Tag: GST Introduction

GST Software
Updated on February 18th, 2019 in GST Return

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…

Updated on February 16th, 2019 in GST

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,…

Updated on November 13th, 2018 in GST

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 Suvidha Provider
Updated on November 13th, 2018 in GST

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…

GST Suvidha Provider
Updated on January 8th, 2019 in Composition Scheme

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.

composition-scheme-gst
Updated on February 16th, 2019 in GST

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.

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