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15 Jul 2017Posted By: Pulkit Gupta


12 Things you must know about GST Composition Scheme

India had made one of the historical moves by adopting a uniform system for indirect taxes. The announcement for the adoption of Goods and Services (GST) tax was made in the midnight of 30th June 2017 and came into effect from 1st July 2017.

In this article, we will discuss in detail about the GST composition scheme. GST Composition Scheme is a special benefit for those startups/businesses who find difficulty in operations due to high taxation and rigid compliance.

 

1. What is GST Composition Scheme?

A special composition scheme has been made under GST for small businesses and startups to resolve the challenges related to GST return filing and high taxation. Getting GST Registration under Compliance Scheme is optional. This scheme benefits small and medium enterprises.

The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers. Moreover, it is optional and the eligible person opting to pay tax under this scheme can pay tax at a prescribed percentage of his turnover every quarter, instead of paying tax at a normal rate.

 

2. Who can get GST registration under Composition Scheme?

Those Businesses/Startups that deal in goods and services having a turnover below INR 1.5 Crore can get GST registration under Composition Scheme.

Special category states can apply for GST composition scheme only if turnover is less than INR 75 lakhs. The special category states include:

1. Arunachal Pradesh,

2. Assam,

3. Manipur,

4. Meghalaya,

5. Mizoram,

6. Nagaland,

7. Sikkim,

8. Tripura, and

9. Himachal Pradesh

 

3. Who has been excluded from GST Composition Scheme?

GST Composition Scheme has been made mainly to benefit small businesses. Taxable persons who have been excluded from the benefits of this scheme are as follows:-

  • The casual taxable person or a non-resident taxable person;
  • Businesses whose aggregate turnover in the preceding financial year crossed Rs. 50/75 lakhs;
  • The business making inter-State sells goods;
  • The suppliers making any supply of goods through an electronic commerce operator like Amazon, Flipkart, Snapdeal, etc
  • A manufacturer of Ice cream, other edible ice, Pan Masala, Tobacco and manufactured tobacco substitutes.

Note:

  • There is no restriction on procuring goods from interstate suppliers for those opting for the composition scheme
  • If the business falls into different segments then it must register collectively for composition scheme.

 

4. What are the rates under GST composition scheme?

GST rates have been classified into 6 categories ranging from 0% to 28%, depending upon the nature of goods and services. The rate of interest under GST Composition Scheme are very low, i.e. 1% & 5%.

 Manufacturers

 2% of turnover ( 1% CGST plus 1% SGST)

 Restaurant Services

 5% of turnover ( 2.5% CGST plus 2.5% SGST) 

 Traders. Retailers, Wholesaler, etc 

 1% of turnover ( 0.5% CGST plus 0.5% SGST)

Besides, there's a separate composition scheme for service providers and dealers of mixed supplies.

 

5. What is the composition scheme for service providers?

The GST Council in its 32nd meeting had introduced a new composition scheme for service providers as well as mixed supplies of goods & services. Under this composition scheme,

  • Threshold limit for GST Registration shall be â‚¹50 lakhs.
  • The GST tariff rate shall be 6%, i.e. 3% CGST + 3% SGST
  • The suppliers under this scheme would require to file only annual GST return GSTR-9A and no need to file GSTR-4. 

Know more about 

 

6. When will a person opt for composition levy pay tax?

A person opting for composition levy will have to pay tax on a quarterly basis before 18th of the month succeeding the quarter during which the supplies were made.

Note: If a composition taxpayer having GST registration in Multiple states, he will have to pay composition tax in all states.

 

7. Whether composition taxpayer can supply goods outside his State?

No, business who opted for composition scheme cannot sell goods Inter-State or to SEZ. Thus, for making supplies to outside the state, a business needs to take registration as a regular taxpayer.

 

8. What are the merits of the GST composition scheme?

Some of the merits of the scheme are as follows:-

  • Reduction in liability to pay tax

The tax rates under composition scheme range from 1% to 3% which is very less than general GST rates which range from 0% to 28%.

