Registration
How to Check GSTIN Number Validity?
GST Registration Check – How to Check GSTIN Validity? GST Registration Validity GST registration for regular taxpayers do not have an expiry date and is valid until it is surrendered or cancelled. Only the GST registration for non-resident taxable ...
Some Benefits of Sole Proprietorship Firm
What is meant by a Proprietorship firm? A proprietorship firm means (one person company ) the firm is no different from its proprietor, i.e, the owner. It is not a company so to say that it is not necessary for a proprietorship firm to be registered ...
How to Utilise & Adjust Input Tax Credit in GST?
Input Tax Credit (ITC) under GST What Is Input Tax Credit (ITC). Input Tax Credit refers to the tax already paid by a person at time of purchase of goods & services and which is available as deduction from tax payable. For e.g- A trader purchases ...
Goods and Service Tax Registration
Find Complete Details of GST Registration Procedure GST registration applies to all individuals and entities supplying goods or services in India. GST registration becomes mandatory when the aggregate value of supply exceeds Rs.20 lakh. The Ministry ...
GST: Self Invoicing Under RCM ( Reverse Charge Mechanism)
In GST, Section 9 of the CGST Act 2017– related to levy and collection, There are 2 types of charges under GST (1) Forward Charges (2) Reverse Charges Under reverse charge, there are two type of payments i.e. Taxable supplies provided by register ...
How to take GST Tax Credit without Invoices
GST consolidates multiple taxes into one. It is important to have rules in place to ensure that a registered business smoothly transitions to GST. Input Tax Credit Provisions have been made for the smooth transition of Input Tax Credit available ...
GST – Export related clarification
In order to facilitate and promote the export of Goods and Services from India and make it hassle-free, CBIC has issued three nos. of clarification circulars dt. 20.09.2021 to clarify certain issues which are being litigated/disputed by the ...
What is meant by Distinct Person under GST?
Distinct persons are persons with different GSTINs belonging to one legal entity (single PAN) situated within the same state or in two different states or in a different country. In this article, we shall see instances when a taxpayer is considered ...
what are the GST Departmental Audit Applicability?
GST Departmental Audit GST has been one of the biggest tax reforms of our country. July 2021 marked four years of GST Implementation and though it has stabilized to a large extent, the taxpayers are still grappling with some issues and compliances ...
GST on Service Providers, Bloggers, Youtubers & Freelancers
GST is applicable in India from 1st July 2017 and it is also applicable to Bloggers, Youtubers, Service Providers and all other types of Freelancers and the rate of GST in such cases is 18%. There is no confusion regarding this and it is fairly clear ...
Inspection, Search and Seizure under GST
Updates on Seizure 1st February 2021 Union Budget 2021 Outcome 1. With respect to orders received on detention and seizure of goods and conveyance, 25% of the penalty needs to be paid for making an application for appeals under section 107 of the ...
What are Mutual Funds? - Mutual Fund Definition
Mutual funds are one of the most popular investment options these days. A mutual fund is an investment vehicle formed when an asset management company (AMC) or fund house pools investments from several individuals and institutional investors with ...
what is QRMP Scheme under GST ?
The Central Board of Indirect Taxes & Customs (CBIC) introduced the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is less than Rs.5 crores. The QRMP scheme ...
GST Composition Scheme Transition
A composition scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. Latest Update Attention GST registered taxpayers! 31st March 2018 is the ...
Restaurants Under GST Composition Scheme
GST rates for restaurants have been a matter of a lot of discussions and the rates on the same have undergone a series of changes at the 28th GST Council Meeting. In this write up we will give a picture of the tax options available for restaurants ...
Composition Scheme Rules under GST
Composition Scheme Rules under GST provide for all the procedural compliance w.r.t. intimation for Composition Scheme, the effective date for levy, conditions, and restrictions on the levy, validity of levy and rate of tax. Intimation and Effective ...
Ministers Appointed for Rationalisation of GST in India
Two groups of ministers have been appointed to look into the rate rationalization under the GST, which will also include the current tax slab structure. The GST council secretariat on Monday 27th of Sept 2021 notified the setting up of two GoM, one ...
Exemptions Under GST – Taxed @ 0%
Understanding the taxability also involves knowing whether an item is exempt or not under GST. Due to the scope of taxable supplies being widened under GST, GST Exemptions have clearly been defined. Not just knowing the Exemption list, but also ...
Should You Opt for Voluntary Registration Under GST?
