GST Registration Online: SuperCA

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...

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...

The Companies Act, 2013 read with relevant rules governs various provisions which a company is required to comply with, and regular and timely RoC filing is a must for smooth maintenance of annual compliance which will keep your organisation away from any legal complications or any unusual consequences. Under this act, numerous forms are prescribed which must be filed by the company with the Registrar of Companies. Some of these forms are to be filed annually by the company, some of them are filed only once after the incorporation of the company while some forms are filed at the happening of an event, such as the auditor’s resignation, change in the name or address of the company, etc. If these events do not take place, then there is no requirement for filing these forms. In this article, we’ll talk about various RoC filing forms applicable to companies every year. Omitting to file any mandatory compliance will lead to a levy of heavy penalty/fees on the company as well as officers in ...