Check out the latest updates on Goods and Services Tax (GST) in India. Get breaking news, Latest Breaking News on Goods and Services Tax (GST), Daily News Analysis and Services Tax (GST) at GSTSMS.in.
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
Find out the detailed explanation of the provisions related to registration under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
Find out the detailed explanation of the provisions related to registration under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
There are various problematic areas which will make the road of GST difficult for the assessees to ride upon. We have summarized some of the problems in the draft Model GST Law in this article.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Recently many changes have been made in GST law in FY 2019-20.
Today GST registration is an essential need for a business. it is mandatory if the annual tunrover is beyond 40 lakhs. however, voluntary GST registration is very beneficial need for almost all kinds of business. it allows to conduct business freely across india. Besides, it helps in business expansion by increasing your business repute. So get completely up to date knowledge on GST registration with a comprehensive guide.
Input Tax Credit (ITC) in GST with Practical ExamplesGSTIndia.biz
Learn everything you should know about Input Tax Credit (ITC) in GST by Ashu Dalmia (GST Consultant, Trainer & Author)
Credit is backbone of whole GST for all businesses and without proper understanding of input, organisation can be badly hit.
A comprehensive presentation on the various aspects and law relating to registrations under Goods and service Act ( GST ) in India including amendment and cancellation provisions
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
There are various problematic areas which will make the road of GST difficult for the assessees to ride upon. We have summarized some of the problems in the draft Model GST Law in this article.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Recently many changes have been made in GST law in FY 2019-20.
Today GST registration is an essential need for a business. it is mandatory if the annual tunrover is beyond 40 lakhs. however, voluntary GST registration is very beneficial need for almost all kinds of business. it allows to conduct business freely across india. Besides, it helps in business expansion by increasing your business repute. So get completely up to date knowledge on GST registration with a comprehensive guide.
Input Tax Credit (ITC) in GST with Practical ExamplesGSTIndia.biz
Learn everything you should know about Input Tax Credit (ITC) in GST by Ashu Dalmia (GST Consultant, Trainer & Author)
Credit is backbone of whole GST for all businesses and without proper understanding of input, organisation can be badly hit.
A comprehensive presentation on the various aspects and law relating to registrations under Goods and service Act ( GST ) in India including amendment and cancellation provisions
Basic Features, Opportunities and Benefits of GST Implementation in IndiaArul Edison
The Goods and Services tax (GST) is an indirect tax. It is levied at every stage of the production and distribution of products. It is actually changes on the final consumption of the products. It includes excise duty, custom duty; Services tax and Value add tax (VAT). The GST is a VAT to be implemented in India. The decision on which is not yet declared by Government and the framing of rules are under process. Several countries implemented this tax system followed by France, the first country introduced GST. Goods and service tax is a new story of VAT which gives a widespread setoff for input tax credit and subsuming many indirect taxes from state and national level. Presently around 140 countries have adopted the GST pattern, including India. The GST would be beneficial for the consumers as it reduces the final burden of taxation. Therefore, the researchers have discussed the possible salient features, opportunities and benefits of GST implemented.
Input tax credit & matching with return under gstNikhil Malaiyya
Input tax credit under GST, Matching with return under GST, Annual Return, Final Return, Monthly return, late filing fees under GST, Transitional Provision
This presentations discusses the finer aspects of how VAT was being levied on Works contract. And the controversies related to the judgement of Gannon Dunkerly, options available for deductions under VAT for composite contracts
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
Step by step guide to generate E-Ways Bills Online. This guide has been prepared by NIC.
Read more about GST E-Way Bill at - https://www.profitbooks.net/eway-bill/
#Recent Changes in GST# By SN Panigrahi,
Essenpee Business Solutions,
E-Invoice,
E-Waybill,
Returns Filling,
20% ITC Restriction,
Changes in ERP System
SN Panigrahi
#Recent Changes in GST# By SN Panigrah
Newsletter on daily professional updates- 07/03/2020CA PRADEEP GOYAL
“Sharing knowledge occurs when people are genuinely interested in helping one another develop new capacities for action;
it is about creating learning processes.”
Here is your Daily dose of professional updates 07.03.2020
Newsletter on daily professional updates- 28th September 2019CA PRADEEP GOYAL
The improvement of understanding is for two ends: first, our own increase of knowledge; secondly, to enable us to deliver that knowledge to others.
Here is your Daily dose of professional updates in newsletter form- 28th September 2019
Newsletter on daily professional updates- 23/03/2020CA PRADEEP GOYAL
Stay Healthy, Stay Strong.
Stay at your home, we will come out of it soon.
Keep studying, keep learning, I will update you regularly.
Here is your Daily dose of professional updates 23.03.2020
#E invoicing w.e.f. 1st Ap'2020# By SN Panigrahi,
E - Invoicing is a form of Electronic Billing,
E-Invoice : Advantages,
E-Invoice Notifications,
Type of Documents to be Reported to GSTN System,
Critical Aspects of E-Invoicing,
Process to Generate an E-invoice under GST,
QR Code,
E-Invoice : Important Links
Workflow of E-Invoice,
Some of the Software Interface Providers
Newsletter on daily professional updates- 07/02/2020CA PRADEEP GOYAL
Knowledge is a social process.
That means no one person can take responsibility for collective knowledge.
