GST Council Meeting

27th GST Council Meeting – Latest GST Updates

Goods and Service tax council (“GST Council”) in its 27th GST Council Meeting held on 4th May 2018 finally approved the filing of new return based on the recommendations of the Group of Ministers on IT. The new recommendations are likely to simply compliance under GST. The key feature of new return is as under: 1. Periodicity:…

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E-Way Bill Registration Procedure for Businesses Under GST

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 Rs. 50,000 except in certain cases. Below is the step-by-step guide for E-Way Bill Registration for Businesses Registered under GST.  Cases where E-Way Bill is Not Required Even though Value…

Learn how to Generate EWay Bill on E-Way Bill Portal?

Government has initiated the trial of E-Way Bill System from 15th January 2018 for generation of e-way bill for both Inter and Intra-state movement of goods. The system is expected to be rolled-out soon, making it mandatory for Organizations & Transporters to Generate EWay Bill according to the GST law and in compliance with the Rule…

26th GST Council Meeting – Latest GST Updates

GST Council had its 26th GST Council (Goods & Services Tax) meeting held today under the chairmanship of the Union Minister of Finance and Corporate Affairs, Mr. Arun Jaitley on 10th March 2018 held in New Delhi. In today’s meeting, the GST Council has decided to extend the existing system of GST return filing with 3 more months, precisely…

A Quick Guide To Filing of Tran-3

Filing of TRAN-3 is a critical link between the manufacturer and / or the dealer, to ensure the accurate carry forwarding of the taxes in the GST module. The one [manufacturer / dealer] who has received the Credit Transfer Document [CTD] is liable to file TRAN-3. The article aims to give you an eagle’s eye…

How to manage Masters on E-Way Bill Portal?

While generating E-way Bills there are few items which are required every time like HSN, Product Details, Transporters Details etc. Entering this details every time to generate E-way Bill is Cumbersome. The E-way Bill portal facilitates the user to create and manage their own business related masters. Masters simplifies the data entry while generating the…

Interest Rates Under GST Act

Applicability of Interest under GST:- SR.NO PARTICULARS SECTION GOVERNED INTEREST RATE (P.A) 1. Payment of Tax After Due Date 50(1) of GST Act 18% 2. Contravention output tax liability of the recipient in the return(Input Tax Credit has been claimed in excess or where it was not eligible to be claimed) 50(3) read with Section…

List of Goods Exempted from EWay Bill

E-way bill is required for movement of goods from one place to another. In some situations, there is no need to issue the e-way bill. Cases where e-way bill is not required If exempted goods are transported. If goods are transported in a non-motorised conveyance. If goods are transported from port, airport, air cargo complex…

What is Transporter ID in EWay Bill and how to enroll?

If the transporter is not registered under GST, he has to obtain transporter ID from e-way bill portal for generating the e-way bills. What is transporter ID? Transporter ID is a unique identification number allotted to transporters not registered under GST. Transporter ID consists of 15 digits. Why is transporter ID required? Transporters have to…

All attempts to keep e-way bill immune to red tapism

With the launch of the e-way bill, the overall transportation of the goods and commodities or specifically the logistics industry have suddenly started moving real fast with the abolition of the intra-state check posts and bureaucratic interference with the inclusion of the RFID [Radio Frequency Identification] or the QRC [Quick Response Code] devices, which make…

Impact-of-GST-on-Logistics

Impact of GST on Logistics Industry

As a sector that holds together countless number of manufacturing and trading activities in the country on a daily basis, and is forever attempting to bridge the shaky gap between increasing consumption and timely supply, it would hardly be an understatement to consider logistics as the backbone of the rapidly shape-shifting Indian economy. The congruence…

Changes in GST – 22nd GST Council Meeting

Amidst the much chaos and turmoil wandering around GST rate slabs and other complexities which are now slowing popping up, the GST Council had its 22nd meeting under the chairmanship of the Union Minister of Finance and Corporate Affairs, Mr. Arun Jaitley in New Delhi on 6th October 2017. The declarations circled around Composition Scheme,…

e-way-bill-under-gst

Guide on E-Way Bill, GST Rules and Validity

Meaning of E-way Bill As the name suggests an E-Way Bill is an online bill that will be used for supply of goods under GST. E-way bill will need to be issued before goods are dispatched and it would be important to carry E-way bill for the goods in transit as an authorized officer can…

Performance Card of first 100 days of GST

October 10th marked the first 100 days of the GST module – a time filled with all the vibrant promises by the government about GST’s cool effects on one hand and the industry experts debating about the induced complexities, disruptions and uncertainty on the other. Analyzing the after effects of GST on the top five…

