Compliances
What is letter of undertaking for Export
What is LUT and why is it used? LUT is an acronym for the letter of undertaking used while exporting goods. All registered taxpayers who export the goods or services will have to furnish Letter of Undertaking (LUT) in GST RFD-11 form on the GST ...
How to take maximum benefit out of Input Tax Credit Utilization?
Under the GST regime, the taxpayer paying GST on inputs can claim the credit for tax paid on inputs and utilize the same towards the liability to pay GST on output. This is input tax credit utilization of GST, which enables to overcome challenges ...
What is the Meaning of Input Tax Credit?
An input tax credit is a credit that a manufacturer has received for having paid input taxes towards the inputs that have been used in the manufacture of goods and products. Similarly, a dealer will be entitled to the input tax credit. What is Input ...
How to file a GSTR-9 annual return?
GSTR 9 is an annual tax return that contains details related to the supplies you have made and received during the year. What is GSTR 9? The GSTR 9 is a document or statement that has to be filed once a year by a registered taxpayer. This document ...
What does LUT under GST mean & Process of filing it ?
A letter of Undertaking is a document that exporters can file to export goods or services without paying taxes. Under the new GST regime, all exports are subject to IGST, which can later be reclaimed via a refund against the tax paid. A LUT (Letter ...
How to Raise Invoice on GST E-Invoicing Portal?
The transportation of goods from one place to another is facilitated by the filing of ‘e-Way Bills’ on the common GST portal. Similarly, in its 35th meeting, the GST Council had decided to implement a system of e-Invoicing, which will apply to ...
How can we file GST Return in Tally Software?
How can we file GST Return in Tally Software? One of the key aspects of the GST era is that most of the indirect taxes - for which returns had to be filed separately for various businesses - have been subsumed. Today, irrespective of whether one is a ...
How to File GSTR 3B Quarterly Return
Quarterly Return Filing & Monthly Payment of Taxes (QRMP) Scheme To simplify the process of filing returns for small business taxpayers, the QRMP scheme has been launched by the Indian government. This guide will explain the scheme, the criteria to ...
How to file GST Return Online ?
From manufacturers and suppliers to dealers and consumers, all taxpayers have to file their tax returns with the GST department every year. Under the new GST regime, filing tax returns has become automated. GST returns can be filed online using the ...
Login Page To Check GST Return
There are two types of GST login procedures for www.gst.gov.in. One is for existing users, and another is for new users. Let’s see in detail about both the procedures. Steps to GST login for an existing user Step 1: Visit www.gst.gov.in or the ...
What are the various Compliances under GST?
Types of GST Returns and Due dates GSTR-1 GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made. In other words, it contains the invoices and debit-credit notes raised on the sales transactions ...
Important Due Dates For GST Returns Filing
Important GST Dates – GST Calendar 2021- 2022 GST calendar helps every registered business and professionals to be ready for compliance well in advance. GST Dates are crucial for every taxpayer to file the GST returns and prescribed forms under the ...
How many GST returns are there?
GST return is a form that a taxpayer registered under the Goods and Services Tax (GST) law must file for every GSTIN that he is registered. Did you know that 22 types of GST returns are prescribed under the GST Rules? Out of them, only 11 GST returns ...
Different Types Of GST Returns in India
GST returns are different forms that a taxpayer has to file for every GSTIN to which he is registered. What are GST Returns? GST Returns are a type of form that a taxpayer has to file. There are around 22 types of GST forms available. From these 22 ...
GST Compliance Rating can Make or Break your Business
What is the GST Compliance Rating? The GST compliance rating is a score given by the government to all registered businesses based on their record of compliance with the GST rules and regulations, and this score will be made visible to all other ...
What are the GST Compliance Filing Checklist in India?
The GST compliance rating is a score given by the government to a business so that other businesses can see how compliant they are with the tax department. This score will be calculated based on parameters such as timely filing of monthly and annual ...
What are the Different Compliances under GST?
While all the returns under GST would be required to be filed electronically, the details of Central and State taxes would be consolidated together for the purpose of reporting the details of outward and inward supplies, Input Tax Credits (ITC), tax ...
Cases When E-Way Bill is Not Required
Cases when an Eway bill is not required The Goods and Services Tax (GST) law was introduced in India to correct the erstwhile law’s several wrongs. One of the main problems was a lack of transparency concerning both the taxpayers and the government. ...
How to Check E-Way Bill Status
There are many scenarios, where a tax payer may want to reject e-way bill generated against his GSTIN, by other parties – be it recipient, supplier or transporter. The reasons could either be an e-way bill raised by mistake or as a recipient, you may ...
How to Generate E Way Bill For Unregistered Person
How to Generate E-Way Bill for Unregistered Person? An E-Way Bill is an online document that is generated via an e-way bill portal for the movement of goods from one place to another. The Government of India implemented an e-way bill to minimize the ...
How to Generate e way bill in Tally Prime
e-Way Bill in TallyPrime The e-Way Bill system was introduced by the government to simplify and streamline the process of GST compliance. An e-Way Bill document has to be carried while shipping the goods from one location to another. This document ...
