1. GST has various benefits for small businesses such as fewer compliances as only one return to be filed under GST,give identity and validity to your clients, e-commerce platforms, government tenders and many more. GST has explicit provisions on the inter-state movement of goods especially for e-commeRead more

    GST has various benefits for small businesses such as fewer compliances as only one return to be filed under GST,give identity and validity to your clients, e-commerce platforms, government tenders and many more. GST has explicit provisions on the inter-state movement of goods especially for e-commerce brands. Also, Composition Scheme, a simple and easy scheme for small taxpayers. The scheme comes under GST for taxpayers. It reduces tedious GST formalities and pays GST at a fixed rate of turnover. It is ideal for any taxpayer whose turnover exceeds is less than a crore. It also becomes easy to claim Input Tax Credit

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  2. As per the GST Act, under supply of goods if your aggregate turnover is above Rs 40 lakhs, then you need to register under GST i.e, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 20 lakhs for special category states) is required to register as a normal taxable person. Under supply of services,Read more

    As per the GST Act, under supply of goods if your aggregate turnover is above Rs 40 lakhs, then you need to register under GST i.e, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 20 lakhs for special category states) is required to register as a normal taxable person. Under supply of services, businesses whose turnover exceeds Rs. 20 lakhs* (Rs 10 lakhs for special category states) is required to register as a normal taxable person. The process of registration is called GST registration. However, for certain businesses, registration under GST is mandatory.

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  3. Yes, individuals can get GSTIN. Every person who is liable to pay GST has to apply for registration in every State in which he is liable, within thirty days from the date on which he becomes liable to registration. Casual / non-resident taxable persons need to apply at least five days before their cRead more

    Yes, individuals can get GSTIN. Every person who is liable to pay GST has to apply for registration in every State in which he is liable, within thirty days from the date on which he becomes liable to registration. Casual / non-resident taxable persons need to apply at least five days before their commencement of business.

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  4. GST invoice is issued by a supplier or a seller to the recipient or the buyer of goods and services. Such a document indicates the names of the parties involved as well as the details of goods or services supplied under a given transaction. In other words an invoice or a GST bill is a list of goodsRead more

    GST invoice is issued by a supplier or a seller to the recipient or the buyer of goods and services. Such a document indicates the names of the parties involved as well as the details of goods or services supplied under a given transaction. In other words an invoice or a GST bill is a list of goods sent or services provided, along with the amount due for payment. One must ensure that the invoice is filled with proper details including the GST Identification Number.

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  5. HSN code stands for “Harmonized System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world. HSN code is a 6-digit uniform code that classifies products and is accepted worldwide. It was developed by the World Customs Organization (WCO) andRead more

    HSN code stands for “Harmonized System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world. HSN code is a 6-digit uniform code that classifies products and is accepted worldwide. It was developed by the World Customs Organization (WCO) and it came into effect from 1988. It consists of Sections (21), Chapters (99), Headings (1244), Subheadings (5224).

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  6. This answer was edited.

    There is no fee payable upon registering for GST i.e, here is no cost involved for GST registration and to obtain GST Identification Number (GSTIN) if you do it yourself from the government portal. Every business with an annual aggregate turnover of over Rs. 40 Lakhs must register for GST. However,Read more

    There is no fee payable upon registering for GST i.e, here is no cost involved for GST registration and to obtain GST Identification Number (GSTIN) if you do it yourself from the government portal. Every business with an annual aggregate turnover of over Rs. 40 Lakhs must register for GST. However, If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.

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  7. If you are liable to get registration under the CGST Act, you should get registered, else, as provisions u/s 122 of the CGST Act, any person who fails to obtain registration under the Act, will be levied a penalty of Rs10,000 or amount equivalent to tax evaded, whichever is higher

    If you are liable to get registration under the CGST Act, you should get registered, else, as provisions u/s 122 of the CGST Act, any person who fails to obtain registration under the Act, will be levied a penalty of Rs10,000 or amount equivalent to tax evaded, whichever is higher

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  8. “aggregate turnover” means the aggregate value of all taxable supplies, exempt supplies, exports of supplies and inter-State supplies of persons having the same PAN, to be computed on all India basis but excludes, inward supplies relating to RCM) central tax, State tax, Union territory tax, integratRead more

    “aggregate turnover” means the aggregate value of all taxable supplies, exempt supplies, exports of supplies and inter-State supplies of persons having the same PAN, to be computed on all India basis but excludes, inward supplies relating to RCM) central tax, State tax, Union territory tax, integrated tax and cess.

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  9. The procedure to cancel registration, suo motu, is as follows: 1. The cancellation of registration under the SGST/ UTGST Act is automatically cancelled under CGST. 2. You can apply for cancellation by filing GST REG-16. 3. The Superintendent of Central Tax will issue an order in FORM GST REG-19, witRead more

    The procedure to cancel registration, suo motu, is as follows:
    1. The cancellation of registration under the SGST/ UTGST Act is automatically cancelled under CGST.
    2. You can apply for cancellation by filing GST REG-16.
    3. The Superintendent of Central Tax will issue an order in FORM GST REG-19, within a period of 30 days from the date of application and cancel the registration, with effect from a date to be determined by him.
    4. With GSTREG-20, the GST officer revokes any proceedings under the Act, and pass a final order.

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  10. The rate of GST on mobiles is currently 12% irrespective of the features that come along.

    The rate of GST on mobiles is currently 12% irrespective of the features that come along.

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