Here is your Daily dose of professional updates 07.02.2020
GST Filing is the process by which buyers and suppliers file their GST returns to the IT Department of the Indian government. A GST return is essentially a document that contains details regarding the taxpayer's income that helps IT officials calculate their liability for a particular period.
Registered GST dealers have to file GST returns for purchases, sales, Output GST, and Input Tax Credit. To complete the GST filing, dealers require compliant sales and purchase invoices. Read on to find out more about GST Filing, why it’s important and how to get it done.
The Prime Minister, Shri Narendra Modi has thanked the leaders and members of all the parties on the occasion of passage of the GST Bill in the Rajya Sabha. Calling GST as the best example of cooperative federalism, the Prime Minister in a series of tweets said that this reform will promote Make in India, help exports and thus boost boost employment while providing enhanced revenue.
“On this truly historic occasion of the passage of the GST Bill in the Rajya Sabha, I thank the leaders and members of all parties.
Our MPs must be congratulated for their path breaking decision to give India an indirect tax system for the 21st century.
We continue to work with all parties and states to introduce a system that benefits all Indians and promotes a vibrant and unified national market.
This reform will promote Make in India, help exports and thus boost employment while providing enhanced revenue.
I would like to add that GST will also be the best example of cooperative federalism. Together we will take India to new heights of progress”, the Prime Minister tweeted.
Next step required have been elaborated by Min of Fin
Newsletter on daily professional updates- 14th September 2019CA PRADEEP GOYAL
The greater our knowledge increases, the greater our ignorance unfolds.”
Here is your Daily dose of professional updates in newsletter form- 14 September 2019
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1. 1
Goods & Services TaxGoods & Services Tax
Registration Process
E-course on GST
2. CA. RAJAT MOHAN
F.C.A., A.C.S., D.I.S.A.
Certificate Course on Indirect Taxes
Certificate Course on Forensic Accounting and Fraud Prevention
Past- Deputy Convener for GST Research Study Group of NIRC of ICAI
Past-Member of Study Material Research Group of NIRC of ICAI.
Awarded upcoming speaker of the year by NIRC of ICAI in April, 2013.
Written many books including a book on GST(4th
edition) published by Bharat Law
house.
Over 100 articles published on tax matters(including GST) by TAXMANN, STR,
VSTC, Indraprashtha Vyapar, Suchita times, Service Tax Review NIRC
Newsletter, The Chartered Accountant Journal etc.
Conducted seminar/workshops for professionals and students on ‘GST’ for Study
circles, Nirc of ICAI, NIRC of ICSI, Young member committee of ICAI,
Department of Commerce (Kurukshetra University), VIPS college.
www.gstsms.in 2
3. Introduction
(a)Report of the Joint Committee on Business
Processes for GST on GST registration gave
this report on July, 2015.
(b)Based upon this report and documents
available in public domain, I have drafted this
PPT.
www.gstsms.in 3
4. Threshold Limit
Threshold of Gross Annual Turnover including
exports and exempted supplies (to be
calculated on all-India basis) below which any
person engaged in supply of Goods or Services
or both will not be required to take registration.
www.gstsms.in 4
6. Input Tax Credit
(a) The taxpayer would be eligible for ITC in respect of
all his purchases from the date of application in case
application for registration has been filed within 30
days.
(b) The taxpayer would, however, not be eligible for ITC
in respect of his purchases prior to the date of
registration in case the registration application is not
filed within the prescribed time limit of 30 days.
www.gstsms.in 6
7. Structure of registration number
Each taxpayer will be allotted a State wise PAN-based 15-digit
Goods and Services Taxpayer Identification Number (GSTIN).
www.gstsms.in 7
State
Code
PAN Entity
Code
BLAN
K
Check
Digit
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
8. Procedure for obtaining Registration
New Applicant
1. Apply online for registration.
2. Acknowledgement Number would be generated
and intimated to the applicant.
3. Once the application is approved and GSTIN is
generated, the same along with Log-in ID and
temporary Password will be sent to Applicant.
www.gstsms.in 8
9. Existing Applicant
(a) In case of Existing State VAT or
Excise/Service Tax assesses, data will be sent
to GSTN.
(b)With this data, additional data eg. Mobile,
Email, Date of incorporation etc would be
required to updated at GSTN portal.
(c)After this process GSTIN will be issued to
applicant.
www.gstsms.in 9
10. Common Points
(a) GST common portal shall carry out preliminary
verification/validation, including real- time PAN validation
with CBDT portal, Adhaar No validation with UIDAI, CIN
(Company Identification) with MCA and other numbers
issued by other Departments through inter-portal
connectivity before submission of the application form.
(b) The application form will be passed on by GST portal to
the IT system of the concerned State/Central tax authorities
www.gstsms.in 10
11. Common Points
(c) State/Central tax authorities will send it to
jurisdictional officer
(d) Within 3 Days officer is required to issue
Registration Certificate if he is satisfied or send the
deficiencies.
(e) Applicant will remove the said deficiencies and send
an online reply, after which concerned officer can
issue registration certificate.
www.gstsms.in 11
12. www.gstsms.in 12
THANK YOU
Your comments and suggestions are of utmost
importance and are always welcomed.
Contact person:
CA Rajat Mohan
18A, IInd Floor,
North Avenue Road,
West Punjabi Bagh,
New Delhi-110026
Website: www.gstsms.in
E-mail: rajat.mohan@icai.org
