How to file GST Registration – Process, Benefits and Penalty

Overview of GST Registration GST was implemented in India with the intention of replacing many indirect taxes with a unified one. In addition to improving efficiency, GST facilitates collection due to its relatively simple nature.  Businesses with a yearly gross sales revenue of more than Rs. 40 lakhs* are needed to register for Goods and Services Tax (Rs 20 lakhs for North Eastern – All hilly states for sale of goods). If a service provider's annual revenue is beyond Rs.20 lakh (for regular category states) or Rs.10 lakh (for special…

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Recommendations of GST Council are only recommendatory and not binding on Union and State: Supreme Court

The Supreme Court has ruled that the central government and states have equal powers to legislate on the Goods and Service Tax (GST). As a result, the GST council must work together to reach a workable solution between the Centre and the States, according to the Supreme Court. In particular, the Court ruled that the GST Council's recommendations are not binding on states, but merely have persuasive value. "States and Centre can equally legislate on matters of GST. All recommendations of GST council is not binding on State legislature," the Supreme Court held. The Supreme…

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GST Registration Services India: A Guide To GST

"A Guide to GST Registration Services India" is an article about the GST registration process, with an overview of the registration process. What is GST? GST is a comprehensive, indirect, multi-stage, and destination-based tax that would be levied on each value addition. Goods and services would be taxed at a variety of rates under the new tax code, including 0%, 5%, 12%, 18%, and 28%. Rough semi-precious and precious stones would be subject to a 0.25 percent tax. Gold would be subject to a 3% GST. GST would apply to…

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GSTR-2B – GST ITC can be claimed or available only when reflected in GSTR 2A/2B wef January 01, 2022 :
GSTR-2B - GST ITC can be claimed or available only when reflected in GSTR 2A/2B wef January 01, 2022 :

GSTR-2B – GST ITC can be claimed or available only when reflected in GSTR 2A/2B wef January 01, 2022 :

GSTR-2B : Hon’ble Finance Minister, Nirmala Sitaraman Ji, in budget 2021-22, proposed changes vide Finance Bill, 202, that amends the Central Goods & Service Tax Act, 2017 to incorporate a fresh condition for availing of ITC. The New Condition to avail ITC is as under : “It was been proposed to insert the new clause ‘(aa)’, after clause (a), in Section 16(2) of the CGST Act, that provides an additional condition to claim ITC based on GSTR-2A and newly introduced GSTR-2B, i.e., ITC on invoice or debit note can be availed…

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Important of GST And Other Due Date Calendar Month Of October 2021

7-10-2021 GST New Update! Due date for deposit of tax deducted/collected for the month of September, 2021. 10-10-2021 GSTR 7 - Summary of Tax Deducted at Source (TDS) and deposited under GST laws for the month of September 2021 GSTR 8 - Summary of Tax Collected at Source (TCS) by e-commerce operators under GST law for the month of September 2021 11-10-2021 GSTR 1 - Monthly filling for Assessee having Annual Turnover above Rs. 5 crores for the month of September 2021 13-10-2021 GSTR 1 - Quarterly filling for Assessee…

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Things to keep in mind while filing GSTR 1 and GSTR 3B for the month of September 2021
GSTR OWL

Things to keep in mind while filing GSTR 1 and GSTR 3B for the month of September 2021

Return for the period of September is the last Return for making all the amendments & adjustments for the previous year. Suppose, for example for the year 2020-21, GSTR 3B and GSTR 1 is the last return for filling all the amendments of the transactions related to the period April 2020 to March 2021. The following actions has to be taken before filling GST Return for the month of September : Reconcile Sales Turnover reported in GSTR 1 with that of Books Reconcile Sales Turnover reported in GSTR 3B with…

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SC upheld the validity of GST Rule 89(5) read with Section 54(3)(ii)
SC upheld the validity of GST Rule 89

SC upheld the validity of GST Rule 89(5) read with Section 54(3)(ii)

Dear Member, As we all are that the refund of unutilized Input tax credit of inverted duty (hereinafter referred to as the “ITC") under GST is dealt under Section 54(3) (ii). In terms of Section 54(3) of Central Goods and Service Tax (hereinafter referred to as the “CGST Act, 2017”) refund of unutilized input tax credit shall be allowed only in two cases as mentioned below; …………………………….. In case of Inverted duty structure i.e where GST rate of tax on Inputs being higher than the GST rate on output supplies.…

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Key Recommendations of 45th GST Council Meeting

45th Meeting of the GST Council, Lucknow 17th September, 2021 The GST Council’s 45th meeting was held today in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the following recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure: Recommendations relating to GST rates on goods and services COVID-19relief measure in form of GST rate concessions Extension of existing concessional GST rates (currently valid till 30th September, 2021) on following Covid-19 treatment drugs, up to 31st December, 2021, namely- Amphotericin B -nil ii. Remdesivir –…

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GST amnesty Scheme 2021

Taxpayers who have failed to file their GSTR-3B for the period from Jul-2017 up to Apr-2021, can avail the benefit of the GST amnesty Scheme and file their pending GSTR-3B for the said period by paying a reduced late of Rs.1000 (Rs.500 in case of return with no tax liability) per return instead of Maximum Late Fees of Rs.10,000/-. The Finance Ministry has extended the last date for this scheme till November 30, 2021. CGST notification number 33/2021 dated 29th August 2021. Earlier, Due date for the scheme was August…

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