How to Generate e way bill for multiple invoices?
How to Generate E-Way Bill for Multiple Invoices Consolidated E-Way Bill (EWB-02) is a single document that contains details of all the E-Way Bills related to the consignments. If you are a transporter/ supplier who wants to transport multiple ...
Prerequisites for e-Way Bill Generation
Prerequisites for e-Way Bill Generation There are some prerequisites for generating an eway bill (for any method of generation): Registration on the EWB Portal The Invoice/ Bill/ Challan related to the consignment of goods must be in hand. If ...
What are the Latest Improvements in GSTR-1?
A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. These enhancements, would enable the Saving of the GSTR-1 details on the GST Portal efficient and user friendly. Further, ...
Table 6A of GSTR-1 : Refund on Export
Table 6A of GSTR-1 needs export details to be reported. Under GST, exports are considered to be zero-rated supplies. The suppliers of zero-rated supplies enjoy certain benefits under the GST law very similar to customs law. Latest Update 29th August ...
Exports Under GST: How to Use Bond or LUT?
LUT and bonds are instruments that evidence an undertaking by the taxpayer for exports. Here we give an insight into the details about when to opt for LUT and when to opt for Bond. Not only this but also how to claim the refund of IGST paid on ...
Implication of GST on FMCG Sector
INTRODUCTION Fast moving consumer goods (FMCG) is the 4th largest sector in the Indian economy. There are three main segments in the sector – food and beverages, healthcare and household and personal care which accounts for almost half of the sector. ...
what are the process of name change under GST ?
Change of Firm Name in GST Registration Certificate In this article, we will discuss an important question that "Can we change name of firm in GST Registration". Though many people think that once GST Registration is obtained, it is not possible to ...
Meaning of TDS & TCS under GST
TDS and TCS under GST is an acronym for tax deduction at source and tax collection at source. These terms are even present under the Income Tax law. TDS and TCS under GST came into effect from 1st October 2018. TDS refers to the tax which is deducted ...
Liability To Pay Unpaid GST Dues
Offences Under GST What is an offence? An offence is a breach of a law or rule, i.e., an illegal act. Similarly, an offence under GST is a breach of the provisions of the GST Act and Rules. Offences under GST and respective applicable penalties are ...
How to File Application in Form GST EWB-05 For Unblocking of e-Way Bill Generation Facility
A taxpayer’s e-way bill (EWB) generation facility could get blocked if he fails to file his returns in Form GSTR-3B or Statement in Form CMP-08, for two or more consecutive tax periods. Hence, the taxpayer will need to file an application in Form GST ...
Blocking of GSTR-1 if GSTR-3B is not filed
Blocking of GSTR-1 filing has been notified by adding a new sub-rule (6) under Rule 59 of the CGST Rules. The Central Board of Indirect Taxes and Customs (CBIC) issued the update vide notification no. 94/2020 dated 22nd December 2020. This rule deals ...
How to furnish LUT in RFD-11 on GST Portal
LUT is an acronym for the letter of undertaking used while exporting goods. The article covers this in detail. What is LUT and why is it used? All registered taxpayers who export the goods or services will have to furnish a Letter of Undertaking ...
Guide to File CMP-02 on GST Portal
When a dealer wants to opt for Composition Scheme under GST, they have to intimate the government about it. This can be done by filing Form GST CMP-01 or Form GST CMP-02. CMP-01 is a form to be filed by a migrated taxpayer who wants to opt for ...
Steps to Pay GST liability in CMP-08 on GST portal
CMP-08 filing must be done by all composition taxpayers (including service providers opting for composition scheme under Central Tax (Rate) Notification number 2/2019 dated 7 March 2019). The GSTN has, after much delay, opened the facility to declare ...
Lower GST Rate Composition Scheme for Service Providers
The Government introduced the composition scheme to assist small taxpayers and reduce the compliance burden. A dealer under a composition scheme is required to maintain fewer records/books of accounts and is not required to file monthly ...
Drawbacks of Registering under the GST Composition Scheme
The GST Composition Scheme is extremely important for those traders who have a turnover below Rs. 1.0 crore* annually. While it has its benefits, there are also several drawbacks of registering under the GST Composition Scheme, and that will be ...
What is the Dual GST Model in India?
The dual GST model refers to a concept where both the Centre and states simultaneously levy taxes on the supply of goods and services while the administration is run separately. It is dissimilar to the Single National GST model, where the taxes are ...
What is the Difference Between GST and VAT
The Goods and Services Tax (GST), which has replaced the Central and State indirect taxes such as VAT, excise duty and service tax, was implemented from 1st July 2017. In this article, you can understand the differences between VAT and GST and their ...
Forms under New GST Returns for claiming a refund on Exports
The new GST return filing system is expected to make the process of filing regular returns and tracking ITC smooth and easier. In this article, we analyse in detail the process for claiming GST refunds on exports. It includes both goods and services. ...
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