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  1. On 1st July 2021, the Goods and Services Tax (GST) completed its four years and celebrated it by flagging the ease it brought to businesses and the relief on the tax burden to consumers. GST implementation in India was a historical move, as it marked a significant indirect tax reform in the country.Read more

    On 1st July 2021, the Goods and Services Tax (GST) completed its four years and celebrated it by flagging the ease it brought to businesses and the relief on the tax burden to consumers.

    GST implementation in India was a historical move, as it marked a significant indirect tax reform in the country. The amalgamation of a large number of taxes which was levied at a central and state level into a single tax had expected to have big advantages. Four years ago, on this day, GST had replaced 17 local levies like excise duty, service tax, VAT and 13 cesses. One of the most important benefits of the move is the lessening of double taxation or the removal of the cascading effect of taxation. It is now paving the way for a common national market and Indian goods are also expected to be more competitive in international and domestic markets.

    Pros.

    On this occasion, the Union Finance Ministry has notified a cut in the GST rates on 400 goods and 80 services, thus giving a big relief to the common citizens of the country. The combined GST rates levied by the central and state governments on most of these goods and services were up to 31 per cent, which has now been cut. This is a big relief from the government for the taxpayers who are affected by this pandemic situation.

    “Before the implementation of the GST regime, the combined Centre and States rates were more than 31% on most of the items. The necessary goods are either not taxed or are subject to 5% tax, while mass use items are subject to either 12% or 18% tax under GST. Only a few other items are kept on the highest slab of 28%.” – the ministry said. Though indirect taxes are considered regressive as they affect the rich and the poor alike, the GST Council sought to address it by bringing progressivity in rates depending on mass use and goods of essential and luxury nature, with luxury items being kept in the highest tax bracket.

    Most of the complex indirect system problems have also been eased by GST with a simple, transparent and technology-driven tax regime and has thus integrated India into a single common market. Also, a company looking to do business in every state had to make as many as 495 different submissions. But under the GST regime, that number has been reduced to 12. Tax arbitrage across states that distorted business investment decisions has also been eliminated by the implementation of GST.

    Tax reduced from 29.3% to 18%

    Apart from this, the Union Finance Ministry said that in the pre-GST system, the rates of central and states combined on most items were reduced from 29.3 per cent to 18 per cent on items of daily use such as hair oil, toothpaste and soap under GST. is. At the same time, the GST rates on home appliances such as washing machines, vacuum cleaners, TVs have been reduced from 31.3 per cent to 18 per cent.

    Cons.

    Looking into its cons, GST has brought, the economic downturn has led to fissures in Centre-state relations, especially relating to GST compensation to states. There is a bitter stand-off between the Centre and these protesting States.

    The structure also faces a tough challenge from the increased round of contentious battles between the states and the Centre, with most issues coming to the fore because of lower revenue collections. GST Council meetings over the last year have repeatedly turned into altercations as states have raised issues of pending compensation payments, the narrowing revenue gap, calling for changes in the rule-making structure.

    According to FM of an opposition-ruled state – “The meetings were cordial earlier but lately, they tend to turn more political. The GST council was supposed to resolve issues irrespective of the ruling governments at the Centre or at the state level. Revenue concerns remain, so do the concerns about leakages. The mechanism needs to be tweaked with changing times as there can’t be only a selected group of states getting a higher chance to be heard than others or with only the Centre having its way.”

    Super CA -One-stop solution to all your tax-related queries like GST Return Filing or online GST Registration

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  1. On 1st July 2021, the Goods and Services Tax (GST) completed its four years and celebrated it by flagging the ease it brought to businesses and the relief on the tax burden to consumers. GST implementation in India was a historical move, as it marked a significant indirect tax reform in the country.Read more

    On 1st July 2021, the Goods and Services Tax (GST) completed its four years and celebrated it by flagging the ease it brought to businesses and the relief on the tax burden to consumers.

    GST implementation in India was a historical move, as it marked a significant indirect tax reform in the country. The amalgamation of a large number of taxes which was levied at a central and state level into a single tax had expected to have big advantages. Four years ago, on this day, GST had replaced 17 local levies like excise duty, service tax, VAT and 13 cesses. One of the most important benefits of the move is the lessening of double taxation or the removal of the cascading effect of taxation. It is now paving the way for a common national market and Indian goods are also expected to be more competitive in international and domestic markets.

    Advantages:

    On this occasion, the Union Finance Ministry has notified a cut in the GST rates on 400 goods and 80 services, thus giving a big relief to the common citizens of the country. The combined GST rates levied by the central and state governments on most of these goods and services were up to 31 per cent, which has now been cut. This is a big relief from the government for the taxpayers who are affected by this pandemic situation.

    “Before the implementation of the GST regime, the combined Centre and States rates were more than 31% on most of the items. The necessary goods are either not taxed or are subject to 5% tax, while mass use items are subject to either 12% or 18% tax under GST. Only a few other items are kept on the highest slab of 28%.” – the ministry said. Though indirect taxes are considered regressive as they affect the rich and the poor alike, the GST Council sought to address it by bringing progressivity in rates depending on mass use and goods of essential and luxury nature, with luxury items being kept in the highest tax bracket.

    Most of the complex indirect system problems have also been eased by GST with a simple, transparent and technology-driven tax regime and has thus integrated India into a single common market. Also, a company looking to do business in every state had to make as many as 495 different submissions. But under the GST regime, that number has been reduced to 12. Tax arbitrage across states that distorted business investment decisions has also been eliminated by the implementation of GST.

