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 […]

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 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 […]

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 […]

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 […]

Waffles & Cream

Website Waffles & Cream For most of us, the teenage years remind us of our college, fun with friends, and a carefree life. But at this young age, some have different plans… Let’s meet Anshak, a 19-year-old entrepreneur who is already running his own business, ‘Waffles & Cream’. Anshak fondly recalls how as a curious […]

Input Tax Credit: A Detail Study

Website Input Tax Credit Table of Contents What Is Input Tax Credit (ITC) One of the most important aspects of GST is the seamless flow of input credit across the supply chain (from the manufacture of goods to their consumption) and across the country. Input tax credit means that when you pay tax on output, […]

GSTR-7: Return Filing, Format, Rules

Website GSTR-7: Return Filing, Format, Rules Table of Contents Individuals who deduct tax at source or TDS under the Goods and Services Tax must file GSTR-7 every month (GST). Every GST registered person who deducts TDS must file Form GSTR-7 by the 10th of the following month. TDS deducted, TDS payable, TDS refund and other […]

GSTR-6: Return Filing, Details & Rules

Website GSTR-6: Return Filing, Details & Rules Table of Contents What is GSTR-6?Every Input Services Distributor must submit a monthly return detailing the invoices for which credit has been granted. It contains information about ITC received by an Input Service Distributor and how it was distributed. This GSTR-6 return is divided into eleven sections.Importance of […]