24th-GST-council-meeting-India

24th GST Council Meeting – Latest Updates

GST Council had its 24th GST Council meeting held today through video-conference under the chairmanship of the Union Minister of Finance and Corporate Affairs, Mr. Arun Jaitley on 16th Decemeber 2017. Under Goods and Services Tax (GST) rules, ferrying goods worth more than Rs 50,000 within or outside a state will require securing an electronic-way or e-way bill…

E-Way Bill Provisions for Job Work

Calendars lying on the desks have flipped to welcome the February month. E-way bill system will be rolled out from 1st February, making the life for tax evaders even more difficult. E-way bill is a document which has details like name of consigner and consignee, their GSTIN numbers (if they are registered), description and value…

Key FAQs on E-Way Bill Under GST

Since its inception, GST has gone through several deferrals and relaxations, many of which were due to glitches in the GST portal. But the deferrals have also been a blessing in disguise for tax evaders, who have used these deferrals to their maximum benefits. Now, as glitches are immunized, government has rolled out e-way bill…

Impact of E-Way Bill on Logistics Industry in India

Some facts about logistics industry in India Given the complex structure the transport industry ends up spending 30-64% of its time and resources on tax compliance, out of which nearly 16% of its time is spent by the trucks queuing up at interstate check points for tracking and inspection according to a report by ministry…

What happens when there is a mistake in E-way Bill?

A famous saying goes like “Correcting mistakes is better than to live with them”. But GST law thinks on different lines. What is done once is final, and no subsequent alterations and modifications are allowed under GST regime. Returns once filed cannot be altered subsequently. E-way bill system has been rolled out on the same…

Procedure to Resolve Cases of Wrong GST Paid

This article explains procedure to be followed when wrong tax is paid by registered taxable person. Like IGST paid instead of CGST/SGST or vice versa. The procedure is very simple, but first its necessary to understand what mistake there can be. There can be two types of  mistakes:- Inter-state Supply treated as Intra-state Supply:- IGST…

Due Date For Filing GSTR-1 Extended

Due Date for filing form GSTR-1 which was 31.12.2017 has now been extended to 10.01.2018 for monthly as well as quarterly taxpayers. The Government vide NotificationNo.71/2017 – Central Tax dated 29th Dec 2017 has the registered persons having aggregate turnover of upto 1.5 crore rupees in the preceding financial year or the current financial year…

Credit Note & Debit Note under GST

Meaning of Credit Note For Registered Suppliers at the time of supply of Goods and services it is mandatory to issue a tax invoice. However, there can be certain situation under Trade and business where original invoice which is issued at the time of sale needs to be amended. There can be 2 situations Either…

Guide for Filing the GST Form TRAN-2

TRAN 2 can now be filed on the GST Portal only if TRAN-1 and GSTR 3B of the relevant tax period is filed. Follow the step by step guide for filing Form GST TRAN 2 form: Step 1- Navigate to the TRAN 2 page of the desired tax period after logging in, Select the < Financial…

GSTR-6 Return Filing, Rules & Eligibility

What is GSTR-6? GSTR-6 is a monthly return to be filed by all the Input Service Distributor’s (ISD) for distribution of credit (ITC) amongst its units. Who needs to file GSTR-6 and is it mandatory to file it? Only those taxpayers who are registered as Input Service Distributor (ISD) need to file GSTR-6. It is…

GSTR-5A in GST

What is GSTR-5A? GSTR-5A is a Return to be furnished by Online Information and Database Access or Retrieval (OIDAR) services provider to un-registered person or customers, on the GST Portal for the services provided from a place outside India to a person in India, other than a registered person. By when do I need to…

GST on Jewellery and Gems

This article addresses the questions like what is the rate of GST on Jewellery and Gems , how the old stock of jewellery will be dealt with, how the valuation needs to be done and who shall pay tax in case of job worker? Let’s learn them via pointers: 3% IGST is payable on all…

Casual Taxable Person In GST

For Casual Taxable Persons it hard to maintain a fixed place of business or file monthly GST returns continuously, because their business would be seasonal in nature with no fixed place of business. Special provisions have been provided under the GST Act for registration of casual taxable persons. Registration Requirement for Casual Taxpayers GST Registration…

Pure Agent Under GST Act

The Concept of pure agent was first introduced in the erstwhile Service Tax Determination of value Rules, 2006 Regime. The Same concept of pure agent in GST is applicable. A pure agent is a registered taxable person who liaises between other suppliers on behalf of his client. Under this concept, while providing services to the…

Important GST Terms, Definitions and Applicability

GST, the new genre taxation module is imbibed with numerous new terms and nomenclatures, which you should be aware about. The article aims to apprise you of all the GST terms, their broad definitions and their applicability. Following are the major ones, some of which you may have heard until now or may encounter soon:…