  • Limited Compliance

One of the major benefits of GST Compliance scheme is that small businesses/startups registered under this scheme has to submit less number of documents. Businesses have to file only quarterly rather thrice in a month.

  • Ease of doing business

This scheme has made the business easy for small businesses/startups as it has reduced the liability to pay tax and has limited compliance.

  • More liquidity

Ventures registered under this scheme have to pay lower taxes than others. So it involves less working capital. Hence, brings liquidity.

 

9. What are the demerits of the GST composition scheme?

Limitations of the GST Compliance Scheme are as follows:-

  • Limited to Inter-state business

It is applicable only if the firm is operating within the boundaries of its state.

  • Tax from your pocket

The taxpayer under this scheme has to pay taxes from his pocket and is not allowed to charge from his buyer.

  • Provision of penalty

If any business registered under this scheme is found faulty for registering for the scheme, then it will have to pay all the taxes levied on it along with 100% of the levied amount as the penalty.

  • Cannot avail input tax credit

Businesses who opted for GST composition scheme cannot avail the input credit of GST paid on goods and services purchased.

  • Can Not issue Tax Invoice

In such a case, a business can issue only a bill of supply in lieu of a tax invoice.

GST Taxpayer under Normal or Composition scheme can easily create GST Tax Invoice or Bill of Supply on InstaBill Software.

 

10. What are the Criteria to register for GST Compliance Scheme?

One can take benefit of GST Compliance Scheme by registering into this scheme. There are certain eligibility criteria for businesses to register for this scheme. These are as follows:-

  1. The firm/business must not work as e-commerce.

  2. Beneficiary dealing in supply of goods or restaurant can apply.

  3. Interstate supply of goods must be absent. The business should only perform its business within its registered state.

  4. Turnover must not be more than 1 Crore (in special states must not be more than 75 lakhs).

  5. Business working in the service sector has been kept away from this scheme.

 

11. How to Register for GST Composition Scheme?

  1. Upload the Required Documents & Information to our web portal

  2. Choose Package and Pay online with different payments modes available

  3. On placing order, your application is assigned to one of our dedicated professional

  4. Our team will file your Goods and Service Tax Registration Application online

  5. Provide you ARN (Application Reference Number) over the email

  6. Track & provide you GST Certificate obtained from government web-portal

 

12. What is the Difference between Regular and Composition Dealer?

  1. GST Payable for Normal Dealer is calculated by subtracting Output GST with input GST whereas GST Payable for Composition Dealer is calculated only by Output GST.

  2. A normal dealer has to file three returns in a month whereas Composition dealer has to file return quarterly.

  3. Normal dealers can work inter-state as well as intra-state whereas Composition Dealer has to work intra-state only.

  4. The rate of tax for Normal dealers is very high in comparison to Composition dealers.

  5. No maximum limit of turnover for Normal Dealers but for Composition dealer’s maximum limit is 1 Crore.

 

If you need any guidance related to GST registration, or GST return filing procedure, feel free to contact our business advisor at 8881-069-069.

Download E-Startup Mobile App and Never miss the latest updates relating to your business.

Comments






Posted By swapnil wagh
Posted Date 2019-01-24 03:16:42

need tax composition schem


Posted By Mudit Handa
Posted Date 2019-06-15 17:17:16

Sir, We have updated the article for your complete reference.


Posted By sujit kumar ram
Posted Date 2019-07-20 11:50:24

What Happen when Turnover of composition dealer exceded Rs 2 core


Posted By sujit kumar Ram
Posted Date 2019-07-20 11:52:06

What Happen when turnover of composiotion dealer exceded Rs 2 core for Nil Rated Item


Posted By Mudit Handa
Posted Date 2019-07-25 17:07:03

In that case, you need to register under regular scheme.....Moreover, you'll be subject GST tax audit.


