Changes in GST Rates for Goods – 22nd Meeting (06-10-2017)

As per discussions held in the 22nd GST Council Meeting held under Chairmanship of Union Finance Minister Shri Arun Jaitley on 6th October, 2017, the following changes in GST rates for certain Goods have been recommended. GST RATE FOR FOLLOWING GOODS HAVE BEEN REDUCED S. No. Chapter/Heading/Sub-heading/Tariff item Description Present GST Rate GST Rate Recommended … Read more

GST Composition Scheme under GST – Rate, Rules, Returns – All You Need to Know

GST composition scheme is made for small businesses for reducing paper work, accountancy work and other formalities. Here we will discuss in detail about GST composition scheme like turnover limit, rates, applicability, returns, benefits, limitations, invoices, input tax credit and more. Updated on 18-09-2017: GST Composition Scheme for traders having turnover Rs.75 Lakh annual sales … Read more

21st GST Council Meeting Recommendations on 09-09-2017

The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: List of Goods where changes in rates have been recommended Increase in rate of the Compensation Cess In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule … Read more

21st GST Council Meeting (09-09-2017) – Decisions Taken on Services

Decisions taken on Services – 21st GST Council Meeting, 9th September, 2017 (09-09-2017) The following decisions were taken by the GST Council at its 21st meeting held in Hyderabad on 9th September, 2017. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the … Read more

GST Refund Procedure Online – Step by Step Procedure

If you are thinking that GST refund procedure is very complicated then you are thinking wrong. The GST refund procedure is very simple and fast. We are giving here the step by step procedure to apply GST refund. The GST refund process has been made with the objective of processing refund in minimum time and … Read more

GST Payment Procedure Online and Offline

create challan for gst payment

There are following ways to make payment of GST. Internet Banking – No Limit Credit Card/Debit Card – No Limit NEFT/RTGS – No limit Over the Counter – Rs. 10,000/- per challan per tax period When to Pay GST? If you are registered dealer under GST then you must pay GST monthly.  GST will be … Read more

Important Websites for Tax Payers & Tax Professionals

Here is the list of all important websites links which are useful for tax payers and tax professionals. Website Website Name Link  GST  Official Website of GST www.gst.gov.in GSTN Goods and Service Tax Network www.gstn.org CBEC Central Board of Excise and Custom www.cbec.gov.in Service Tax  Service Tax  www.servicetax.gov.in Income Tax Income Tax India www.incometaxindia.gov.in Income … Read more

GSTR 3 – How to fill and file GSTR 3 Return?

Every registered person must file GSTR 3 monthly return on 20th of ever month for the period of previous month. GSTR 3 is a 3rd Return After Filing of GSTR 1 and GSTR 2 GSTR 3 return can only be filed after filing of GSTR 1 and GSTR 2 return. The form should be accompanied … Read more

How to File NIL GSTR 1?

gstr 1 nil return problem message

Some persons find difficulty to file NIL GSTR 1. As you know every registered person under GST must submit GSTR 1 whether the person has no sale/outward supplies during prescribe month. But now the problem is that if you are filing NIL return then there are some errors as follows: You have no summary to … Read more

GST E-Ledgers: E-Cash Ledger, E-Credit Ledger and E-Liability Ledger

gst e-edgers

Introduction of e-Ledgers under GST is one such area that has been a concern for many. In this article, we will explain what e-Ledgers are and how have they been classified. What is an GST e-Ledger? The term ‘e-Ledger’ is an electronic form of ledger that will be available to dealers/ traders who have registered … Read more

OIDAR Services under GST – Liability, Registration and Returns

OIDAR SERVICES

OIDAR Services is called as Online Information and Database Access or Retrieval Services. In this article, we will have a look on OIDAR services provisions under GST. Online Information and Database Retrieval services are shortly known as OIDAR. Update on 28-08-2017: Date extended to file GSTR-5A (OIDAR service providers return form) up to 15th September … Read more

GSTIN – Know Your GSTIN – Search Your GSTIN

gstin

The purpose of GSTIN is to serve as a unique identification alphanumeric code whereby the authority would be able to track the registered dealers. You can get the registered dealers detail by entering GSTIN like name of business, jurisidcation, active or deactivate status and more. Government has created GST common portal with lots of option … Read more

Audit under GST – Turnover Limit, Penalty, Forms & Formats

The Goods and Service Tax Act has brought about a dramatic change in the taxation system of India. GST has assured that the taxation system India become less complicated and transparent. In this article, we would be discussing the following: What is the prescribed limit of turnover limit under GST audit? Who will audit under … Read more

Get GST Updates on cbec.gov.in

cbec.gov.in is one place where you can get all the updates with respect to Good and Service tax. Moreover, the website is offers encompassing information on any subject matter which is related to GST. GST Information Available cbec.gov.in? A user will get a variety of information on the website. This includes information on applicability to … Read more

gst.gov.in – Sign Up, Login & Forget Password with Images

gst.gov.in pic 1

gst.gov.in is GST official common portal designed for GST registered dealers to maintain their cash ledger, electronic credit ledger, payment of GST, Filing GST returns, GST notices. So it is very easy for GST registered dealer to check all latest updates on their GSTN online. You don’t need to visit GST offices for various work. … Read more

Expenses under GST | RCM | GST Rates | ITC Available or Not

Here is the list of expenses debited to Trading, Profit & Loss account. You can find here GST rate on expenses, RCM on expenses and input tax credit available or not on expenses. 1.  Salary, Wages & Bonus Paid to Employee Rate of Tax 0% Whether Registered Supplier Will Levy Tax No Reverse Charge if … Read more

Assessment under Goods and Service Tax (GST)

ASSESSMENT UNDER GST

Assessment under GST The term assessment under GST represents the process of determining the tax liability of an assessee. However, for the purpose of determining the assessment under GST, one should first know about the types of assessment. There are 7 different types of assessment- Self-Assessment Provisional Scrutiny Best Judgement Assessment for non-filers Assessment for … Read more