File Tran-1 Using Offline Utility

In this article we shall understand “HOW TO FILE TRANS-1 USING OFFLINE UTILITY”.  To facilitate the furnishing of records in short-time, an easy to use TRAN-1 Offline Tool has been made available for preparation of TRAN-1 in download section of GST portal. All the details can be added in offline mode and later uploaded on…

GST Payments and Refunds

Normally As soon as, you are done with GSTR-1 and GSTR-2, GSTR-3 asks you to proceed for GST payments. But upto 31-03-2018 GST needs to be paid along with GSTR-3B Return filing. You can also claim refunds by online filing the applicable refund forms. The article takes you deeper into both the aspects and gives…

Late Fees Applied on GSTR-3B Filing

Like any other mechanism which is so huge, mammoth and hugely technological – complexities, intricacies and errors are bound to happen. Similar in nature, is the recent fuzziness around GSTR-3B filing and the fines reflecting at the GST portal. The due date for GSTR-3B is 20th of each month for the preceding month. The system…

GST-Invoicing

GST Invoicing

This article discusses the following in detail: What is a GST Invoice? Tax Invoice Under GST Bill of Supply Under GST Revised Invoices Copies of Tax Invoices What is A GST Invoice? A GST invoice is a document which will capture all the relevant details of a business transaction including information about both the parties….

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Input Tax Credit

The term “Input Tax Credit” assumes significant importance in the arena of indirect taxation. Let us zero in on our analysis on this topic under GST regime. “Input tax” means the GST Taxes (CGST, SGST, IGST) charged on any supply of goods or services or both made to a registered person in the course or furtherance of his business and includes such tax payable on reverse charge basis— but excludes tax paid under composition levy.

GST-Registration-Guide-India

Complete Guide to GST Registration

About the Author Latest PostsAbout admin27th GST Council Meeting – Latest GST Updates – May 4, 201826th GST Council Meeting – Latest GST Updates – March 10, 2018How to manage Masters on E-Way Bill Portal? – February 19, 2018Interest Rates Under GST Act – February 16, 2018What is Transporter ID in EWay Bill and how…

Summary of Notifications under IGST till date

Notifications under IGST till date About the Author Latest PostsAbout admin27th GST Council Meeting – Latest GST Updates – May 4, 201826th GST Council Meeting – Latest GST Updates – March 10, 2018How to manage Masters on E-Way Bill Portal? – February 19, 2018Interest Rates Under GST Act – February 16, 2018What is Transporter ID…

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GSTR-3B – Things You Must Know Before Filing

GST law came into existence with effect from July 1st, 2017. However, anticipating the lack of IT infrastructure preparedness and to calm the initial taxpayer anxieties, the union finance minister Mr. Arun Jaitley on June 18th, 2017 announced that the GST return filing requirements have been relaxed for the first two months. Therefore, through a…

Avoid Common Mistakes in Filing GSTR-3B

Today everybody is busy in decoding the law of GST so that they can remain compliant and they don’t have to pay the interest or late fees unnecessarily. However, it is easier said than practically done. The law of GST is so confusing that most of the taxpayers are committing mistakes. Let’s understand the mistake…

Summary of Notifications under CGST Act till date

Notifications under CGST Act till date About the Author Latest PostsAbout admin27th GST Council Meeting – Latest GST Updates – May 4, 201826th GST Council Meeting – Latest GST Updates – March 10, 2018How to manage Masters on E-Way Bill Portal? – February 19, 2018Interest Rates Under GST Act – February 16, 2018What is Transporter…

anti-profiteering-under-gst-regime

Anti-Profiteering Under GST: Meaning, Authority and Issues

The GST law contains a unique provision on anti-profiteering measure as a deterrent for trade and industry to enjoy unjust enrichment in terms of profit arising out of implementation of Goods and Services Tax in India. That is the anti-profiteering measure would obligate businesses to pass on the cost benefit arising out of GST implementation to their customers. Meaning of Anti-Profiteering As the…

Online Information Database Access & Retrieval (OIDAR) Services

We live in an age of rapidly evolving technology from day to day life to all types of business. Business takes different forms with new technology day by day; like ordering food on line, on line entertainment, online shopping, online game, Online Education. Meaning of Online Information Database Access and Retrieval Services It is a…

Compilation of Tweets GST FAQs – All at one place

Find here the list of GST FAQs (tweets) by askGST_GOI S.No. Questions / Tweets Received by askGST_GOI Replies Registrations 1. Does aggregate turnover include value of inward supplies received on which RCM is payable? As Per Sec. 2(6) of CGST Act, Aggregate turnover does not include value of inward supplies on which tax is payable…

Refund Process For Exporters Under GST

This article talks about the latest developments in the refund procedure for exporters under GST regime who were suffering due to huge working capital blockages either due to payment of IGST for making exports or by way of un- utilised ITC on inputs in case the exports were effected via LUT/Bond and non-availability of the…

Upcoming Important Dates Under GST India

This article is a ready reckoner of the upcoming important due dates under GST regime for every tax professional as well as businesses as there was so many changes and extension in the due dates via GST Notifications issued on 15.112017.   EXTENDED DATES TIMELINE Date Compliance Required 11 December 2017 Furnishing the return in…

List of Port Codes in India

Table 6A of GSTR-1 talks about Supply which is made under Export Category.  In that Table some fields are mandatory without which any person who is making export supply neither can claim Refund of IGST paid nor claim ITC. One such field is Port code i.e. from which port export is being made, Bill of…

Filed Wrong GSTR-3B. How should I correct this?

