GST Registration Online: SuperCA

The Central Board of Indirect Taxes and Customs (CBIC) has notified various changes in GST Law effective from January 1st, 2022. The GST regime will see a host of tax rates and a number of changes coming into effect from next year. From the tax burden shifting to e-commerce websites, food delivery platforms to consumer goods like footwear, clothes and textiles getting more expensive and blocking of GST return filing of GSTR 1 on non-filing of GSTR 3B, here are all the major GST tax norms that are going to change from 1st January 2022. New GST Burden On E-Commerce food delivery platforms. It was decided at the Goods and Services Tax Council meeting that E-Commerce food delivery platforms like Zomato and Swiggy, be made liable to pay tax on services provided through them. These food delivery apps will have to collect and deposit 5% GST with the government, in place of restaurants, for deliveries made by them. It was further notified that the restaurants will have to provide invoices...

Sole proprietorship registration is the registration of a “One Man Business Entity”. All the investments for the Sole Proprietorship business are done by the single proprietor who bears all the losses and enjoys all the profits. The overall control of the business, as well as its management, is in his hands. He can appoint individuals for conducting the business, but the ownership will rest solely with him. Sole proprietorship registration  is the most simple one with minimal compliance procedures. Any individual who wants to start a business from home or on a premise with a minimum amount can opt for Sole proprietorship registration. It can be started within the time span of 10-15 days This type of business is one of the most popular types of business to begin in the unsystematic sector, specifically among micro and small businessmen, traders or merchants due to its simple structure and slab-wise tax benefit. The majority of the unorganized sectors prefer Sole Proprietorship regi...

GST taxation structure allows businesses across India to claim input credit (ITC) for the tax they paid while purchasing capital goods for their company. Input Tax Credit (ITC) simply means the tax already paid by a person at the time of purchase of some goods or services which is available as a deduction from tax payable while GST return filing . Claiming Maximum ITC Under GST The ITC on invoice or debit note may be availed only when the details of such invoice or debit note have been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note. ➤ Keeping a Regular follow-up with your dealers Every taxpayer should follow up with their dealer on a regular basis for timely uploading their sales invoices in the GST return filing form GSTR-1. The GSTR-2A/2B of the recipient taxpayer will get auto-populated with the ITC values once the suppliers upload their sales invoices in the GST return filing fo...

  Registration of the firm is the overriding and most important step for any business organization. Company registration is very essential for protecting your business and securing its rights. It shields the business from personal liability and protects from other risks and losses and at the same time provides more customer attraction, more capital contribution, greater stability and increases the company's potential to expand. Before registering your company, you should have clarity on the kind of business you are into, your goals and objectives since each of these types come with their own legal implications. There are various forms of businesses available that one can register with. Among all, sole proprietorship registration is the most simple one with minimal compliance procedures. Any individual who wants to start a business from home or on a premise with a minimum amount can opt for the Sole proprietorship business type. It can be started within the time span of 10-15 days....

GST Registration is a process for applying for a unique GSTIN i.e. GST Identification Number on the GST Portal. The taxpayer requires GSTIN to collect and pay GST on the outward supplies i.e. sales and claim GST input tax credit on the inward supplies i.e. purchases. As per the GST rules, it is compulsory for a business/supplier that has a turnover of above Rs.40 lakhs (Rs 10 lakhs for special category states present in hill states and North-Eastern states) to register as a normal taxable entity. Also, there are various types of GST Registrations described under the GST Act. Types of Registration depends on the nature of the business. Undergoing the registration procedure is difficult without recognising its different forms. That’s why it is very necessary that we should be aware of their types & acquire a better idea regarding the same. GST Registration for Traders The applicability of GST to trading in securities is a confusing question that is very common amongst traders. It sho...

Input Tax Credit (ITC) simply means the tax already paid by a person at the time of purchase of some goods or services which is available as a deduction from tax payable. Say for when you buy a product or hire any service from a registered dealer, you pay taxes on the purchase, and on selling, you collect the tax. You calibrate the taxes paid at the time of purchase with the amount of output tax (tax on sales) and the balance liability of tax (tax on sales minus tax on purchase) that has to be paid to the government. This mechanism is called the utilization of ITC. Let’s take an example-  You as a trader purchased goods of Rs. 100 and paid tax of Rs 10 on it. Now the same goods are sold by you at Rs. 150 and a tax of Rs. 15 is collected from the buyer. Now you have to pay Rs.15 to the government for that good but you had already paid Rs.10, so this Rs. 10 is your ITC and it will be allowed as a deduction from tax payable and you have to pay net Rs. 5 as tax. You have to report the ...

Directors act as agents in the transaction which they enter into on behalf of the company, though they are not agents for individual shareholders or members. A director may be an employee, a servant or even a "worker" of the Company. The duties of directors are largely derived from the law of agency and trusts under common law rules and fair and impartial principles. Under the law of agency, duties of skill, care and diligence are imposed on directors. On the other hand, the law of trust imposes fiduciary duties on directors. He occupies the position of a trustee of the company's money and property, though he is not a trustee in the strict sense in respect of the Company's properties and funds. Every director is required to perform his duties sincerely, having the knowledge, skill and experience both of a person carrying out that director's function and of that person himself. As we’ve discussed, the directors act as agents of the company to the extent as authoriz...