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...

As per the GST Act, monthly returns and one annual return need to be filed by a regular taxpayer. There are separate returns for a taxpayer registered under the composition scheme, non-resident taxpayers, taxpayers registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS), and UID holders. It is important to note that a taxpayer isn't required to file all the types of returns. They are required to file returns depending on the activities they undertake. GST Return is a form that shall be filed by every registered taxable person. Furnishing GST Returns timely helps the GST authorities carry out taxpayer assessments. Also, business owners need to maintain records systematically to further simplify the online GST return filing process. A business or the taxpayer while online GST return filing requires details of the following for a specified period of time- -  The total sales -  The total purchases -  The output GST or the...

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...

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 ...