LLP REGISTRATION

HOW TO CREATE GST PAYMENT CHALLAN

How to Create GST Payment Challan? To make GST payment, GST payment challan must first be generated from the GST portal. Once the payment challan is generated, payment can be made by internet banking, credit/debit card, NEFT or cash payment at designated banks. In this article, we look at the procedure for creating GST payment challan and making GST…

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GST INVOICE

GST Invoice Format and Rules The rollout of GST in 2017 will necessitate changes to the invoice format for millions of businesses. The format for issuing GST invoice and the related rules are laid out in the GST Tax Invoice, Credit and Debit Notes Rules. In this article, we look at GST Invoice Format, the manner of issuing invoice and…

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GST COMPOSITION SCHEME

GST Composition Levy – Eligibility & Application Procedure Small businesses are the backbones of the Indian economy and there are an estimated 55 million Micro, Small and Medium Enterprises operating in India. The rollout of GST would have an extensive impact on over ten million SME businesses operating in India and would require compliance under the GST regime. However, many small businesses…

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BENEFITS OF MSME REGISTRATION

MSME Certification makes a systematic flow of data for government to make the correct calculation of economy etc. Even government also promote MSME Certification. That is why there are a lot of Tax benefits, Finance benefits provided by the government to the MSME Certificate holders. The following is an inclusive list of benefits of MSME Certification. Government Special Schemes Government provides a lot of assistance…

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Treatment of Import/Export under GST

Imports under GST Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed. Full…

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Administration of GST

Keeping in mind the federal structure of India, there will be two components of GST – Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain. Tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States…

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Taxes Replaced by GST

At the Central level, the following taxes are being subsumed: Central Excise Duty, Additional Excise Duty, Service Tax, Additional Customs Duty commonly known as Countervailing Duty, and Special Additional Duty of Customs.   At the State level, the following taxes are being subsumed: Subsuming of State Value Added Tax/Sales Tax, Entertainment Tax (other than the tax levied by the local bodies), Central Sales…

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Changes in IEC after GST

Importer Exporter Code (IEC): In GST regime, GSTIN would be used for credit flow of IGST paid on import of goods. Therefore, GSTIN would be the key identifier. DGFT in its Trade Notice No. 09 dated 12.06.2017 has stated that PAN would be the Import-Export code (IEC). However, while PAN is identifier at the entity level, GSTIN would be…

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What is GST Eway Bill

What is an e-way bill? E-way bill is an electronic way bill for movement of goods which can be generated on the GSTN (common portal). A ‘movement’ of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill. E-way bill will also be allowed to be generated or cancelled through…

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What is Reverse Charge under GST

What is Reverse Charge? Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed. When is Reverse Charge Applicable? A. Supply from an Unregistered dealer to a Registered dealer If a vendor who is not registered under GST,…

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