Goods and Service Tax
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 ...
Final return after GST cancellation : GSTR-10
A taxable person who opts for cancellation of GST registration has to file a final return under GST law in form GSTR-10 within three months. Filing of return in Form GSTR 10 is mandatory compliance. In this article, we discuss all aspects of GSTR-10 ...
What is GST Audit?
Need for GST Audit and meaning Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed ...
How to reconcile GST Return GSTR-2A Online
Yes, you read it correctly. You can now reconcile your GSTR2A data with your Purchase Register in few seconds. We have made a simple easy to use excel which process your entire data in a click and shows you the result with status. Steps to reconcile: ...
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 ...
Cancellation of GSTIN by Tax Officer
Cancellation of registration under GST- Why & How? In case you want to cancel your GST registration because GST does not apply to you or because you are shutting down your business or profession. Or there is some other valid reason due to which you ...
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 ...
New GST Returns – Overview, Forms, Invoices & Filings
New GST Returns – Overview, Forms, Invoices, ITC, Amendments, Offline Tool In this article, we will discuss the essential pointers a taxpayer needs to note when it comes to the New GST returns. An overview of the key terms and processes that are ...
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 ...
Transition to GST Methods & Compliances
Input Tax Credit Provisions have been made for the smooth transition of Input Tax Credit available under VAT, Excise Duty or Service Tax to GST. A registered dealer opting for composition scheme will not be eligible to carry forward ITC available in ...
All About Accounts and Records Under GST
1. Accounts and Other Records Every registered person is required to keep and maintain all records at his principal place of business. Who must maintain accounts under GST? It is the responsibility of the following persons to maintain specified ...
How to Generate Transporter ID
What is Transporter ID? TRANSIN or Transporter ID is a 15 digit unique number generated by the E-Way Bill system for transporters who have not registered themselves under GST. A Transport ID acts similar to GSTIN, and once a transporter enrolls on ...
E-Way Bill under Goods & Service Tax - All You Need to Know.
E-Way Bill under GST An E-way bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding fifty thousand rupees as mandated by the Government in terms of Section 68 of the ...
How to Generate E-Way Bill?
What is E-Way Bill? An E-Way Bill (EWB) is an ‘electronic way’ bill for movement of goods which can be generated on the E-Way Bill Portal. Any supplier or a transporter transporting goods with a value of more than Rs.50,000 (Single ...
HSN AND SAC CODE under GST
What is an HSN Code? HSN stands for Harmonized System of Nomenclature. HSN was raised and industrialized by the WCO (World Customs Organization) in the year 1988. Since then 5 revisions has already been implemented worldwide. HSN code asserts more ...
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 Refund for Exporters & Application Time Limit
Introduction - GST Refunds The word refund, in simple terms, means an amount of money that is given back to a person upon happening or occurring of some event. In taxation parlance, refund refers to any amount that is due to the taxpayer from the tax ...
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 Return Filing Process - Complete Guide
GST Return-Introduction 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 trader, manufacturer, ...
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 ...
How to Apply for GST Refund Online?
Q.1 How to apply for GST refund online? Steps: Login to GST portal. Select the Refund tab-> Application for Refund Option. Select the type of refund and Fill the necessary details and submit. Later take a print out along with the ARN number ...
GST Refund & process to claim it
Q.1 When can the refund be claimed? There are many cases where a refund can be claimed. Here are some of them. Excess payment of tax is made due to a mistake or omission. Dealer Exports (including deemed export) goods/services under claim of rebate ...
What is Refund under GST & How to Apply for GST Refund?
The concept of refund under GST relates to any amount returned by the government that was: Paid by the registered taxpayer either in excess. Was not liable to be taxed. GST was introduced not only to get rid of blocks like double taxation and ...
What is GST Annual Return ?
GST has been implemented in India from 1st July, 2017. Under the new GST regime, over 1.3 crore business in India have been registered and issued GST registration. All entities having GST registration are required to file GST annual returns, as per ...
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 ...
Which Countries Collect the Goods and Services Tax (GST)?
France was the first country to implement the GST in 1954, and since then an estimated 160 countries have adopted this tax system in some form or another. Some of the countries with a GST include Canada, Vietnam, Australia, Singapore, United Kingdom, ...
What Is the Goods and Services Tax (GST)?
The goods and services tax (GST) is an indirect sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the product pays the sales price plus the GST. The GST ...
Calculation of Interest Liability as per GST Act
Where the tax liability as per the final assessment is higher than in provisional assessment, will the taxable person be liable to pay interest? Yes. He will be liable to pay interest from the date the tax was due to be paid originally till the date ...
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