another’s businesses: In a supply, the supplier and the recipient are actually officers or directors of the other business. As illustrated above, Mr. Ganesh is a Director in Ganesh Trading Ltd and an officer in Rakesh Trading Ltd. Mr. Rakesh […]

By |2022-09-30T05:28:43+00:00February 15th, 2017|goods and services tax, GST, gst supply, gst supply conditions, supply of goods, supply of service, supply to distinct person, supply to related person|Comments Off on Supply of Goods or Services between Related and Distinct Persons

Understanding Mixed and Composite Supply in GST

If you look at the market today, you will notice very often, two or more goods, or a combination of goods and services, are supplied together. This could be due to either of the following reasons: A sales strategy – to attract more customers The nature or type of goods or services, which requires them to be bundled or supplied together Under Service Tax, this mechanism is called Bundled Service – which is the rendering of a service or services with another element of service of services. Under the revised model draft GST law, supplies which are bundled with two or more supplies of goods or services or combination of goods and services are classified, with distinct characteristics, as: Mixed […]

By |2022-05-04T13:57:32+00:00February 9th, 2017|composite supply, GST, gst composite supply, gst mixed supply, gst supply, mixed supply|Comments Off on Understanding Mixed and Composite Supply in GST

GST Impact on Supply without Consideration & Importation of Services

In our earlier blog Supply of Goods and Services: What does it Mean we discussed about which is mostly about business operational activities like sales, transfers, and so on. In this blog post, we will discuss exceptional scenarios, which form a part of supply, and are taxable: Supplies made without consideration Supplies made for a consideration, whether or not in the course or for furtherance of business Supply without consideration The following activities are considered as Supply even without consideration, and are liable for tax. Note: A key scenario ‘Supply of goods and or services without consideration between related persons or distinct person’, will be covered in detail in our next blog post. 1. Permanent transfer/disposal of business assets on which […]

By |2021-10-07T13:41:52+00:00February 8th, 2017|GST, gst supply, gst supply conditions, supply of goods, supply of service|Comments Off on GST Impact on Supply without Consideration & Importation of Services

Supply of Goods and Services: What does it Mean?

Under the current indirect tax structure, the taxable event differs for each type of tax. The taxable events under the current indirect tax structure are captured below: Type of Tax Taxable Event Central Excise Removal of excisable goods VAT On sale of goods Service Tax Provision of taxable services   The taxable event under GST is the Supply of Goods and/Services. All taxes such as Central Excise, Service Tax and VAT/CST will be subsumed under GST, and the concept of manufacture of goods, sale of goods, and provision of services would no longer be relevant. Thus, for every business, it is crucial to understand the relevance of supply which sets the scope of transactions liable for the levy of GST. […]

By |2022-07-20T10:27:38+00:00January 31st, 2017|goods and services tax, GST, gst supply, gst supply conditions, supply of goods, supply of service|Comments Off on Supply of Goods and Services: What does it Mean?

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PowerPacks FAQ

A PowerPack is a powerful widget built on top of the Tally platform. It adds value to your business by simplifying key, daily activities that may currently be done manually. A good example is Digital Signature – replace the need for physically signing (or even printing out!) By automatically inserting a digital signature on your entire Tally generated invoices. Saves you a ton of time, saves printing costs and also saves the environment since you print less!
Good Question! Our team is continually improving these PowerPacks. By adopting a subscription model, it allows our team to invest time to continually improve them. In addition, when the Tally platform is upgraded, your PowerPack will always work. Current offerings in the market sell you a ‘perpetual’ file and then charge you exorbitant upgrade fees when a new version comes out. We eliminate all of that and charge you a low fee. Think of it as sacrificing a couple of cups of coffees per year! Surely you can sacrifice 2 cups of coffee for improved productivity at work, right?
No problem! We understand that our customers’ needs evolve over time, and you may not need a certain PowerPack after a certain period of time. If you cancel within 7 days of purchasing the PowerPack, we will refund your money within 3 business days – no questions asked! If you’ve purchased an annual license, you can simply cancel your subscription and your license copy will lapse after your subscription period ends. No surprise charges. EVER!
Come on! You must be joking. Ok, you’re not. Well, the answer, surprisingly, is YES! If you purchase a PowerPack for the whole year, you can get it for only INR 999/year! That is a 15% discount or almost 2 months free 🙂 Happy now?

We’ve designed our PowerPacks to be self-serve and easy to install and use. We also provide you with a user manual and feature list with screenshots to get you started. But if you still have questions, drop us an email at [email protected] and we’ll help you out! If you need more hands-on support, just give us a call or drop an email.

Absolutely! We will continue to build the PowerPacks that serve our customers at an affordable price. We notify our customers when a new PowerPack is available. Meanwhile, if you need something very unique to your business, we have a top-notch development team that is eager to solve complex problems for businesses like yours. Fill out this form, we’ll get in touch with you!
Good question again! Other vendors may offer you a PowerPack (add-on/module) for a flat one-time fee. But what they don’t tell you is that anytime there is a release upgrade or newer version of Tally, the PowerPack will stop working. To get it to work again, you will need to pay the vendor more money. This cycle is never-ending! In addition, other vendors may not update their PowerPacks with additional features. If they do, they may charge you extra for the same. With Mark IT, your PowerPack will always work even if there is a release update. The subscription model also allows us to continually enhance our PowerPacks and pass on the benefits to our customers at no extra cost. Plus, you save a ton of money upfront which you can use for other business improvements!
You can choose between a number of payment types – NEFT, credit or debit card, UPI, EMI or any wallet (like PayTM, PhonePe etc.) Providing flexibility to our customers is important to us, so we ensure to continually add the latest payment methods.
We’re glad you want to! Simply add multiple PowerPacks to your cart and buy! In addition, if you wish to purchase additional PowerPacks for additional serial numbers, simply change the quantity to the appropriate number of serial numbers and you are set. Feel free to add any comments in the Notes section if there is something you need to tell us regarding your order. Trust us, we read every customer’s emails!
A PowerPack is compiled and attached to a single serial number. If you’d like to set up the PowerPack for multiple serial numbers, simply purchase additional PowerPacks for each of your serial numbers. Simple!

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