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 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 […]

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-5: Return Filing, Eligibility & Rules

Website GSTR-5: Return Filing, Eligibility & Rules Table of Contents What is GSTR-5? Every registered non-resident taxable person must electronically file a GSTR-5 return through the GST Portal.  Non-Resident foreign taxpayers are those who do not have a permanent business presence in India and have come to make supplies for a limited time. In GSTR-5, […]

GSTR 2B: Complete Guide

Website GSTR 2B: Complete Guide Table of Contents GSTR-2B is an auto-drafted ITC statement prepared for every regular taxpayer based on the information provided by his suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person), and GSTR-6 returns (input service distributor). The statement specifies whether or not an input tax credit is available to the […]

Form CMP-08: A Guide

Website Form CMP-08: A Guide Table of Contents Form CMP-08 was introduced in April 2019 and is effective for the fiscal year 2019-2020. Composition dealers were given a new tax payment process in April 2019 to make compliance easier for them. It has taken the place of the previously filed quarterly GSTR-4 by composition dealers.   What […]