GST MITRA

@gstmitra-blog

GST Mitra, a professionally managed firm based in Delhi, India established since 2009 is rendering timely multi-discipline professional services ranging from Accounting Services. Our experience in the finance, ITR, GST return, GST refund and GST registration fields gives us the confidence that we could answer and assist you within your first call http://www.thegstmitra.com

41 posts

Posts

GST INVOICE

What is GST Invoice?

GST invoice is a document which is supposed to contain all the relevant details of a business transaction and both the parties involved. It must comprise of the product name, description, quantity, details of the supplier and the purchaser, terms of sale, the rate charged, discounts, etc.

Different types of invoices and supporting documents under GST are below:

Sales invoices and Purchase invoices

Bill of supply

Delivery challans (for supply on approval, the supply of liquid gas, job work and others)

Credit notes and Debit notes

Advance receipts & Refund vouchers

GST Registration

What is GST Registration?

Two words made GST Registration GST+ Registration first we will talk about GST Good and Service Tax or GST: In India, it is the biggest applicable all over the country (except J&k and it are also referred to as “One nation one tax” and a single product is taxed at the same rate in every corner of the country except Jammu & Kashmir this system under. In the GST Regime, businesses whose turnover exceed Rs. Forty lakhs* (Rs Ten (10) lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.

For certain businesses, registration under GST is mandatory and if any company or an organization carries on business without registering under GST, it will consider an offense under GST and heavy penalties will apply. GST registration usually takes between 2-6 working days. We’ll make you understand how to register yourself for GST in 3 easy steps. Central Board of Excise and Customs (CBIC) has notified that the threshold turnover will be increased from Rs Twenty (20) lakhs to Rs forty (40) lakhs and the notification regarding this will come into effect from 1st April 2019.

Composition Scheme under GST

Composition Scheme under GST:

According to the section 10 of the Goods and Service tax law contains the provision with respect to the registration of a taxpayer under composition scheme and the basic principle underlying the composition scheme under GST is to reduce the burden of compliance for small taxpayers. There are nearly 8 million taxpayers they may be migrated from the current laws into the GST regime.

In India there are many taxpayers and they will have a limited turnover and may not have the requisite resources & expertise to comply with all the procedures mentioned under the GST.

E-Commerce Operator under GST

“Electronic commerce operator is every person who, owns, operates or manages the digital or electronic facility or platform for electronic commerce.” On the other hand, the sale of a company’s products through the website would not be called an e-commerce activity. So, the basic functions of an E-commerce operator are.

To display the available products and services on the website.

Arrange for dispatch through any of the vendors.

Post the successful supply by the vendors, the e-commerce operator proceeds to settle the payment of the vendor on a periodical basis.

E-way bill under GST

What is an e-way bill under GST?

E-Way Bill is the short form of Electronic Way Bill and this document is a unique document or bill, which is electronically generated for the specific movement/consignment of goods from one place to another place, either intra-state or inter-state and of value more than INR 50,000, required under the current GST regime.

According to the latest update on 23rd Mar 2018, Generation of the e-Way Bill under GST has been made compulsory from 1st April 2018.

Reacting to former chief minister Omar Abdullah’s statement that NC will change GST law if voted to power in the state, Kashmir Chamber of Commerce and Industry (KCCI) on Wednesday

#GSTReturn #GSTAudit #GSTConsultant #GSTRefund

The CBIC Thursday clarified on the vexed issue of levy of GST on sales promotion schemes like ‘buy one get one free’ offered by FMCG firms, saying taxes would be paid on the price recovered from the customer.

#GST Notification #GSTReturn #GSTAudit #GSTConsultant #thegstmitra

The Finance Ministry on Thursday asked trade and industry to exercise caution while filing the annual GST returns form as the facility to revise it is not available.

#GSTAudit #GSTRefund #GSTConsultant #GSTRegistration

A local court in Maharashtra has refused bail to persons accused of evading goods and services tax (GST) by circular trading and claiming input tax credits, and has ordered judicial custody.

#thegstmitra #GSTRegistration #GSTReturn #GSTAudit

What GST Audit?

The GST Audit File program is used to produce a data file to submit information for a letter from the Royal Malaysian Customs Department and this kind of audit is specific taxable year and period relevant to auditors, in response to an audit request for information under GST and it is the process of examination of records, returns and other the compliance with the provisions of GST.

Suppose documents maintained by a taxable person and the purpose is to verify the correctness of turnover declared, taxes paid, refund claimed an input tax credit availed, and to assess you are a registered member and your turnover during a financial year exceeds the prescribed limit shall get their accounts audited by a chartered accountant or a cost accountant, and one will have to submit or deposit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.

Benefits of GST Audit: With the end of the 1st (First) Financial Year of Goods & Service Tax Act being implemented in India, we would certainly be trying to avoid errors on the GST Compliance Part. One of the biggest benefits of Goods and service tax is that most of us feel that after the introduction of GST we are able to cop up with the errors like Non-payment / Short Payment of Output liability.

#thegstmitra #GSTRegistration #GSTReturn #GSTAudit

Two-wheeler companies have supported a plea for reducing GST on some two-wheelers having engines of certain size Even as the chorus on reduction in Goods and Services Tax (GST) on two-wheelers grows, the industry is now in favour of having …

#thegstmitra #GSTRegistration #GSTReturn

The proposal was discussed in 26th GST Council meeting in March last year and since many technical, legal and administrative issues were identified, its implementation was put on hold. Duty relaxation for exporters and a tax relief package for the …

#thegstmitra #GSTRegistration #GSTReturn #GSTRefund #GSTConsultant #GSTSeminar

On growth, the RBI continues to sound optimistic, in contrast to our assessment that weak global growth, the lagged impact of tighter financial conditions and domestic political uncertainty will trigger a cyclical slowdown. Interestingly, the MPC also notes that “actual …

Learn about various GST services like GST registration, GST return filing, GST invoice preparation

#thegstmitra #GSTRegistration #GSTReturn #GSTAudit #GSTRefund #GSTConsultant

Sun Pharma Advanced Research Company (SPARC) has received an order from the Office of the Commissioner of GST & Central Excise demanding payment of service tax along with penalty and interest aggregating to ₹46.04 crore. However, the company will contest the …

SPARC gets GST notice for Rs. 46.04 crore

#GSTSeminar #GSTConsultant #GSTRefund #GSTAudit #GSTReturn #thegstmitra

Officials to conduct due verification of all cases of late filing of returns Tax authorities have made it clear that interest will be levied on both cash and input tax credit (ITC) component of GST paid after the prescribed due …

GST Registration, GST return, GST audit, GST refund, GST consultant, GST video classes, GST Seminar, GST seminar by CA Praveen Sharma,

#thegstmitra #GSTRegistration #GSTReturn #GSTRefund #GSTConsultant #GSTSeminar

In a major overhaul of the equity holding structures of financial conglomerates, the Reserve Bank of India (RBI) is said to be looking at a holding company model for banks. The move is expected soon and will entail guidelines on …

In a major overhaul of the equity holding structures of financial conglomerates, the Reserve Bank of India (RBI) is said to be looking at a holding company model for banks. The move is expected soon and will entail guidelines on

#thegstmitra #GSTRegistration #GSTReturn #GSTRefund #GSTConsultant

GST MITRA @gstmitra-blog - Tumblr Blog | Tumgag

Trending Blogs

Recently Viewed Blogs

GST MITRA