GSTR Form-3B has been made the soul of the GST Act, 2017 vide Notification No.56/2017-Central Tax, dt. 15-11-2017 that seeks to mandate the furnishing of return in FORM GSTR-3B till March, 2018. So, it becomes very important to correctly file GSTR Form-3B. Vide Circular No. 07/2017 dated 01-09-2017 the detailed procedure for reconciliation of information…

Impact-Analysis-23rd-GST-Council-Announcements

Impact Analysis – Changes based on 23rd GST Council Announcements

To give you a ready reckoner, here’s an exclusively crafted, Impact Analysis based on recent announcements made at 23rd GST Council Meeting. Index Changes in Composition Scheme Changes in GSTR compliance 3. Others GSTR filing dates Impact on small businesses Impact on Service Providers Impact on Exporters Impact on Composition Scheme Impact on RCM Impact on advance receipts For businesses…

Delhi Exceeds GST Target in October 2017

Acceptability and adherence of GST among the businesses is on a rise with an ever increasing tax base and the surging revenues. The capital of India saw a whopping increase of 23% in the taxation revenues in October’17 over October’16. That’s a big leap – good for the government and the economy overall. Delhi also…

Latest Orders Under CGST

Get all the latest CGST Orders here and follow proper rules and regulations. About the Author Latest PostsAbout admin27th GST Council Meeting – Latest GST Updates – May 4, 201826th GST Council Meeting – Latest GST Updates – March 10, 2018How to manage Masters on E-Way Bill Portal? – February 19, 2018Interest Rates Under GST Act…

Circulars Under CGST

Get all latest GST Circulars here to follow proper rules and regulations provided under CGST. About the Author Latest PostsAbout admin27th GST Council Meeting – Latest GST Updates – May 4, 201826th GST Council Meeting – Latest GST Updates – March 10, 2018How to manage Masters on E-Way Bill Portal? – February 19, 2018Interest Rates…

Guide-to-Filing-of-GSTR-3B

GSTR-3B Guide

What is GSTR – 3B GST law finally came into existence with effect from July 1st, 2017. However, anticipating the lack of IT infrastructure preparedness and to calm the initial taxpayer anxieties, the union finance minister Mr. Arun Jaitley on June 18th, 2017 announced that the GST return filing requirements have been relaxed for the…

HOW TO SET OFF LIABILITY IN FORM-3B

This article addressees the need of the hour that is “How to Set Off Liability in GSTR Form-3B” as still many professionals are facing problem while dealing with TAB 6:Payment of Taxes of the Form-3B. Let us first take a look at the eligibility of set-off. The input tax credit would be eligible for set off…

List of State Codes Under GST

For representing a state & union territories in GST there are new numerical state codes for every state & union territories, normally we use alphabetic code like DL, UP, RJ, etc. but in GST state codes are numerical like “07” for Delhi, “09” for Uttar Pradesh, “27” for Maharashtra etc. There could be a spelling error in writing alphabetic state code…

CAIT threatens to move court against Infosys

Goods and Services Tax, which actually is primarily aimed to boon the businesses, economy and government, is experiencing bumpy rides, due to the ineffectiveness of the Goods and Service Tax Network. The resultant is a mentally and technically stressed trader’s community with fuming intentions. The national body of the traders, CAIT [Confederation of All India…

Proposed Changes in GST – 23rd GST Council Meeting

Amongst the widespread confusion and queries, resistance and allegations and quick twists and monthly amendments, the much awaited 23rd GST Council meeting is already on at the moment in Guwahati and will end tomorrow, 10th November 2017, EOD. As per latest reports, 24 state finance ministers are in the meeting. The business and industry community…

All you need to know about Table-6A in GSTR-1

Since the due dates for filing for GSTR-01 for August, September and October’17, have not been announced, there is a new functionality – Table 6A, being added in the Form GSTR-1 to enable the tax payers to file GSTR-1 and claim their refunds with ease. The article aims to apprise you about everything you should…

How to fill worksheets using GSTR-4 offline tool

GSTN has launched an excel based GSTR-4 offline utility, which will assist the tax payers to prepare their GSTR-04 return offline. The below step by step process will familiarize you with it: The appropriate details are to be filled in the downloaded excel file [except inward supplies from registered tax payers and amendments tables]. Confirm…

Dates to be remembered in November, 2017

With the due dates of various returns and forms filling getting extended under GST and income tax, the industry seems to be sweating under their jackets due to the pressure getting built up. It is really important to remember all the due dates so that pockets are not burnt in the sake of fines and penalties. Here I have tried to capture the due dates of all the returns and forms that is required to be filed in November under the direct and indirect taxation laws.

