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...

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 ...

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) ...

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...