Give a Reply

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    01 Jan 1970Posted By: E-StartupIndia

    Government to ease GST compliance norms for MSMEs in the forthcoming 26th GST council meeting

    It would be no exaggeration if said that the GST registration is the key to all the boon and prosperity for the MSMEs in India. Since its inception in 2017, the GST regime has assured many budding entrepreneurs, guaranteed escalation in profits through the removal of superfluous rates and taxes. Nonetheless, there are certain challenges that government is facing while completely implementing this

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    01 Jan 1970Posted By: E-StartupIndia

    GST on petrol & diesel: A myth or feat?

    The advent of the uniform tax mechanism called GST has indeed taken the edge off the common man’s burden. There is no rebuff to the fact that all those worrywarts who had once disparaged the possibility of such a unified and systematized indirect tax structure in India, have now been rendered speechless. The far-reaching GST registration process in India and the resultant reduction in revenu

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    01 Jan 1970Posted By: E-StartupIndia

    Government peps up export promotion by enabling online filing of Letters of Undertaking

    GST Registration has indeed arisen as a way out to all the despair that existed in the erstwhile tax regime. Through removal of superfluous ambiguities and liabilities, GST has emerged as the inimitable tax policy to redress all the complications of trade. Considering its significant contribution to the escalation of India’s GDP, the government is all set to implement the GST tax policy as a

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    01 Jan 1970Posted By: E-StartupIndia

    CBEC sheds light on the GST applicability on the mutual services in a Joint Venture

    Undeniably, the GST registration has emerged as a solution to abridge legal as well as financial exigencies for all business forms, enhanced mobility of goods and has simplified the tax liabilities. All in all, it has augmented the ease of doing business in India. However, the fiscal reforms are still underway as regards certain business forms where the ultimate boon of GST is yet to be accomplish

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    01 Jan 1970Posted By: E-StartupIndia

    Cancellation of GST registration: Why, When, and How?

    Undeniably, a GST registration can provide innumerable benefits for any business form. It enhances the ease of doing business by ruling out all the tough and trying tax and legal compliances, allowing access to the simplified tax norms and facilitates faster and easier movement of merchandise. However, there are certain cases wherein a tax assessee might not require any GST certificate and thus ma

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    01 Jan 1970Posted By: E-StartupIndia

    26th GST council meeting: A mingle of advances and adjournments

    The government has yet again paced up the reforms under GST with no significant alteration in certain aspects. In the 26th GST council meeting that was held over Video Conferencing on 10th March 2018, the government has given green signal to some laws that were hitherto on hold. The council has lastly promulgated the final date for roll-out of E-Waybill, i.e. April 1.   Th

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    01 Jan 1970Posted By: E-StartupIndia

    Why 70% of exporters� refund claims still stuck even after 8 months of GST regime?

    No economic reform has been as drastic and sweeping in the history of independent India as the advent of GST. No doubt, today GST registration assists millions of small and medium scale entities by simplifying the compliances and mitigating the surmounting tax liabilities that hindered the progress of small businesses in India.   Despite numerous measures supportive of export promotion

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    01 Jan 1970Posted By: E-StartupIndia

    How will LOU Ban affect the Import Export trade?

    This can probably be deemed as the second most radical step by the central bank after the demonetization move in 2016. As an ad hoc policy measure, the Reserve Bank of India has barred all the commercial banks from issuing Letters of Undertaking (LoUs) to the borrowers. Apart from that, the issuance of the Letters of Comfort has also been banned with immediate effect. The decision that really s

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    01 Jan 1970Posted By: E-StartupIndia

    What are the impacts of linking Aadhaar to personal info?

    Indeed, an Aadhaar identification number can offer an extensive range of social security benefits that no other Id proof can do. Unquestionably, much of these perks can be availed by an ordinary citizen only by linking his 12 digit Aadhaar Unique Identification Number (UIN) with his bank account and his active mobile number. While a majority of these benefits are linked to financial assistance, ot

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    01 Jan 1970Posted By: E-StartupIndia

    What are the key issues vis-à-vis Refund of unutilized GST Input Credit?