Advantages and Disadvantages of Composition Scheme Under GST

The debate which started months ago about, whether the composition scheme will bring smile or tears is still on and relevant today. Of course, there are many elements which make it shine and the GST Council is brainstorming and fine-tuning it in almost every council meeting. However, the list of the minuses can also not…

GST on Education Services

Education is the process of training and developing knowledge, skill and character of students by normal schooling. The GST Act tries to maintain a fine balance whereby core educational services provided and received by educational institutions are exempt and other services are sought to be taxed at the standard rate of 18%. Auxiliary services received by such educational institutions for the purpose of education up to Higher Secondary level is also exempt from GST. Other services related to education, not covered by the exemption would be taxed at a standard rate of 18% with full admissibility of ITC for such taxable services in cases where the output service is not exempt.

How to Calculate Value of Supply in GST?

The Goods and Services Act, GST is going fast and penetrating deep into the society every passing day. Being a new indirect tax regime in itself, it is bound to have its fair share of queries, complexities and turmoil around it. One of the latest queries haunting the business society is about the process and…

GST Clouds Roving Over Real Estate

At the onset, some of the fattest and most cash-bloated sectors were kept out of the GST ambit – electricity, alcohol, petroleum, real estate etc. However, the finance minister, Mr. Arun Jaitley, recently, while speaking at the Harvard University in US, hinted that the government is earnestly re-thinking to get the most cash rich and…

Composition Scheme Rediscussed by GOM

It’s been just over a week since the last GST Council meeting [October 7th], chaired by the finance minister, Sh. Arun Jaitley, formed a special group of ministers [GoM] especially for overseeing, fine-tuning and making the composition scheme more befitting and benefiting for the SMB, start-ups and  the business community at large. The high level…

A refresh is round the corner for GST Rates

One nation – one tax, the revolutionary and mammoth game changer was always expected to have its share of fluctuations, tantrums and teething issues. Since its inception from the midnight of 30th June’17, it has undergone various amendments in terms of taxation rates, processes and policies by the supreme decision making body of GST –…

What is Place of Supply under GST?

Place of supply determines the place (the State) where the GST shall be received by the government treasury. If the Supplier and place of supply are in same state, it shall be an intra-state supply and CGST and SGST shall be collected by respective government in the state of the supplier.  However, in case the…

Cancellation of Registration of Migrated Taxpayer

The most awaited service “Cancellation of Registration of Migrated Taxpayer” has started on the GST Portal. A migrated taxpayer refers to taxpayers registered under Excise, Service Tax and State Tax Laws such as VAT, Entry Tax, Luxury Tax and Entertainment Tax whose details have been migrated to the GST System. Taxpayers who have not issued…

92000 Crores of GST Collected in Spetember-17

The score cards for the collection of GST for September 2017 are out now. The finance ministry in its announcement made on 24th October’17, declared that, about 42.91 lakh tax payees have deposited around Rs. 92,150 crores as GST for Sep’17. It stated “The total revenue of GST paid under different heads (up to October…

GST Invoicing Norms Relaxed

The stringent norms and elaborated format of invoicing under GST, aimed to capture the minutest of the detail in a transaction were a nightmare and ate lot of precious time for the B2C businesses, which issue bulk invoices. Feeling the honest pinch and to make the proceedings smoother and fast, the GST Council has consented…

Avoid 4 Fatal Mistakes While Filing GST Returns

The tsunami wave of GST was expected to turn the taxation habits and ecosystem, upside down. No wonder, it is giving bumpy rides, from the biggies of the business community to your local merchant. Though, the business community at large is wanting to comply with the GST norms to avoid interests and penalties and be…

How does GST Impact your Company’s Working Capital

The Indian economy in the last three months [since the launch of GST from 1st July’17] has seen the most revolutionary and mammoth taxation migration exercise since independence, leading to several challenges, confusions and erroneous actions and decisions – all for the good though and with seemingly fair intentions. The old habits of tax evasion,…

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Is ITC Available on Diwali Gifts?

