GST COMPLIANT BUSSINESS: BENEFITS & ADVANTAGES

Website GST Compliant Business: Benefits & Advantages Table of Contents GST, India’s largest tax reform, would enable the real GDP development of the country’s economy. With a number of relaxations, SMEs and small taxpayers have benefited from the GST system. GST has minimised the amount of indirect taxes while also being transparent. There won’t be […]

Payment & Refund with GST

Website Payment & Refund with GST Table of Contents Current GST return filing mandates that, after submitting GSTR-1 to record sales, one file GSTR-3B to report the ITC and make the requisite GST payment each month. If a refund is necessary, it can be obtained by completing the appropriate refund paperwork. What are payments to […]

SGST, CGST, IGST and UTGST

Website SGST, CGST, IGST & UTGST Table of Contents The central government will collect CGST, SGST, or IGST depending on whether the transaction is intrastate or interstate under the GST law. When goods or services are supplied within a state, this is referred to as intra-state transactions, and both the CGST and SGST are collected. […]

GST Accounts & Records

Website GST Accounts & Records Table of Contents Multiple tax levies have been replaced by a single GST tax under the GST regime. This has resulted in significant changes in the accounts that business owners must keep track of. Previously, you would have kept separate accounts for VAT, excise, CST, and other service taxes, each […]

GST Payment

Website GST Payment Table of Contents Current GST returns filing requires that, after filing GSTR-1 to report sales, one file GSTR-3B to report the ITC and make the necessary GST payment each month.  Payments What are the GST payments to be made? The tax to be paid under GST is primarily divided into three categories […]

GST Composition Scheme

Website GST Composition Scheme Table of Contents The Composition Scheme is a simple and straightforward GST scheme for taxpayers. Small taxpayers can avoid time-consuming GST formalities by paying GST at a fixed turnover rate. This scheme is open to any taxpayer with a turnover of less than Rs. 1.5 crore.  The Composition Scheme is available […]

Form CMP-02: A Guide

Website Form CMP-02 Table of Contents Form GST CMP-02 is an online application form required for each taxpayer who is enrolled as a regular taxpayer under GST. This form must be submitted to the GST site before the start of the fiscal year for which the option to pay composition tax is exercised. A new […]

GST Registration Process

Website GST Registration Process Table of Contents GST registration is available through the GST portal. To apply for GST registration, use Form REG-01 on the GST portal and follow the steps outlined. GST Registration: Part A- 8 components.  Step 1: Go to the GST website. Select Services. After that, go to the ‘Registration’ menu and select ‘New […]

GSTR-9A: Summary, Format, Due Date.

Website GSTR-9A: Summary, Format, Due Date Table of Contents GSTR-9A is a yearly return that a composition taxpayer must file. It is a summary of all GSTR 4 returns; any additions or deletions not made before can be made in the yearly return. GSTR-9A is the annual return filed once a year by taxpayers who […]

GST Registration

Website GST Registration Table of Contents What is GST Registration?  Businesses whose revenue surpasses the threshold level of Rs.40 lakh, Rs.20 lakh, or Rs.10 lakh, as the case may be, must register as a normal taxable person under the Goods and Services Tax (GST). It’s known as GST registration. GST registration is required for certain […]