GST Registration is an online process that must be completed on the government website gst.gov.in. Every taxpayer whose turnover exceeds INR 40 lakhs in case of goods and INR 20 Lakhs in case of service (INR 20 lakhs or INR 10 lakhs for special category state) is required to register for GST. But, the question …
The provisions for ITC for inputs and capital items submitted for Job Work are defined in Section 19 of the CGST Act, 2017. The principal or the registered person can claim ITC on inputs or capital items given to a job worker for Job Work. Furthermore, if such inputs or capital items are transferred to …
Most of the businesses have stock in-hand, capital goods, and finished items at the time of registering for GST. And only after acquiring the GST registration can a business claim ITC on such goods. But the question arises using which form a taxpayer can claim ITC. So, the answer to this question is GST ITC-01 …
An E-way bill is an online document that is generated via an e-way bill portal for the movement of goods from one place to another. The Government of India implemented an e-way bill to minimize the illegal movement of goods and control tax evasion incidents. Usually, the supplier or transporter is responsible for generating an …
Using the e-way bill portal masters facility, every taxpayer can easily update and maintain master. So, in this blog, we will learn how to update and maintain masters on the e-way bill portal. Why Updating and Maintaining Masters on E-way Bill Portal is Important? Updating and maintaining masters on the e-way bill portal is important …
In 2018, under the GST regime, the concept of the E-way Bill (EWB) was introduced to ensure the smooth movement of goods from one check post to another. As per the e-way bill provision, every taxpayer supplying goods valuing more than INR 50,000 must generate and carry an e-way bill. This is because patrolling officers …
As we already know that e-invoicing will soon be implemented on taxpayers having aggregate turnover INR 50 Crores and who are dealing in B2B or export supplies from 1st April 2021. So, it is important for us to know that how a taxpayer can create, freeze and update sub-user on the invoice registration portal (IRP). …
On 1st January 2021, CBIC introduced QRMP Scheme for those taxpayers whose aggregate turnover was less than INR 5 Crores. As per the Quarterly Return Monthly Payment (QRMP) scheme, the eligible taxpayer can make tax payments on a monthly basis but can file GST returns monthly. Moreover, taxpayers who have opted for the QRMP scheme …
You can easily get rid of tedious tasks and compliance under GST by registering for the GST composition scheme for FY 2021-22. However, by opting for a composition scheme you would not be able to claim ITC. GST Rate Applicable for Composition Dealer Here is the list of GST rate applicable on different composition scheme …
GSTR-1 is a type of GST return that consists of outward supplies details. GSTR-1 can be filed by the taxpayer on a monthly or quarterly basis. After the implementation of e-invoicing, the e-invoice data gets auto-populated in GST returns including GSTR-1. So through this, you can know how to edit e-invoice data entered in GSTR-1. …
