GST Registration Online: SuperCA

  About GST has been introduced in India with the motive of “One Nation One Tax” by providing free flow of credits and eliminating cascading effects in various indirect taxes and simplifying the tax structure.   One of the most important reasons for introducing GST in India was the Input Tax Credit, but ITC is not available in every case. There are certain supplies mentioned under section 17(5) of the CGST Act where input tax credit under GST is not available. These supplies are also termed “ Blocked Credit ”. Now, let’s understand each case and exceptions to these in simple terms -   Nature of Cases where ITC is not available.   ➤ Motor vehicles and other conveyances    ITC is not available for motor vehicles for transportation of people having approved seating capacity of not more than 13 persons including the driver including leasing, renting or hiring thereof. Exceptions  : ITC is available and not blocked when used for : 1. Further Supply of Vehic...

  One Person Company and   Sole Proprietorship   are two different business structures & also are different in terms of their working but sometimes people get confused between them due to their similar-sounding words. Let’s make a clear distinction between both of them so that you’ll be able to pick the best suitable one. One Person Company  or  OPC  means a Company that h a s only one person as to its member. It is a fusion of  Sole-Proprietorship  and Company form of business. In order to enable a person who is carrying on the business in the  Sole-Proprietorship  firm to enter into a corporate outline with relaxed or concessional requirements under the Act, the Companies Act 2013 had brought in the new concept of OPC. is a popular type of unregistered business institution owned, managed, and operated by a single person. A  sole proprietorship  is the “  One Man Business Entity  “. All the investments for the...

In businesses, the partnership is an association of two or more people, who agree to carry on the business together by combining their financial funds and managerial abilities and skills and share its profits and losses. The most used partnership types are   General Partnership   and   Limited Liability Partnership (LLP) A  General Partnership firm  is registered by two or more persons by executing a partnership deed with each other. Even though this form of business is governed under the Indian Partnership Act 1932, the partners are at free will to decide on various terms pertaining to the share of profits and other related matters. In India normally all partnership firms are general partnerships.   Limited Liability Partnership  is an alternative business form that provides limited liability to the owners and is comparatively easy to manage and hassle-free. It is allowed under the Limited Liability Partnership Act, 2008. LLP is a unique hybrid combin...

  On 1st July 2021, the Goods and Services Tax (GST) completed its four years and celebrated it by flagging the ease it brought to businesses and the relief on the tax burden to consumers. GST implementation in India was a historical move, as it marked a  s ignificant indirect tax reform in the country. The amalgamation of many taxes levied at a central and state level into a single tax was expected to have big advantages. Four years ago, on this day, GST had replaced 17 local levies like excise duty, service tax, VAT and 13 cesses. One of the most important benefits of the move is the lessening of double taxation or the removal of the cascading effect of taxation. It is now paving the way for a common national market and Indian goods are also expected to be more competitive in international and domestic markets. Pros. On this occasion, the Union Finance Ministry has notified a cut in the GST rates on 400 goods and 80 services, thus giving a big relief to the common citizens o...