Diwali the most widely celebrated festival in India is approaching within next five days and now us is the time to distribute Diwali gifts but this time the major tax reform i.e. the implementation of the GST has put the businesses in face to face questions like “Whether the input tax credit would be available…

Avoid Common Mistakes while Filing GSTR-1

AGGREGATE TURNOVER Column 3(a) requires aggregate turnover in the preceding financial year , since it asks for “aggregate turnover” we have to give the details on turnover on all India basis i.e PAN basis as Section2(6) defines “aggregate turnover” as the aggregate value of all taxable supplies (excluding the value of inward supplies on which…

Step by step guide on how to file NIL GSTR -1

Here are the steps to file NIL GSTR-1. After login with username and password, select Return Dashboard. Select Financial Year 2017-18 and suitable return filing period i.e. July. Click Search and Select GSTR-1. In case we will file the NIL GST Return without feeding any data and submitting it directly then it will show system…

Impact of GST on MRP in India

The Goods and Services Tax, 2017 became effective in India from 1st July 2017. The biggest tax reform had apart from other mind boggling questions, raised a yet another and confusing question especially to the retailers that “what would be the impact of GST on MRP in India”. They apprehend that whether the GST will…

Who shall be Liable to pay GST?

While the ultimate burden of an indirect tax is to be borne by the consumer, the responsibility to collect and deposit in such cases rests with the supplier.  Thus Supplier as defined in Section 2(105) means the person supplying the goods or services or both in relation to any goods or services or both and…

complete -guide-to-reverse-charge-mechanism

Complete Guide to Reverse Charge Mechanism

In a gigantic country like ours, which was and still is widely predominated by unorganized sectors, which were habituated for tax evading and other tax manipulations, the GST wave has send an electrifying tantrum among them. To curb, control and eradicate such practices, GST embeds a mechanism of Reverse Charge, which leads to bring transparency…

Impact of GST on Manufacturers

The manufacturing sector in any country can rightly be deemed as the backbone of its economy, leveraging its resources for maximum economic boost, which then makes way for competitive trade and business to take place – locally, nationally as well as globally. India too has, emerged as one of the high growth sectors in the…

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Facts To Know About Composition Levy Under GST

There would be a substantial amount of cost and expertise needed in complying with GST. While the big guys will easily adapt to it, it’s the smaller ones which will feel the heat for lacking either of the above. Composition scheme, under GST, is just an extension of the current scheme under VAT and is…

GST Unique Identification Number (UIN) – Facts You Should Know

Though, the GST universally applies to all business entities in India, however there are certain bodies and individuals, which enjoy exemption from complying with the Goods and Services Tax. GST Unique Identification Number (UIN) is a special category of GST registration, given to foreign diplomatic missions and agencies, which are not liable to pay any…

Booked an under-construction house? Read on to find out if GST will help you pinch pennies or pocket them!

Touted as the second largest employer in the country (after agriculture), the real estate sector accounts for nearly five percent of India’s GDP (gross domestic product), projecting a potential growth of 30 percent over the next decade. Supported by a thriving corporate environment, an increasing demand for office and commercial space, a burgeoning middle-class keen…

GSTR-2-Return-Filing

Step By Step Guide to GSTR-2 Return Filing

GSTR-2 is based on auto populating GST return, which pops up only when the GSTR-1 is successfully submitted by the suppliers containing information about sales. GSTR-2 is a GST Return to be filed by the 15th of every month [for the previous month] from the recipients of the goods / services and has auto filled…

What is a GST Compliance Rating?

The new generation taxation system, GST has its own and unique way of measuring and rating the adherability and checking the compliance parameters of tax payers – much like the CIBIL score these days. Unlike the older era of taxation regime, where there was no mechanism to rate and grade the tax payers, the GST…

4.3 million tax payers filed GST Returns for July’17

The deadline to file GSTR-01 for the first month of GST, i.e. July’17 ended yesterday, although after being extended twice by the GST Council. A whopping 66%, which amounts to approximately 4.3 million of the eligible 6.5 million tax payers filed their 1st GST return. Government is stretching itself quite a bit and is taking…

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GST Rates

All goods and services [over 1700], transacted in India will fall under two coding systems – HSN code system and SAC code system. All the goods will fall under HSN category and the services under SAC. These items will attract any one of the total 7 tax slabs [ 0%, .25%, 3%, 5%, 12%, 18%, 28% ]. This article aims to give you a comprehensive, yet an easy understanding about each of the above GST tax slabs.