    Though the rules laid down under the CGST Act 2017 are undoubtedly user-friendly and seek to rule out the ambiguities and snags that impeded the steadiness of trade & commerce in the erstwhile tax regime. Albeit with GST registration, an average taxpayer can alleviate much of the complexities of the taxation system, he still has numerous unsolved queries regarding refund of GST. Recently, t

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    01 Jan 1970Posted By: E-StartupIndia

    Supreme Court extends the due date for Aadhaar-linking to PAN Card & Social Welfare Schemes

    The online linking Aadhaar to personal information has been a matter of tumult these days as there has been much fickleness from government end regarding this issue. However, the government has finally proclaimed the final due dates for the interlinking of Aadhaar number with the PAN Card and social welfare schemes run by government, mobile and banking services, for all those citizens

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    01 Jan 1970Posted By: E-StartupIndia

    How to deal with the problem of Transitional credit under GST?

    One of the most common uncertainties a propos of GST is the refund of input credit claimed on the taxes paid on the raw material. Being one of the most dubious issues in the scenario of GST, the matter of input credit and transitional credit post GST registration has become a pain in the neck of GST authority, and more deplorably, a peck of troubles for all the entrepreneurs. On one of

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    01 Jan 1970Posted By: E-StartupIndia

    What are the key concerns that have prompted the government for E-way bill Roll-out?

    Finally, the much awaited electronic mechanism for documentation and tracking of goods transit, also known as E-way bill system, has been reintroduced on April 1, 2018, for interstate goods transit. The anti-evasion measure introduced by the Central Government as one of the crucial aspects of the GST regime that was hitherto put on hold due to the glitches on the E-way bill portal, has been f

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    01 Jan 1970Posted By: E-StartupIndia

    How will FSSAI's decision to align with GST & MSME norms benefit the food business?

    It is beyond any doubt that FSSAI has so far excelled in the maintenance of the high degree of integrity in food industry. Rigorously working on devising and amending various strategies to enhance the level of food security, FSSAI has always aimed at promoting and safeguarding the public health safety in India. As a step forward towards this direction, FSSAI  has recently decided to bring

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    01 Jan 1970Posted By: E-StartupIndia

    How to add multiple business type under the same GST number?

    GST registration has indeed been  seen as a remedy against all hindrances related to taxation. Though every business with the turnover exceeding INR 20 Lakhs needs to get registered under GST, the avails of voluntary GST registration procedure are infinite.   Broadly, the GST laws allow only one business registration against a GST number or GSTIN. However, most people ask- Ca

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    01 Jan 1970Posted By: E-StartupIndia

    How to deal with overdue GST liability in case of liquidation of business?

    Unquestionably, the realm of indirect taxes has been made comprehensible in the GST regime. Given the high degree of precision and rationality of the GST laws, one can easily fulfil the tax compliances under various situations. Clearly, there are coherent guidelines vis-à-vis various circumstances ranging from the New GST registration procedure to the cancellation of GST registration. In

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    01 Jan 1970Posted By: E-StartupIndia

    Trade & commerce to get further boost as 17 states to roll-out intrastate E-waybill till next month

    Although the pace of implementation of reforms under GST regime had begun to come to a halt owing to a few glitches in the electronic mechanism of goods transit, better known as E-waybill. This had posed stumbling blocks to the smooth execution of the growth-oriented measures under GST registration. However, following the onset of FY 2018-19 the government has tremendously paced up the reforms onc

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    01 Jan 1970Posted By: E-StartupIndia

    Economy to gain steep ascent as GST revenue crosses trillion mark at beginning of FY 2018-19

    It should be born in mind that persistence always yields the desired outcome if it’s for good, and that past performance is not an indication of future prospects. This is very true in case of GST regime. Notwithstanding the fact that there have been some testing complications with respect to provisions under GST, including refunds of Input credit and provisional credit, the thing that prompt

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    01 Jan 1970Posted By: E-StartupIndia

    What has the 27th GST council meeting brought in for the average taxpayer?

