GST Registration Online: SuperCA

In 2017, the Goods And Services Tax (GST) Act was passed and has been implemented since then. GST is an indirect tax for the whole nation, which makes India one unified common market. It came as the biggest indirect tax reform in India and now is a single tax on the supply of goods and services. With the motive of “One Nation One Tax” , this tax provision made the compliance procedure more transparent, seamless, and intuitive. Before GST, taxes such as service taxes, state VATs, entry taxes, luxury taxes were applied on goods.GST has replaced a total of almost 17 local levies of this kind. Now there is only a single tax, that is, GST which is levied directly at every point of sale. I ntroduction to Online GST return filing A GST return is a document or report that needs to be filed by every GST registered person. Once You become eligible for registration under GST, you must apply for a unique GSTIN from the GST Portal. Currently, the eligibility is turnover ...

A GST return contains all the details of sales, purchases, tax collected on sales and tax paid on purchases that need to be filed compulsorily by all registered taxpayers. Once you file GST returns, you will need to pay the resulting tax liability i.e money that you owe the government. The details of sales and purchases of the goods and services plus the tax paid and collected have to be furnished by all registered individuals, traders, organizations, and companies. Such details are submitted by online GST return filing and on the basis of this, the tax authorities calculate tax liability. Who should file a GST return? Under the GST Regime, all registered dealers are required to file the return irrespective of the type of business or turnover or profitability during the return filing period. Even a dormant business that has obtained registration under GST must do an online GST return filing. Two monthly returns and one annual return are to be filed by a regular business having more th...

The step of implementing GST in India was a historical move, as it marked a significant indirect tax reform in the country. Almost four and a half years ago, GST replaced 17 local levies like excise duty, service tax, VAT and 13 cesses. 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. With the motive of “One Nation One Tax”, this tax provision made the compliance procedure more transparent, seamless, and intuitive. Once You become eligible for registration under GST, you must apply for a unique GSTIN from the GST Portal. Online GST registration is required by every registered taxpayer in order to collect and pay GST on the outward supplies i.e. sales and for claiming ITC on the inward supplies i.e. purchases. Due to a lack of deep knowledge, Taxpayers and Tax Practitioners both commit some errors or mistakes at the time of the online GST registration process . GST commenced in 2017 ...

The implementation of Goods and Service Tax (GST) in India was a historical move, as it marked the beginning of a new era in India’s indirect tax structure. This multi-stage and destination-based tax framework has supplanted several indirect taxes in the country, such as VAT, service tax, and excise duty. In the three years following the announcement of the “One nation one tax” regime, SMEs and start-ups have enjoyed the benefits. One of the most important benefits of the move is simplifying the taxation procedure by bringing all the indirect taxes under a single category and also bringing some uniformity across the nation.   In this article, we’ll discuss the various advantages that GST gives to small businesses and start-ups on registration About online GST registration As per the GST rules, it is mandatory 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 regi...

Sole proprietorships are “One Man Business Entities”. All the investments for the Sole Proprietorship business are done by the single proprietor who bears all the losses, enjoys all the profits and have the overall control of the business as well as its management. Online Sole proprietorship registration is the most simple one with minimal compliance procedures. Thus any person who wants to start a business from home or on a premise with a minimum amount can opt for online Sole proprietorship registration . It can be started within the time span of 10–15 days. In this article, we’ll talk about the compliances which are required to be maintained in sole proprietorship businesses. This type of business is the most popular type 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 online Sole Proprietorship registration . No...

The Union Budget 2022 was proposed by Finance Minister Nirmala Sitharaman this Tuesday. This is her 4th straight Union Budget when she presents financial statements and tax proposals for the fiscal year 2022–23 (April 2022 to March 2023). This year’s budget is said to have come as a disappointment to salaried taxpayers, as little to no changes were brought into effect in terms of income tax Here are the highlights of direct and indirect tax proposals from Sitharaman’s Budget speech, and an explanation and analysis of it. Direct Tax proposals No changes in Income tax slab rates There were no major changes in income tax slabs in Budget 2022. However, the government did allow a two-year window for taxpayers to correct their filings for a particular assessment year. Updated IT return The government has proposed to provide a one-time window to correct omissions in income tax returns (ITRs) filed. Taxpayers are allowed to file updated returns within two years of the filed IT Return. Introduc...

Company registration is extremely important for every business in order to protect your business and secure its rights. It protects you from risks and losses and at the same time shields the business from personal liability, more capital contribution, more customer attraction, greater stability and grooms the company’s potential... There are various forms of businesses available that one can register with. Hence, you should have clarity on the type of your business, your goals and objectives since each of these types come with their own legal implications. Among all, online sole proprietorship registration is the most simple one with minimal compliance procedures. The sole proprietorship is the “One Man Business Entity”. All the investments for the Sole Proprietorship business are done by a single proprietor who has complete control of the business as well as its management. In this article, we’ll talk about the various businesses for which online sole proprietorship registration is b...

On 1st July 2017, the government of India announced the implementation of GST in India. It was a big move, as it marked a significant indirect tax reform in the country by blending all indirect tax levied on goods and services. 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. The present CGST replaced the earlier existing tax like service tax, excise, etc. whereas SGST replaced the earlier existing tax like sales tax, luxury tax, entry tax, etc. IGST is a combined form of CGST and SGST and had replaced earlier existing CST, CVD and SAD etc.. Taxes that were replaced by the GST The implementation of the Goods and Services Tax (GST...