How to File GSTR 1 on GST Portal

GSTR 1 is a monthly GST return, which captures all the outward supplies, i.e. sales of the reporting month. The return cycle of a GST payer starts with GSTR 1 and is to be filed by 10th of the following month to ensure a smooth input tax credit availability. Though, the due date of filing…

Unique-Quantity-Code-in-GST

Unique Quantity Code

As per point 1(h) of Section 31 of the CGST Act 2017, each tax invoice, debit note / credit note must contain a UQC [Unique Quantity Code]. A UQC is basically an abbreviation for an unit of measurement like ‘KGS’ for Kilograms and ‘MTR’ for ‘Meter’.  Which section should UQC be mentioned in, while filing returns? UQC is to be mentioned in the HSN summary section while filing GSTR-1/GSTR-2/GSTR-3. The GST portal only accepts 1 variation of the code for the products and any other acronym used will give errors. While the GST Council has not issued any specific list…

Hostel Services and Fees Exempt from GST

The boarding and lodging services of schools, i.e. the hostels, will not feel the pinch and have been exempted from paying GST till the tenth standard [pre-school to the secondary level]. The relaxation has to be passed on to the students too and they will only pay the stipulated fees of the room with no…

Tax base widened by 25% post GST

GSTN [goods and Services Tax network] has been witnessing a steep surge in the number of new GST registrations and also experiencing overloaded traffic in terms of the migration of the tax payers from the previous era to the GST regime. Talking about the numbers, the sources from the central finance ministry revealed that the…

Track GST Provisional Identification Number

The GST provisional Identification number issued to the tax payers before the GST rollout can now be tracked by anyone [distributors / consumers] by simply putting the TIN number on the GST portal and by clicking on the link ‘Track Provisional Number’. While the majority of tasks and routine business can be performed by using…

reverse-charge-gst

Analysis of Reverse Charge Mechanism Under GST

Baburam, the owner of a goods transportation agency, hurried inside the office of Kushal who was a CA by profession and looked after Baburam’s files. “Baburam ji!” Kushal greeted, “Long time. How are you doing?” “I ain’t doing any fine,” Baburam retorted as he sat, “For truck owners and transporters like us, GST has hit…

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GST Returns

Pre 1st July 2017, a manufacturer, trader, retailer or any other business was filing returns for various compliance’s – Excise, VAT, Service Tax, Sales Tax, Income Tax etc. with individual returns for each of them. A continuous process of filing returns – monthly, quarterly, half-yearly and yearly existed and businesses were apparently occupied throughout the…

impact_of_gst_on_automotive_industry

Impact of GST on Automotive Industry

The 14-year-long journey of Goods and Service tax (GST) finally culminated on July 1, 2017 with the implementation of the biggest tax reform of India in 70 years of independence. While the government of India under the leadership of Prime Minister Narendra Modi hailed the moment of ‘Good and Simple Taxation System’ for the benefit…

Karmatik-Effect-of-GST

The Karmatik effect of GST

Get Set Turn Your Life! Humming to myself, I sauntered my way through the bazaar with a spring in my step and a smile on my face. The day was bright, the sky was clear, the air cozily crisp, and, now as I come to think of it as I looked around, something was different,…

Core Field Amendment in GST

CORE FIELD AMENDMENT OPTION was enabled on GST Portal (www.gst.gov.in) on 27th September’2017. Now the question arises that what all can be amended? These four major heads can be amended. Business Details Promoter/Partner Details Principal Place of Business Additional Place of Business AMENDMENTS AVAILABLE UNDER BUSINESS DETAILS: Legal Name of the Business Trade Name District…

GST-Export-Documents

Export Documents Under GST

This article is a ready reckoner for the successful facilitation of EXPORTS as many exporters have apprehensions about the requisite EXPORT DOCUMENTS under newly introduced Goods and Services Act, 2017. Let us first understand what exactly is meant by EXPORTS under Goods and Services Act, 2017. According to Section 16 of IGST: (1) “zero rated…

GSTR-3 Format and Filing Procedure

GSTR-3 is a monthly GST return to be filed by 20th of every month, by all regular taxpayers registered under GST in India. GSTR-3 is an accumulation of outward and inward supplies during the previous month, which will be auto-populated via GSTR-1 and GSTR-2. GSTR-1: Captures details of outward supplies, i.e. sales. GSTR-2: Captures details…

Imports of Goods or Services Under GST Regime

What are Imports under GST? The import of goods has been defined in the IGST Act, 2017 as bringing goods into India from a place outside India. Import of goods or services will be treated as deemed inter-State supplies and would be subject to Integrated tax in addition to the applicable Custom duties. Levy IGST…

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Eagles Eye View of Export in GST

Post 1st July’17, the exports laws under GST have seen unprecedented changes while the government is committed and aims to uplift the exports via the ‘Make in India’ drive. Though GST has subsumed many indirect taxes, however, export duty is excluded from it and will continue to be levied on exports. IGST is levied on…

Goods-and-Services-not-eligible-in-itc

Goods and Services not eligible for ITC

One of the primary reasons why GST has been hailed as a game changer in the face of Indian economy is the elimination of cascading effect of taxes allowing for a more seamless flow of credit. This is to take effect by making available Input Tax Credit (ITC) to the purchasing dealer in respect of…

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GST Composition Scheme – Boon or Bane?

