GST Registration Online: SuperCA

GST was introduced by the government as a single tax for the entire country in order to simplify the Indirect Tax System. At present, GST serves as the foundation for all tax lines, including Central Excise, Service Tax, VAT etc. With the motive of “One Nation One Tax”, this tax provision made the compliance procedure more transparent, seamless, and intuitive. As we talk about being GST compliant, one of the most important aspects is the timely filing of online GST returns . These returns are filed to pay taxes as well as to provide data to the government relating to the transactions made by the business during the period under consideration. Once you file GST returns, you will need to pay the resulting tax liability i.e. money that you owe the government All the Registered individuals have to get their online GST Return filing done irrespective of the type of business or turnover or profitability during the return filing period. Under the GST Regime, even a dormant business in In...

Input Tax Credit or ITC is the tax paid by the purchaser on Inward Supplies (purchase) on goods or services or both. Such tax which is paid at the time of purchase of goods or services or both is reduced from liability payable on his/her outward supplies (sale) which is known as an ITC. In other words, the input tax credit is the tax reduced from output tax payable on functions of accounting of sales. For instance, you as a trader purchased goods of Rs. 100 and paid a 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. This is available as a deduction from tax payable and you have to report the same while going for online GST return filing . Documents required for claiming ITC The registered taxpayer should poss...

Goods and Services Taxes or simply GST is an Indirect tax, applicable on the sale of Goods and Services. Multiple taxes like VAT, Service Tax, etc are subsumed into GST. With the motive of “One Nation One Tax”, the GST regime has made the compliance procedure more transparent, seamless, and intuitive. Under GST, every registered individual has to get their GST Return filing done irrespective of the type of business or turnover or profitability during the period. Under the GST Regime, even a dormant business that has obtained GST registration must file the GST return. These returns are filed to pay taxes as well as to provide data to the government relating to the transactions made by the business during the period under consideration. Once you file GST returns , you will need to pay the resulting tax liability i.e money that you owe the government. Since the GST tax structure was implemented just 4 years ago, this is new stuff for upcoming businesses. People getting new registrat...

GSTR-9 is an annual return that is to be filed annually by GST registered taxpayers. It is a compilation return that includes all business transactions done for the particular financial year and all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. The main sources of populating GSTR-9 are the GST return filing of, GSTR-1 and GSTR-3B. The form contains a total of 6 parts spread out within 19 tables. Each part asks for details that are easily available from your previously filed return and books of account. ( Note : The government had made the filing of GSTR-9 /9A optional for the financial year 2017-18 and 2018-19 as small taxpayers were facing difficulties from the implementation of GST. Further, in the 43rd GST Council Meeting, dated May 28, 2021, the council decided to amend Section 35 and Section 44 of the CGST Act as per Finance Act, 2021 and the changes will be applicable for the Financial Year 2020-2021. It was also decided that in view of the pandemi...