    The nation is undeniably heading on the path of deliberate fiscal consolidation as aggregate GST revenue have now touched trillion-mark in the month of April this year. No wonder, this overwhelming boom is to augment even more in the coming months as the GST council in its 27th meeting that was held via video conferencing. With keen intent for enforcement of important IT measures, the Group of

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    01 Jan 1970Posted By: E-StartupIndia

    How will Free Banking Services be treated under Goods & Service Tax Regime?

    The impact of GST on the economy has been constructive and productive thus far, as can be perceived from the rising tax revenue and resultant fiscal consolidation like never before. With over 1 crore Indian businesses already undergone the online GST registration process in India since the beginning of the GST Regime, the pace of economic reforms seems to be optimistic than ever. Till date, al

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    01 Jan 1970Posted By: E-StartupIndia

    Due Date for GSTR-3B filing extended due to technical glitches

    Though the process of GST return filing procedure has been so far seamless and foolproof, the chances of technical faults do exist. This validates that GST registration is still an ongoing process and is in mid-way of perfection. In this respect, the GST department has extended the due date for filing of GSTR-3B for the month of April 2018, from 20th May 2018 to 22nd May 2018.   This ha

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    01 Jan 1970Posted By: E-StartupIndia

    What does 6% GST Rollback in Malaysia from June 1 mean for India?

    It is beyond any doubt that the Goods and Services Tax is one of the most momentous reforms in India’s economy since its independence. The groundbreaking indirect tax reform has indeed transformed the lives of millions of traders, merchants and budding entrepreneurs by the abolition of superfluous tax liabilities and simplification of the taxation mechanism. Perhaps, this is the reason behin

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    01 Jan 1970Posted By: E-StartupIndia

    Central Government excludes Langar services from the GST ambit

    The advent of GST regime has impacted in making indirect taxation an all-encompassing realm. Since its inception, the new indirect tax regime has covered all every sphere of the economy that includes trading as well as not-for-profit activities. The centre has recently acted as a benefactor for numerous charitable trusts in the country by taking a worthwhile decision to reimburse its share of

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    01 Jan 1970Posted By: E-StartupIndia

    Why has Government decided to revamp the Advance Ruling Mechanism under GST?

    The Goods and Service Tax is indeed one of the most simplifying and ergonomic reforms in the realm of indirect taxation in India that has eased the burden of intriguing taxes from the common man’s shoulders. Nevertheless, the system has constantly witnessed slight stoppages due to the conceptual naivety of the taxpayers who have undergone New GST registration. This is true in the case of

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    01 Jan 1970Posted By: E-StartupIndia

    How has the GST Department managed to clear ₹7K crore GST refunds in just 9 days?

    It is no hyperbole that our nation is all set to witness a sort of fiscal revolution. Unquestionably, the all-new era of the Goods and Service Tax regime is the precursor of this fiscal revolution, as can be clearly perceived from the massive GST collections and increase in the compliance rate. There is no doubt that the new indirect tax regime had marked its genesis on a very weak fiscal foundati

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    01 Jan 1970Posted By: E-StartupIndia

    What role does GST play in today's Era of Drop Shipping Business?

      The advent of the 21st century has ushered in the era of globalisation and has broken away all the trade barriers by transformation of all industries through the e-commerce platform. No wonder the techno savvies have been always ahead in this fray, the complex jargon has been a hindrance for many laymen. One such term that is being used very often these days in the realm of e-commerce tr

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    01 Jan 1970Posted By: E-StartupIndia

    What measures has the Government proposed to Rationalize the GST Structure in the near future?

    The fact can never be negated that the no stone has been left unturned by the GST authority thus far, in facilitating hassle free and simplified tax compliances to all businesses across India. Till date, the GST council has repeatedly revamped different provisions under the Goods & Service Tax regime in order to mitigate the perplexities and to make the system more conducive for the average ta

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    01 Jan 1970Posted By: E-StartupIndia

    How has 28th GST meet brought cheers for the consumers and traders?

