GST Registration Online: SuperCA

Implementation of GST in India was a big move, as it marked a significant indirect tax reform in the country. The amalgamation of a large number of taxes which was levied at a central and state level into a single tax had expected to have big advantages. Almost about four years ago, GST had replaced 17 local levies like excise duty, service tax, VAT and 13 cesses. Most of the complex indirect system problems have also been eased by GST with a simple, transparent and technology-driven tax regime and has thus integrated India into a single common market. Further, Tax arbitrage across states that distorted business investment decisions has also been eliminated by the implementation of GST. In this article, we’ll talk about the different types of GST namely SGST, CGST, UTGST and IGST, their structure and a basic difference between them. Types of GST and its Explanation As per the newly implemented GST regime, there are 4 different types of GST namely : Integrated Goods and Services...

GST implementation in India was a historical move, as it marked a significant indirect tax reform in the country. One of the most important benefits of the move is the lessening of double taxation or the removal of the cascading effect of taxation. GST Identification Number (GSTIN) is a 15 digit number that is assigned to every GST registered person. It has replaced the earlier Tax Identification number which was allocated to businesses by state tax authorities for registering under the VAT system Further, GSTIN is State Specific therefore you have to take separate state-wise registration for branches in different states. The online GST registration process is usually completed within 4-6 working days and the supplier is allotted a 15-digit GSTIN (GST identification number) and a certificate of registration by the GST department. GSTIN format GSTIN is a 15-digit alphanumeric code. The format break-down of the GST Identification number is as follows: As per the Indian Census 20...

GST return filing must be compulsorily done by all individuals having GST Registration irrespective of turnover or profit. Every regular taxpayer shall file monthly GST returns and dealers registered under Composition Scheme shall file quarterly GST returns. On the other hand, one return shall be filed by a non-resident taxable person every month.  GST return filing form comprises the details of outward and inward supplies that a registered taxpayer must file with the Indian tax authorities. Details that are submitted are the basis on which the tax authorities calculate your tax liability. A late fee and interest are imposed on the taxpayer if the GST return filing is not done. There are various provisions prescribed under the GST Act for the non/late filers and it is different for every return. In this blog, we’ll look at the various consequences that will arise with not/late filing of GST return filing of GSTR 3B and their individual impacts. Let's start this with a short...

Under GST, Notices act as a medium to communicate to the taxpayers by the GST Authorities. These are sent to the taxpayers specifically to remind or caution them of any defaults being noticed, specifically for not following the GST laws and provisions. Taxpayers must promptly act or reply to notices within the prescribed time limit. Any failure to do so can land the taxpayer in a legal soup. In this article, we’ll talk about the process to reply to the GST registration cancellation notice issued by the proper officer and the reasons which can give rise to such situations. Form GST REG-18 is used when a registered taxpayer has to file a reply to the show-cause notice issued by authorities for cancellation of his/her GST registration . The form can be filed online on the GST Portal. Reasons for receiving notice in Form GST REG-17 If the proper officer has valid reasons to believe that the GST registration of a person is liable to be cancelled under section 29, he shall issue a no...

Considering the arising difficulties reported by the taxpayers and other stakeholders due to the third wave of COVID 19 and in view of various reports of difficulties while electronic filing of various reports of audit under the provisions of the Income-tax Act,1961, the Central Board of Direct Taxes (CBDT), in the exercise of its powers under Section 119 of the Act, has extended the due date for Income tax return filing and of tax audit reports. It is surely a welcome move as various tax associations, taxpayers, tax professionals and so on, appealed to the government to extend the due date of submission of tax audit reports and filing of income tax returns for this category of individuals Extended Due Date for furnishing ITRs & various reports of audit for AY 2021-22 Compliance Type (AY 2021-22) Due Date (Original) Due Date (Extended vide Circular 9/2021) Due Date (Extended vide Circular 17/2021) New Due Date (Exte...

About Online Sole Proprietorship Registration Registering your company makes your business a distinguished entity and gives it a legal existence. It 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. There are various forms of businesses available that one can register with. Among all, online 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. Online Sole Proprietorship registration is a cakewalk only if you need to take care of some basic things Even though online sole proprietorship...

In order to discourage cash transactions and move towards a cashless economy, a new Section 194N was inserted under Income-tax Act with effect from September 1, 2019, to provide for deduction of tax on cash withdrawals made by any person from his bank or post-office account..‘Section 194N – TDS on cash withdrawals over and above Rs 1 crore’ was introduced through the Finance Bill, 2019. It is applicable on more than Rs 1 crore cash withdrawals during a financial year and is applied to the withdrawal of all the sums of money or an aggregate of sums from a particular payer in a financial year. The section serves the objective of eliminating large cash withdrawals from bank accounts and phasing out black money from India. Who will deduct TDS u/s194N? An individual or payer making the payment with cash will have to deduct TDS under Section 194N of the ITR filing Act. The list of such persons are as follows: → a banking company to which the Banking Regulation Act, 1949 (10 of 1949) ...

It is always the case where the supplier of goods and services is liable to pay the GST. But, when it comes to Reverse Charge Mechanism, the receiver of goods and services has to pay the tax, meaning that the tax liability is reversed. Reverse Charge means the liability to pay tax while GST return filing is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. According to the normal GST return filing procedure, the supplier sells goods/services to the receiver and the latter pays the former for the same. This payment also includes GST, which the supplier then pays to the government. But, in the case of the Reverse Charge Mechanism in GST, tax is paid by the receiver directly to the government; it does not go through the supplier and is not part of the exchange of goods/services. When is a reverse charge applicable? Several acts govern the reverse charge scenarios for intrastate transaction...