GST

GSTR-3 Filing

GSTR-3 filing has to be done by every GST registered business till 20th of each month. This form will be filed automatically on the basis of outward supplies and inward supplies with the payment of tax furnished in GSTR-1 filing and GSTR-2 filing. Different headings for GSTR-3 filing are:- 1. GST identification number 2. Name of taxable person 3. Address 4. Period (month-year) 5. Turnover Details: This will include turnover of all the supplies. Total turnover needs to be differentiated between: i.)  Taxable Turnover ii.)  Export Turnover iii.) Nil rated and Exempted Turnover iv.)  No...
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GSTR-2 filing

GSTR-2 filing has to be done by a registered taxable recipient, it will include details of all inward supplies of taxable goods and services .The due date of filing this form is 15th of each month. GSTR-2 filing headings are explained below:- 1. Goods and Services Taxpayer Identification Number (GSTIN) 2. Name of the Taxpayer 3. Inward Supplies from Registered Taxable Person: Most of this will be auto populated from GSTR-1 filing. Any further claim can be added by the registered person. The buyer can manually include these details. 4. Amendments to Details of Inward Supplies Received in E...
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GSTR-1 Filing

Every registered taxable person is required to submit the details of outward supplies in the GSTR-1 filing. This return is required to be filed within 10 days from the end of the tax period, or the transaction month. GSTR-1 filing form has a total of 13 headings as explained below:- 1. Goods and Services Taxpayer Identification Number (GSTIN). 2. Name of the taxpayer. 3. Gross turnover of the taxpayer in the previous financial year. 4. Taxable outward supplies made to registered persons (including UIN-holders) other than supplies covered: Information about all the taxable supplies made by...
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GST Return filing

GST return filing will be mandatory for all GST registered businesses irrespective of if there was any activity / sale during the return filing period. GST registration holder would have to file GSTR-1: detailing outward supplies until 10th of each month, GSTR-2: detailing inward supplies until 15th of each month GSTR-3: monthly return until 20th of each month. Composite dealers have to file GSTR-4 instead of GSTR-1, GSTR-2 and GSTR-3 Here is a brief explanation on GST return filing type GSTR-1: It has to be filled by registered taxable supplier, it will include details of all outwa...
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GST Myths vs. Reality

India has undergone the biggest tax reform in its history, GST has now been implemented into our taxation system, as GST in our system is completely new and different from GST being used in other countries there are tons of concerns specially among Indian businessman’s, but due to complexity of GST law many kind of myths are being born, this myths are making people nervous, so here are the 7 myths of GST and the reality behind them:- Myth 1: I need to generate all invoices on computer/ internet only Reality 1: invoices can be generated manually also Myth 2: I need internet all the tim...
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Check if your business is GST ready with our “GST Checklist”

Find the GST checklist below and see how prepared is your business for GST   Registration    Check whether you have migrated to GST and obtained GSTIN number for your business.    If you have multiple business verticals in state, check whether all vertical requires separate registration number.    Separate registration in each state of India where company has business operations. Basic Setup Preparation    Collect GSTIN number of vendors & customers and share yours. Incorrect GSTIN number may lead to loss of ITC and penalty.    Identify unregistered party and check whether you...
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Common mistake that you should avoid during GST implementation

July 1st 2017 is the date chosen to implement GST in India; GST is not a new idea, in fact it is being used in some developed economies for decades. GST will be a game changer for most of the business, they will need to change a lot of things according to GST guidelines for GST implementation in their business. But as this is new to our system some mistakes can occur. The common mistakes that you should remain alert of during GST implementation can be categorized as given below:-   Mistakes that you should watch carefully during GST implementation 1. Poor record keepings: A l...
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Do you need IT system for GST?

GST will be implemented in India from 1st July 2017, this will completely change the taxation system of India, GST will replace most of the indirect taxes in our system and merge them into one. Though GST presents a huge amount of challenge to businesses. , for a well prepared organization it can be an opportunity to review their supply chain and IT system. GST is a completely different taxation system, our current way of tax calculation and reporting are not adequate. Here are areas where IT system and ERP can be helpful in dealing with upcoming challenges.   Detail record keeping - Com...
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GST tax invoice

Introduction: Before getting to this lets make clear what tax invoice is? Tax invoice may be understood as the invoice issued by one registered vendor to another, during sales. The main purpose of issuing tax invoice is to avail input tax credit. So now let’s understand what to issue? When to issue? How to issue? And Why to issue? About GST tax invoice:   What to issue? Tax invoice So what will be included in tax invoices after GST is implemented? Tax invoice should have the following:- *Name, Address and GSTIN of the supplier; ® *A consecutive serial number not ...
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Challenges on business operation due to GST

Introduction: GST tax system will replace most of the indirect taxes in India from July 1st 2017. This will have a lot of benefits like easy to understand tax regimes, less paperwork, less cascade effect etc. But GST will be the largest change in the tax regimes in history of India, this is why it will comes with some severe challenges as well. The challenges due to GST on business operations are:- Various challenges due to GST: Various changes needed in business processes -The GST is not merely a tax change but a business reform that will affect the entire spectrum of business acti...
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