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Anonymous
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  1. This answer was edited.

    Know GST Full Form & GST Meaning in Different Languages. S. No Language GST Full Form in Different Languages 1 GST Full Form in Hindi वस्तु एवं सेवा कर 2 GST Full Form in English  Goods and Services Tax 3 GST Full Form in Marathi वस्तू आणि सेवा कर 4 GST Full Form in Kannad ಸರಕು ಮತ್ತು ಸೇವೆಗಳ ತೆರಿRead more

    Know GST Full Form & GST Meaning in Different Languages.

    S. No Language GST Full Form in Different Languages
    1 GST Full Form in Hindi वस्तु एवं सेवा कर
    2 GST Full Form in English  Goods and Services Tax
    3 GST Full Form in Marathi वस्तू आणि सेवा कर
    4 GST Full Form in Kannad ಸರಕು ಮತ್ತು ಸೇವೆಗಳ ತೆರಿಗೆ
    5 GST Full Form in Telegu వస్తువులు మరియు సేవ పన్ను
    6 GST Full Form in Malayalam വസ്തുക്കളും സേവന നികുതിയും
    7 GST Full Form in Bengali পণ্য ও সেবা কর
    8 GST Full Form in Urdu سامان اور سروس ٹیکس
    9 GST Full Form in Nepali सामान र सेवा कर
    10 GST Full Form in Tamil பொருட்கள் மற்றும் சேவைகள் வரி
    11 GST Full Form in Sindhi سامان ۽ خدمت ٽيڪس
    12 GST Full Form in Arabic ضريبة السلع والخدمات
    13 GST Full Form in Gujrati માલ અને સેવાઓ કર
    14 GST Full Form in Punjabi ਗੁਡਸ ਅਤੇ ਸਰਵਿਸਿਜ਼ ਟੈਕਸ

     

     

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Nidhi Desai
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How Many status are there for any GSTIN?  Which are the various status?

  1. The 2 primary and most commonly seen status for GSTIN are 'Active' and Inactive'.

    The 2 primary and most commonly seen status for GSTIN are ‘Active’ and Inactive’.

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Anonymous
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  1. A single common 'Goods and Services Tax (GST)' was proposed and given a go-ahead in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan.

    A single common ‘Goods and Services Tax (GST)’ was proposed and given a go-ahead in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan.

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Anonymous
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  1. It's too early to discuss whether GST is good or bad. It is a subjective matter of discussion. Compliance burden has increased for the taxpayers. Implementation is not being done in the manner it was envisaged when the GST was rolled out. GST Laws will take time to settle in India it is still evolviRead more

    It’s too early to discuss whether GST is good or bad. It is a subjective matter of discussion. Compliance burden has increased for the taxpayers. Implementation is not being done in the manner it was envisaged when the GST was rolled out.

    GST Laws will take time to settle in India it is still evolving. This question can be answered better after another 4-5 years. When benefits of the law will reap or drawbacks will show up.

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Anonymous
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Anonymous
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What is GSTR-3B?

  1. GSTR-3B is a consolidated summary return wherein details of inward and outward supplies are to be provided. (Depending upon the type and turnover of the taxpayer, frequency of GSTR 3B and due date will be decided) Government had introduced Form GSTR 3B as a stop-gap arrangement before moving to theRead more

    GSTR-3B is a consolidated summary return wherein details of inward and outward supplies are to be provided. (Depending upon the type and turnover of the taxpayer, frequency of GSTR 3B and due date will be decided)

    Government had introduced Form GSTR 3B as a stop-gap arrangement before moving to the originally planned returns in Form GSTR 1 GSTR 2 & GSTR 3.

    But now the originally planned returns are scrapped by Government and GSTR 3B is notified as a summary return.

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Anonymous
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  1. Income tax is a major source of revenue collection for the government and the money collected is used to fund essentials such as health, education, defense, public affairs, infrastructures, etc.

    Income tax is a major source of revenue collection for the government and the money collected is used to fund essentials such as health, education, defense, public affairs, infrastructures, etc.

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SuperCA
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  1. Now Taxpayer with Turnover of upto 5 crore have the option to choose for the GST return filing system Monthly or Quarterly. The CBIC has released a notification allowing the small taxpayers to opt for the quarterly filing of GSTR-3B. Small taxpayers are the taxpayers with a turnover of up to Rs.5 crRead more

    Now Taxpayer with Turnover of upto 5 crore have the option to choose for the GST return filing system Monthly or Quarterly.
    The CBIC has released a notification allowing the small taxpayers to opt for the quarterly filing of GSTR-3B. Small taxpayers are the taxpayers with a turnover of up to Rs.5 crore in the previous financial year and opted for the QRMP scheme. The option of filing return on quarterly basisis.

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Anonymous
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  1. Step 1 Login with valid credentials on the GST portal Step 2 On the Dashboard, navigate to the ‘My profile’ section. Step 3 From the options "Quick Links" select ‘Manage API access’. Step 4 Click ‘Yes’. Step 5 A dropdown for the duration will be displayed. Select the desired duration and then clickRead more

    Step 1 Login with valid credentials on the GST portal
    Step 2 On the Dashboard, navigate to the ‘My profile’ section.
    Step 3 From the options “Quick Links” select ‘Manage API access’.
    Step 4 Click ‘Yes’.
    Step 5 A dropdown for the duration will be displayed. Select the desired duration and then click confirm.

    Hope it helps…

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Anonymous
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  1. Section 87A was introduced to help taxpayers reduce their income tax liability. In other words, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. You can read more about section 87A here - https://www.mastersindia.co/Read more

    Section 87A was introduced to help taxpayers reduce their income tax liability. In other words, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. You can read more about section 87A here – https://www.mastersindia.co/gst/section-87a/

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Anonymous
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  1. You can use Masters India's free Income Tax Calculator to check your income tax payable - https://www.mastersindia.co/income-tax-calculator/

    You can use Masters India’s free Income Tax Calculator to check your income tax payable – https://www.mastersindia.co/income-tax-calculator/

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Anonymous
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  1. Technically you should be able to file belated returns for AY 2020-21 till 31 March 2021. However, a penalty of up to Rs. 10,000 may be applicable.

    Technically you should be able to file belated returns for AY 2020-21 till 31 March 2021. However, a penalty of up to Rs. 10,000 may be applicable.

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pankajkataria@orientfashions.com
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Can you pls advice, QR Code required for B2C Invoice in case Company turnover is less then 500Cr

  1. This answer was edited.

    As of now, only taxpayers having an aggregate turnover of more than INR 500 crores have to include Dynamic Quick Response (QR) code mandatorily in the B2C invoices issued by them, from 1 April 2021. The Government may soon bring more taxpayers into this bracket. However, no announcements in this regRead more

    As of now, only taxpayers having an aggregate turnover of more than INR 500 crores have to include Dynamic Quick Response (QR) code mandatorily in the B2C invoices issued by them, from 1 April 2021.
    The Government may soon bring more taxpayers into this bracket. However, no announcements in this regard are made yet.

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Anonymous
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  1. According to the GST laws, every business with a turnover of more than INR 40 lakhs (INR 10 lakhs for North-Eastern and hilly states) has to get themselves registered as a normal taxable person under GST. Further, as per the Companies Act, 'Small Companies' are those which have turnover less than INRead more

    According to the GST laws, every business with a turnover of more than INR 40 lakhs (INR 10 lakhs for North-Eastern and hilly states) has to get themselves registered as a normal taxable person under GST.

    Further, as per the Companies Act, ‘Small Companies’ are those which have turnover less than INR crores. ‘

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