GST Registration Online: SuperCA

  About GST has been introduced in India with the motive of “One Nation One Tax” by providing free flow of credits and eliminating cascading effects in various indirect taxes and simplifying the tax structure.   One of the most important reasons for introducing GST in India was the Input Tax Credit, but ITC is not available in every case. There are certain supplies mentioned under section 17(5) of the CGST Act where input tax credit under GST is not available. These supplies are also termed “ Blocked Credit ”. Now, let’s understand each case and exceptions to these in simple terms -   Nature of Cases where ITC is not available.   ➤ Motor vehicles and other conveyances    ITC is not available for motor vehicles for transportation of people having approved seating capacity of not more than 13 persons including the driver including leasing, renting or hiring thereof. Exceptions  : ITC is available and not blocked when used for : 1. Further Supply of Vehic...

  One Person Company and   Sole Proprietorship   are two different business structures & also are different in terms of their working but sometimes people get confused between them due to their similar-sounding words. Let’s make a clear distinction between both of them so that you’ll be able to pick the best suitable one. One Person Company  or  OPC  means a Company that h a s only one person as to its member. It is a fusion of  Sole-Proprietorship  and Company form of business. In order to enable a person who is carrying on the business in the  Sole-Proprietorship  firm to enter into a corporate outline with relaxed or concessional requirements under the Act, the Companies Act 2013 had brought in the new concept of OPC. is a popular type of unregistered business institution owned, managed, and operated by a single person. A  sole proprietorship  is the “  One Man Business Entity  “. All the investments for the...

In businesses, the partnership is an association of two or more people, who agree to carry on the business together by combining their financial funds and managerial abilities and skills and share its profits and losses. The most used partnership types are   General Partnership   and   Limited Liability Partnership (LLP) A  General Partnership firm  is registered by two or more persons by executing a partnership deed with each other. Even though this form of business is governed under the Indian Partnership Act 1932, the partners are at free will to decide on various terms pertaining to the share of profits and other related matters. In India normally all partnership firms are general partnerships.   Limited Liability Partnership  is an alternative business form that provides limited liability to the owners and is comparatively easy to manage and hassle-free. It is allowed under the Limited Liability Partnership Act, 2008. LLP is a unique hybrid combin...

  On 1st July 2021, the Goods and Services Tax (GST) completed its four years and celebrated it by flagging the ease it brought to businesses and the relief on the tax burden to consumers. GST implementation in India was a historical move, as it marked a  s ignificant indirect tax reform in the country. The amalgamation of many taxes levied at a central and state level into a single tax was expected to have big advantages. Four years ago, on this day, GST had replaced 17 local levies like excise duty, service tax, VAT and 13 cesses. One of the most important benefits of the move is the lessening of double taxation or the removal of the cascading effect of taxation. 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. Pros. On this occasion, the Union Finance Ministry has notified a cut in the GST rates on 400 goods and 80 services, thus giving a big relief to the common citizens o...

Starting a sole proprietorship business in India is fairly an easy affair. Sole Proprietorship is a “Single-Person Establishment” and is the most simple form of an entity with minimal compliance procedures. This type of business can be incorporated in fifteen days. Generally, the registration for a sole proprietorship is completely optional and it does not require any formal registration as such but to get tax benefits, people do register their firm as a sole proprietorship. Ways of registering a sole proprietorship Before going for sole proprietorship registration, you need to take care of some basic things. Firstly, you have to decide on a suitable business name and choose a suitable location as the designated place of doing your business. After this, Generating a current account is considered to be the groundwork for starting this business. A current account ensures safe payments in the proprietorship’s name. Let’s now understand how an individual can register for a sole proprie...

About Sole Proprietorship:  A  sole proprietorship  is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business. The  sole proprietorship  is the “One Man Business Entity”. It is owned, controlled and managed by a single person called the proprietor. The proprietor owns the business in his name under his PAN number. He is personally liable for his debts. The  sole proprietorship  and proprietor are the same thing. Advantage of Sole Proprietorship The Proprietor will be legally recognized as a Supplier of Goods & Services The proprietor can claim the Input tax credit (tax paid on the purchase of goods & services) The proprietor can pass on the credit of the taxes paid on the supply of the goods & services to the purchaser. He can make Interstate sales without restrictions. The proprietor can have a competitive advantage in comparison to other businesses....

Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities to collect tax on behalf of the government and avail Input tax credit for the taxes on his inward supplies. Quick & Easy 100% Accuracy Get Expert Advice Complete services under one roof GST REGISTRATION Online GST Registration  is the process of obtaining a unique  i dentification number by a supplier from the tax authorities; it is for the identification of the taxpayer. Every supplier/business with a turnover of Rs 40 lakhs or more (Rs 10 lakhs for special category states) needs to be registered under GST. The supplier shall be allotted a 15-digit GSTIN (GST identification number) and a certificate of registration by the GST department.  SUPER CA  helps you to get your  GST REGISTRATION  done within 4–6 working days at the lowest prices. Let us make it easy for you. WHO SHOULD REGISTER UNDER GST? TURNOVER LIMIT (SEC 22) Businesses...