As the pan-India wave of GST is about to hit us this July, the entire nation is gearing up to embrace the colossal tide. Even as the corporate Tycoons and Moguls are restructuring and redefining their business processes in tune with the GST mould, the micro, small and medium organizations are putting on their best efforts to swim in the sea of rules and regulations of this new legislation. The buzz-worthy question – is there any relief to the small sectors of our economy from the morass of complicated compliances of GST.

Masters_India

GST may bring down construction cost: Will it cool down residential, commercial property prices?

Firstpost:  Before GST pushes Indian economy towards record growth, businesses must be prepared for the transitional hurdles. Challenges for taxpayers begin with understanding transitional provisions and extends to redesigning supply chain and distribution strategy, About the Author Latest PostsAbout admin27th GST Council Meeting – Latest GST Updates – May 4, 201826th GST Council Meeting –…

Analysis-of-Time-of-Supply-of-Goods-and-Services

GST laws: Analysis of “Time of Supply of Goods and Services”

At an informal business meet, our senior addressed to a group of businessmen – “You all are well aware that GST comprises of IGST, CGST and SGST taxes. A simple question: Can anyone tell when or at what moment will you have to pay the taxes?” As many floundered for words, few of them gave hazy, even humorous, replies – After sale of goods, after providing a service, at the end of the month, at the start of the quarter, within so-and-so days of the next month!

GST-Transitional-Provisions

GST – Transitional Provisions

As the GST is few months away from its much awaited implementation, the transitional provisions assume special importance for all the concerned stakeholders. Transitional provisions, in general terms, are those rules, methods or procedures that will enable the stakeholders to switch over from the current Indirect Tax regime to the GST regime. A detailed analysis of certain…

Impact-of-GST-on-real-estate

GST: A Real Impact on Real Estate!

Aryan, gasping and panting, stumbled inside the office of his friend, Kushal.“Hey, Aryan! What a surprise – ” Kushal – a CA by profession –began to greet, but stopped short at the harried and hassled look on his friend’s face. “Is everything fine, Aaryan?”“Nothing’s fine!” Aaryan sounded agitated as he plonked himself down on the chair, “The word ‘fine’ doesn’t fit aptly for us businessmen! But yes, if we talk about punishable “Fines”, they are made for us!” he finished with sarcasm.

Impact-of-Gst-on-Hotels

Impact of GST on Hotel Industry

Indian tourism and hospitality industry has justly been touted as one of the key drivers of the economy, given the rise of an ambitiously expanding middle class and increased disposable income of this population bracket. Currently, it accounts for 7.5 percent of the country’s GDP, with a promised growth of about 16.1 percent CAGR, sweeping…

gst-tax-solution

Masters India offers GST solutions

DQ Channels:  Masters India is geared to make its foray as the leading GST Suvidha Provider (GSP) in India. The Goods and Services Tax Network (GSTN) which is building the technological infrastructure for the implementation of GST, has selected 34 organizations About the Author Latest PostsAbout admin27th GST Council Meeting – Latest GST Updates -…

Tax Automation

With GST, tax automation will become critical in meeting regulatory requirements. GST regime mandates a high level of synchronization between tax payer’s system and GST system, which without automation will be an impossible task. Item level detail in invoices, with reconciliation of sales register and auto-populated purchase register, on a minimum three monthly returns, other…

HSN-Codes-India-GST

Understanding HSN Codes Under GST

Until 30th June, 2017, goods coding system in India prevailed in its primeval stages and thousands of products across various states had their own coding mechanisms for classifying goods, until the advent of the new generation taxation regime – GST, which to function, demands a fully uniform and organized classification of goods, applicable PAN India…

How-to-make-changes-in-gst-registration

How to Amend GST Registration

There could be scenarios wherein businesses undergo various changes in their ecosystem and so, place of operations, ownership, error correction, communication particulars, other business details etc. need revision and updating at the GST portal [http://cbec.gov.in]. The GST registration module is flexibly designed and is editable in nature and can be amended, when need be. The…

Impact-of-GST-on-Startups

Impact of GST on Startups

The GST will fuel the economy in a big way in the long run, by bringing a stupendous increase in the revenue collected through it and India will rapidly move towards, being seen as a “developed” nation. India, as the biggies define it, is still a developing nation, but at a supreme pace and a…

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Change is in the air

Nishank Goyal’s company, Masters India Private Ltd, did business in aluminium products. But, the Delhi-based entrepreneur realised a while ago that there would be huge potential in the implementation of Goods and Services Tax in July. Read More About the Author Latest PostsAbout admin27th GST Council Meeting – Latest GST Updates – May 4, 201826th GST…



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