Goods and Service Tax
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 ...
Goods And Service Tax (GST) Login Portal
India’s Goods and Service Tax (GST) portal is an official website hosted on www.gst.gov.in . The GST Portal Login provides various services through which all the compliance activities related to Goods and Services Tax (GST) are undertaken by ...
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 ...
Proprietorship Firm GST Registration
While many businesses have enrolled/migrated to GST, many have yet to register. Registration of any business entity under the GST Law implies obtaining a unique GST number from the concerned tax authority to collect tax on behalf of the government ...
GST Applicability & Registration for Proprietorship Firm
Sole Proprietorship Sole Proprietorship Registration Procedure & Advantages A Sole Proprietorship form of business organization is where a business is managed by a single person. Generally, it does not require any registration as such. Any individual ...
Where to Register Proprietorship Firm
Documents Required for Sole Proprietorship Registration in India Sole Proprietorship is the most accessible form of business done in India since any specific laws don’t govern it. Under sole Proprietorship's, the compliance’s are minimal and easy to ...
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 ...
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, ...
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 ...
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 ...
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 ...
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 ...
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 ...
When can someone be Arrested under GST?
In our previous articles, we discussed inspection, search, seizure and also offences and penalties, and prosecution. In this article, we will discuss the arrest under GST. When can someone be arrested under GST? If the Commissioner of ...
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 ...
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 ...
Offences and Penalties under GST
Offences under GST and respective applicable penalties are enlisted under the CGST Act. The provisions of offences and penalties are dealt with from Section 122 to Section 128 of the CGST Act. 1st February 2021 Union Budget 2021: Section 129 is ...
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 ...
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 ...
Cancellation of GST registration by the tax officer
Cancellation of GST registration means that the taxpayer will no longer be a registered person under GST and will not have to pay/collect any GST, claim an input tax credit or file returns. GST registration cancelled is covered under Section 29 of ...
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 ...
Cancellation of registration under GST- Why & How?
In case you want to cancel your GST registration because GST does not apply to you or you are shutting down your business or profession, or the tax officer calls for cancellation, this article will guide you through the process. Latest Updates on ...
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 ...
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