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 […]

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

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 […]

Nil Return: When to file it?

Website Nil Return: When to file it? Table of Contents What’s a Nil return? If your income in the fiscal year falls inside the 0% income tax bracket, you file NIL tax returns. By submitting NIL forms, you are declaring to the IT department that your income for the year is less than the minimum […]

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-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 2A: Return Filing, Format

Website GSTR 2A: Return Filing, Format Table of Contents What is GSTR 2A? The GST portal automatically generates GSTR 2A, a purchase-related dynamic tax return, for each business. The information is captured in GSTR 2A when a seller files his GSTR-1. It takes information from the seller’s GSTR-1 about goods and/or services purchased in a given month. When […]

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 […]

GST Invoices: A Detail Study

Website GST Invoices: A Detail Study Table of Contents Before or at the time of moving goods for supply to the recipient, a registered person must issue a tax invoice. GST invoices for services can be issued before, during, or even after the time of supply. Furthermore, the e-Invoicing system is being phased in, requiring […]