Every business is eligible for voluntary registration under Goods and Services Tax irrespective of the threshold limit. You may opt for voluntary registration under GST even if you are not liable to be registered. All the provisions of GST applicable ...
When was Goods & Service Tax Started in India?
India's two of the major problems are tax evasion and corruption. So, to come out of these problems a big step has to be taken by the government which is in the form of GST. India's tax system is more complex and GST will help in the simplification ...
What is a Casual Taxable Person in GST?
Introduction “Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a ...
Amendment to GST Registration - Core Fields
Amendment to GST Registration - Core Fields Amendment to Core fields in GST registration requires approval of Tax Officer. Amendment in Core fields means amendment in the details of: Any change in the name of business (if there is no change in the ...
Amendment to GST Registration - Non Core fields.....
Amendment to GST Registration - Non Core fields Amendment to Non core fields in GST registration does not require approval of any Tax Officer or visiting the Tax Department. In other words, it is automatically approved without any need of processing ...
How to amend Core & Non-Core Fields of GST Registration ...
Page Contents A. FAQs on Amendment of Registration – Core and Non-Core Fields Q.1 Can amendments be made to the information submitted in the Registration Application? Q.2 Who can file the Application for Amendment of Registration? Q.3 What are core ...
How to change GST registration details of a business?
In this article, we will discuss what a business owner needs to do if he/she has to change or update the GST registration details. There may be a need to do so due to mistakes made while applying for GST registration or due to an actual change in ...
Amendment of Indian Constitution for GST
The Constitution contains the Union List and the State List within which the power to levy separate taxes is given to the Centre and States respectively. GST was to be levied in such a way that both the Centre and the States received the power to ...
Basic Important Things about Goods & Service Tax
GST Terms You Need to Know Updated on Nov 02, 2019 - 05:48:08 PM Here are a few GST terms and definitions you must know. They are as follows: What is Goods and Services Tax (GST)? What are the indirect taxes that GST has replace? What is the ...
GST Audit Procedure by Different Authorities
Goods and Service Tax (GST) is structured for efficient tax collection, reduction in corruption, easy inter-state movement of goods and a lot more. The GST Law provides for self-assessment to facilitate easy compliance and payment of taxes. It also ...
Impact of GST on Service Providers
GST has brought in ‘one nation one tax’ system, but its effect on various industries is slightly different. The first level of differentiation will come in depending on whether the industry deals with manufacturing, distributing and retailing or is ...
Input Tax Credit; How to claim the ITC?
Input Tax Credit – ITC One of the fundamental features of GST is the seamless flow of input credit across the chain (from the manufacture of goods till it is consumed) and across the country. In this article, we will cover the following topics- What ...
Latest GST News, Information, Notifications & Announcements
This section contains the latest GST updates. We regularly publish all the GST news & related information here: Latest GST News GST Council Meet Recent Notification and Circulars Latest GST News 5th May 2020 A further extension granted for filing ...
Benefits of GST Composition Scheme
Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.0 ...
Various GST Tax Slabs in India
GST Tax Rate - Brief Description The Goods and Services Tax (GST) has been one of the most controversial and talked about change in the tax structure of India. Before the GST regime took effect in India the tax structure was a mishmash of many ...
GST Login – Guide on How to login to Government GST Portal India
GST Portal or government GST portal is hosted at https://www.gst.gov.in/. GST login portal is a website where all the compliance activities of GST can be done. Activities such as the GST registration, return filing, payment of taxes, application for ...
LUT (Letter of Undertaking) in GST
Letter of Undertaking - Brief Description In order to give boost to exports, the government provided certain facilities to the exporters under GST. As per section 16 of the IGST Act, 2017, export of goods and services is treated as Zero Rated Supply. ...
GST Registration Eligibility & Online Filing Process
GST Registration - An Overview The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. It is a destination based tax on consumption of goods and services. GST is to be charged at every ...
How to register on e-way bill portal ?
With respect to eWay Bills, three kinds of taxpayers/ users are involved: Registered Suppliers Registered/ Unregistered Transporters Unregistered Suppliers Registration on the e-way bill portal is compulsory to generate the e-Way Bills. Prerequisites ...
What are Goods & Service Tax Rate?
Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual ...
What are the different types of GST?
Central GST (CGST): GST paid on each transaction is divided into two equal parts: the part for the Centre is termed as CGST. State GST (SGST): The part of a state’s share of GST, when a transaction takes place within ...
Why is Dual GST required?
India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division ...
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