GST
GST has replaced most of the Central and State level indirect taxes like VAT, Service tax, Excise duty etc. from 1st July, 2017. Make sure your business is GST compliant and file your periodic returns under ICI expert’s guidance.
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GST Registration is mandatory for all dealers or entities having turnover above a specified threshold limit or fulfilling any of the specified conditions. You can now get your business registered under GST easily through our complete online and simplified process.
All your sales, purchases, credit note and debit note for a particular month has to be summarised in a simplified yet detailed form on the GST portal on or before the due date prescribed by law.
GST is expected to have far-reaching impact on each and every aspect of business operations in the country such as pricing of goods and services, accounting, supply chain, receivables & payables and tax compliances such as tax incidence, tax computation and payment, credit utilisation and reporting, leading to a complete overhaul of the current indirect tax system.
As per Section 44(1) of CGST Act 2017, GST registered persons are required to furnish AnnualReturns for every financial year electronically.
A person registered under GST is not allowed to make movement of goods in a vehicle whose value exceeds Rs. 50,000 unless he generates an e-way bill through https://ewaybill.nic.in/.
However, the limit of Rs. 50,000 may differ between different states according to state specific GST laws. (Eg. In Maharashtra, for intra-state supply of goods if the consignment value does not exceeds Rs. 1 lakh, no E-way bill is required to be generated. Also if the goods such as hank, yarn, fabric and garments of any consignment value are transported for a distance upto fifty kms within the state of Maharashtra for the purpose of job work , E-way bill is not required to be generated )
A person registered under GST is not allowed to make movement of goods in a vehicle whose value exceeds Rs. 50,000 unless he generates an e-way bill on ewaybillgst.gov.in.
FAQs
There are four types of GST:
» Integrated tax on goods and services (IGST),
» State tax on goods and services (SGST),
» Central tax on goods and services (CGST), and
» Union tax on goods and services (UTGST).
» Integrated tax on goods and services (IGST),
» State tax on goods and services (SGST),
» Central tax on goods and services (CGST), and
» Union tax on goods and services (UTGST).
If a person registered under the normal scheme (monthly filers) then has to file 2 returns per month, GSTR-1 and GSTR-3B, and an annual return. In total,25 GST returns every year.
For a person registered under the composition scheme, it is required to file only 6 returns for the entire year.
Aggregate turnover is the total turnover/sales (including all taxable, exempt, non-taxable, and exports of both goods and services) of all the businesses under the same PAN. However, GST Taxes are not included while calculating this amount.
It is used to monitor the movement of goods, to check tax evasion. As a general rule, route calculation is required along with goods from sender to receiver. According to GST, e-way invoices are subject to a uniform set of rules throughout the country.
» Details of sales invoices (GST No. of the recipient, Taxable value, Tax amount, Invoice no., HSN/SAC code, etc).
» Details of Credit notes/debit notes.
» Amendment in old sales invoices/debit & credit notes.
» Sales invoice including Export invoice.
» Details of Credit notes/debit notes.
» Amendment in old sales invoices/debit & credit notes.
» Sales invoice including Export invoice.
A Letter of Undertaking (LUT) or Export bond is a document that exporters can file to export goods or services without paying taxes. LUT can be filled online
The government must pay you an interest of 6% per annum on your refund amount for each day of delay.
All registrants must submit an annual tax return, even if the taxpayer’s status is unregistered as on the date of the filing return but was registered anytime during the financial year.
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