Goods and Service Tax
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 ...
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 ...
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 ...
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. ...
How to file form PMT-09 on the GST Portal?
The CBIC has recently introduced Form PMT-09 (i.e. a challan) for shifting wrongly paid Input Tax Credit. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to ...
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 ...
Input Tax Credit – Various Return Type to be filed
Input Tax Credit – ITC Input credit means it is the tax paid by the buyer at the time of purchase of any services or goods. TYPES OF ITC RETURN ON GST PORTAL GSTR-2A: Details of auto drafted supplies It is a purchase-related dynamic tax return that ...
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 ...
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 ...
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