Benefits of GST Registration

Good & Service tax is a one indirect tax which is levied on the supply of goods and services. It has replaced many indirect taxes that were existed in the Country. It is a destination based taxed that will be levied on every point of sales. Following are the benefits of getting GST Registration: Legally…

All about GST Return 3B – Return filing and who should file

What is GSTR 3B? GSTR-3B is a monthly self-declaration that has to be filed a registered dealer. It is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner. You should file…

Resolution of stuck TRAN-1s and filing of GSTR-3B

With respect to TRAN -1 it is clarified that facility for filing shall be open only for those tax payers who could not file the form due to IT issues. Such tax payers shall complete the filing of TRAN – 1 by 30.04.2018. GSTR – 3B (which could also not be filed due to technical…

How is GST applied in the retail industry?

With the Implementation of GST, the double-taxation and the multiple-taxation system has been rolled out. Over a long course of time, GST will help reducing the inflation rates along with elimination the cascading effect of multiple taxes. Retail Industry will have a economically-favorable impact due to GST implementation. Following shall be the major aspects of…

In simpler terms, what is the GST?

In a layman’s language, The Goods and Service tax (GST) is a destination and consumption based tax, which subsumes majorly Service Tax, Excise, VAT, and other State laws into it. It is a tax which is levied on the Goods and Services (termed as Supply) at predetermined rates in a categorised manner. GST is categorised…

What is the procedure to cancel the registration under GST who mistakenly registered user GST and his annual turnover is below 20 lacs?

GST Law in India includes the provision regarding the suo-moto cancellation of the GST  Registration of any Entity, whereby the Adjudicating Officer suo-motto cancels the GST Registration of the Entities, who according to them, are registered erroneously or lacks the purpose for the same. GST registration can be cancelled by using the forms below: GST…

India GST registration number Format – How to read

As known to all, GSTIN (Goods and Services Tax Identification Number) is a 15 digit ID. Knowing the structure of the GSTIN is important for a business for the following reasons: To ensure that one’s suppliers have quoted the correct GSTIN in their invoices To ensure that one mentions their own GSTIN correctly in invoices…

GST 101- definition, Terms, Framework & how it Works

GST has already rolled out from 1st July, 2017. We are witnessing a revolution in Indian economy and existing taxation system. Myriad speculations are running for the past  few months regarding the Goods and Service tax. (Cannot find legit reference, except for a private website). Now, let’s delve further into the nuances of GST- Overview…