Goods and Service Tax
What If GST Return Not Filed For 6 Months
Late Fees and Interest on GST Return Late fees and interest form important components of the Goods and Services Tax (GST) payment and are incurred by businesses in case of delay in submitting or filing GST returns. The article covers all the latest ...
GST Cancellation Charges & Process
GST registration can be cancelled voluntarily if the business is dormant or does not have the necessary business turnover. Further, a GST registration can also be cancelled by a GST officer if the business is non-compliant under GST. Once GST ...
Input Tax Credit rules under GST
Input Tax Credit of CGST/ SGST/ UTGST/ IGST GST comprises the following levies:- Central Goods and Services Tax (CGST) [also known as Central Tax] is levied on intra-state or intra-union territory on the supply of goods or services or both. State ...
GST on Second Hand or Used Mobile Phones and Gadgets
GST on Purchase & Sale of Second-hand goods and Margin Scheme Mr. Rohit purchases a car for Rs. 10 lakhs, and it includes a GST amount of Rs. 2 lakhs. Now, if he resells it after 4 years for Rs. 5 lakh then if GST is imposed on such Rs. 5 lakh then ...
Is GST is applicable on director remuneration ?
Directors’ remuneration refers to compensation the company gives to its directors for the services rendered. This can be through fees, salary or by use of a company’s assets. The remuneration paid to Directors is issued only on receiving approval ...
GST temporary registration number login
To obtain a temporary registration number, follow these steps: Step 1: Go the official website of GST and choose services, click on registration and then on new registration. Step 2: Enter all the required information, PAN number, mobile number, and ...
Temporary GST Number Application Process
If any individual undertakes occasional transactions, which involves supply of goods or services or both as a party or as an agent or in any other capacity in any state or UT where he has no fixed address to operate. A GST Registration of a casual ...
What is the GST annual return last date?
GSTR-9 GSTR-9 is the annual return to be filed by taxpayers registered under GST. As per the GST law, it is due by 31st December of the year following the relevant financial year. It contains the details of all outward supplies made, inward supplies ...
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 ...
GST Invoice Serial Number Rules
GST Invoice Serial Number Rules Following are the mandates that issuers need to follow as per Rule 46 (b). The invoice numbers must be sequential or consecutive. They must be unique for a financial year, containing an alphanumeric combination. A ...
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 ...
GST Cancellation Letter Format
After Applying for GST Cancellation GST dept. can send you Notice for Seeking Additional Information / Clarification / Documents relating to Application for Cancellation, and in this notice GST Dept will ask for reason for GST Cancellation and ...
GST Cancellation Process & Steps Online
What is the Cancellation of GST Registration? Certain companies must register for GST to operate. You will not be a registered person under the GST system and will no longer be required to pay or collect GST due to the cancellation of GST. When you ...
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 ...
GST Registration is not compulsory in the case of
This article is all about the exemptions under GST registration mentioned by the Government of India. GST registrations will start latest by 1st July 2017. There are some people who are exempted from the GST Registration based on what is the nature ...
How can we apply for GST Cancellation Online?
A new functionality has been introduced on the GST portal for the surrendering of GST Registration. If you want to cancel your GST registration, follow below steps: Step 1: Login into your account on gst.gov.in Step 2 : Go to Services >> ...
How to surrender GST registration online?
A GST registration obtained in India can be cancelled by the registered person or by an officer, or by the legal heirs, in case of death of a person registered under GST. GST registration cancellation is different from the GST Registration amendment. ...
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 ...
GST Registration without Aadhaar Authentication
At the time of GST registration, every applicant can opt for the Aadhaar authentication. The exceptions are persons exempted by the Central government under the CGST Act or those who must mandatorily undergo the Aadhaar authentication under section ...
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 ...
GST Registration Fees & Charges of CA
The government does not charge any GST registration fees for GST registration online through the government portal. Once the relevant documents have been uploaded, as mentioned previously, you will receive an Application Reference Number (Or ARN) on ...
How To Calculate Goods And Services Tax
What is GST? Goods and Services Tax or GST refers to the indirect tax levied on the supply of goods and services. From July 1, 2017, GST came up as single taxation system in India and replaced all the indirect taxes in the country. The Central ...
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 ...
What is the Limit for GST Registration
As per the GST Regime, businesses or business owners whose turnover exceeds more than Rs. 40 lakhs is required to register under GST as an average taxable person and Rs 10 lakhs, GST Registration Threshold Limits for Services operated in NE and hill ...
GST Registration for E-Commerce Seller
GST has a significant influence on Indian e-commerce. With more and more trade online, the government has created additional laws and regulations that e-commerce businesses must follow under GST. Regardless of the value of the supply, all members who ...
GST Registration for Proprietorship
GST Registration for Proprietorship Firm can be done quickly Online, but Today in this guide, we give you tips so you can easily apply GST Registration for Proprietorship Firm Online. We will tell you whether the sole proprietorship firm can be ...
How to do Self GST Number Registration
GST Registration process is online based and must be carried out on the government website gst.gov.in. Every dealer whose annual turnover exceeds Rs.20 lakh (Rs.40 lakh or Rs.10 lakh, as may vary depending upon state and kind of supplies) has ...
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 ...
How to Check GST Cancellation Status
How to check GST registration cancellation status There is a difference between cancelling a GST registration and modifying a GST Registration. We’ll go through the steps involved in cancelling your GST registration in this article. # What Is ...
GST Registration For Foreign Company in India
GST Registration For Foreign Companies All individuals should apply for GST registration for foreign companies as per the GST Act. Goods and Services Tax or GST acts as an indirect tax in India. The tax applies to all the goods and services. The ...
Benefits of goods and service tax
Hailed as one of the biggest tax reforms of the country, the Goods and Services Tax (GST) subsumes many indirect taxes which were imposed by Centre and State such as excise, VAT, and service tax. It is levied on both goods and services sold in the ...
Steps for Goods and Service Tax Payment
After making all adjustments and taking Input Tax Credit (ITC) available to a taxpayer, a taxpayer must pay any balance GST liability online. Here is a step-by-step guide that will help you make GST payments with ease – Step 1 – Login to the GST ...
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