    Tax reduced from 29.3% to 18%

    Apart from this, the Union Finance Ministry said that in the pre-GST system, the rates of central and states combined on most items were reduced from 29.3 per cent to 18 per cent on items of daily use such as hair oil, toothpaste and soap under GST. is. At the same time, the GST rates on home appliances such as washing machines, vacuum cleaners, TVs have been reduced from 31.3 per cent to 18 per cent.

    Disadvantages:

    Looking into its cons, GST has brought, the economic downturn has led to fissures in Centre-state relations, especially relating to GST compensation to states. There is a bitter stand-off between the Centre and these protesting States.

    The structure also faces a tough challenge from the increased round of contentious battles between the states and the Centre, with most issues coming to the fore because of lower revenue collections. GST Council meetings over the last year have repeatedly turned into altercations as states have raised issues of pending compensation payments, the narrowing revenue gap, calling for changes in the rule-making structure.

    According to FM of an opposition-ruled state – “The meetings were cordial earlier but lately, they tend to turn more political. The GST council was supposed to resolve issues irrespective of the ruling governments at the Centre or at the state level. Revenue concerns remain, so do the concerns about leakages. The mechanism needs to be tweaked with changing times as there can’t be only a selected group of states getting a higher chance to be heard than others or with only the Centre having its way.”

    Super CA -One-stop solution to all your tax-related queries like GST Return Filing or online GST Registration

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SuperCA
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  1. On 1st July 2021, the Goods and Services Tax (GST) completed its four years and celebrated it by flagging the ease it brought to businesses and the relief on the tax burden to consumers. GST implementation in India was a historical move, as it marked a significant indirect tax reform in the country.Read more

    On 1st July 2021, the Goods and Services Tax (GST) completed its four years and celebrated it by flagging the ease it brought to businesses and the relief on the tax burden to consumers.

    GST implementation in India was a historical move, as it marked a significant indirect tax reform in the country. The amalgamation of a large number of taxes which was levied at a central and state level into a single tax had expected to have big advantages. Four years ago, on this day, GST had replaced 17 local levies like excise duty, service tax, VAT and 13 cesses. One of the most important benefits of the move is the lessening of double taxation or the removal of the cascading effect of taxation. It is now paving the way for a common national market and Indian goods are also expected to be more competitive in international and domestic markets.

    Continue Read: https://www.mastersindia.co

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  1. GST return involves lot of activities ,  which include Filing different types of GST returns electronically , Uploading invoice wise details , populating details  input tax credit from returns filed by recipients ,  invoice information ,  Mismatch of the invoice information. Here are following typeRead more

    GST return involves lot of activities ,  which include Filing different types of GST returns electronically , Uploading invoice wise details , populating details  input tax credit from returns filed by recipients ,  invoice information ,  Mismatch of the invoice information.

    Here are following type of GST returns –

    GSTR – 1  – (GSTR-1 is a Return of a  normal registered taxpayer under GST. this is monthly return showcases that describe  sales transactions of a business in a particular month. GSTR 1 is filed 10 days before ending of month , it can be extended while requesting to commissioner .

     

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  1. Documents required for GST registration of sole proprietorship business Aadhar Card & PAN Card Bank Account Details Registered Office Proof Rent agreement and NOC from a landlord. (If Rented property) Electricity bill or any other address proof. (If self-owned)

    Documents required for GST registration of sole proprietorship business

    • Aadhar Card & PAN Card
    • Bank Account Details
    • Registered Office Proof
    • Rent agreement and NOC from a landlord. (If Rented property)
    • Electricity bill or any other address proof. (If self-owned)
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  1. GSTIN is State Specific therefore you have to take separate state-wise registration for branches in different states. if you are looking for any kind of help regarding online GST registration and GST return filing feel free to visit Superca

    GSTIN is State Specific therefore you have to take separate state-wise registration for branches in different states.

    if you are looking for any kind of help regarding online GST registration and GST return filing feel free to visit Superca

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  1. The supplier can make interstate sales without any restriction. The supplier can take ITC (input tax credit) on the purchases made. The supplier can provide ITC (input tax credit) to the customers. Only a registered supplier is allowed to register himself as an E-commerce Operator. The supplier canRead more

    • The supplier can make interstate sales without any restriction.
    • The supplier can take ITC (input tax credit) on the purchases made.
    • The supplier can provide ITC (input tax credit) to the customers.
    • Only a registered supplier is allowed to register himself as an E-commerce Operator.
    • The supplier can have access to the larger market. An unregistered supplier is not allowed to make interstate sales.

    For More Online GST Registration visit at Superca

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  1. Service providers having turnover of Rs 20 lakhs or more and Supplier of goods having turnover of Rs 40 lakhs or more are required to get registered under GST. and for the Spacial states like Assam, Himachal Pradesh, Uttarakhand, Arunachal Pradesh, Manipur, Mizoram, Sikkim, and Nagaland Turnover limRead more

    Service providers having turnover of Rs 20 lakhs or more and Supplier of goods having turnover of Rs 40 lakhs or more are required to get registered under GST.

    and for the Spacial states like Assam, Himachal Pradesh, Uttarakhand, Arunachal Pradesh, Manipur, Mizoram, Sikkim, and Nagaland Turnover limit having 10 lakhs needs to register for GST

    I hope this will help you to do online GST registration

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SuperCA
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  1. You can find Aggregate turnover with the below methods. Aggregate Turnover = Taxable supplies + Exempt supplies+ Exports+ Interstate supplies Thanks  

    You can find Aggregate turnover with the below methods.

    Aggregate Turnover = Taxable supplies + Exempt supplies+ Exports+ Interstate supplies

    Thanks

     

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