    So far, the government has left no stones unturned in strengthening the infrastructure under the GST regime to ensure a conducive and business-friendly environment for all entities and consumers.   The GST council in its 28th meeting that was held on 21st July 2018 headed by the Union Minister of Finance, Railways and Coal Sh. Piyush Goyal has again taken a pro-consumerism stance by re

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    01 Jan 1970Posted By: E-StartupIndia

    Which services have been exempted from GST after the 28th GST meeting?

    The newsworthy 28th GST council meeting that was held on 21st July 2018 and headed by the Union Minister of Finance Sh. Piyush Goyal has indeed proved to be a trendsetter as it has revealed several groundbreaking economic and fiscal reform measures that are indubitably in the interest of the small traders and the consumers.   Besides the noteworthy reforms as regards GST registration a

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    01 Jan 1970Posted By: E-StartupIndia

    How will the 29th GST council meeting ease the tax burden on MSMEs?

    The 28th GST council meeting that was held recently on 21st July 2018 had undoubtedly unveiled pro-consumer reforms by slashing the GST rates in over 452 items, out of which 384 were goods and 68 were services. Moreover, a large number of services were exempted from GST. the massive tax cuts have all the more provided much relief to the consumers in general.   As a step ahead towards eq

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    01 Jan 1970Posted By: E-StartupIndia

    Why has GST Reverse Charge been suspended till the next year?

    Over the year, the GST laws regarding GST registration and GST return filing have been repeatedly modified in the consecutive GST council meetings, as to make them more conducive and user-friendly. However, there are still certain thorny issues within the realm of the Goods & Service Tax that pose major tailbacks to the smooth and hassle-free growth. Recently, the Central Board of Indi

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    01 Jan 1970Posted By: E-StartupIndia

    What are the Key Features of the 4 GST Amendment Bills 2018?

    It is beyond any doubt that GST authorities have so far modified the laws and provisions under the Goods & Service Tax regime as regards GST registration and GST return filing as to make them more propitious to the trade & commerce. The government is however intent on making the system totally goof-proof for the taxpayers as well as the authorities by recurrent amendments in the provisions

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    01 Jan 1970Posted By: E-StartupIndia

    5 Remarkable Reforms of Vajpayee Government that Reshaped Indian Economy

    It can’t be negated that India has suffered an irrevocable loss with departing of a charismatic national leader like Lt. Sh. Atal Bihari Vajpayee. A shrewd diplomat, sagacious economist, forthright statesman, an orator par excellence and a benevolent leader, Sh. Vajpayee has left the whole nation grieving behind him and praying for the peace of the reverend soul. It is beyond any doubt th

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    01 Jan 1970Posted By: E-StartupIndia

    Due date for filing GSTR-3B Return Extended till 24 August 2018

    The Due date for the filing of GSTR-3B Return for the month of July 2018 has now been extended till 24 August 2018.  The deadline for GSTR-3B Return filing for the month of July 2018 was 20th August 2018. However, the authorities have now postponed the last date for filing GSTR-3B till 24 August 2018.  Furthermore, as a relief for the taxpayers who have und

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    01 Jan 1970Posted By: E-StartupIndia

    GST Council likely to remove Tax liability from freebies

    It can’t be overlooked that GST authorities have so far sought to revise the laws and provisions under the Goods & Service Tax so as to simplify the mechanisms of GST registration and GST return filing. No wonder, they have been able to make them more providential to the trade & commerce of India. The government is however keen on making the scenario totally infallible and convenient

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    01 Jan 1970Posted By: E-StartupIndia

    Inter-state office services to attract GST as per Karnataka AAR

    It can never be negated that GST authorities have up to now reworked the laws and provisions under the Goods & Service Tax regime with regard to GST registration and GST return filing procedure as to make them more opportune to the trade & commerce. Nevertheless, the government is very keen on making the system totally flawless for the tax assessees as well as the authorities themselves by

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    01 Jan 1970Posted By: E-StartupIndia

    How will the E-waybill be treated in case of storing of goods in go-down of transporter?

    There is no point of contradiction to the fact that the pace of interstate E-waybill implementation that had begun from the 1st of April this year, is progressively achieving the desired aim. The GST council had proposed to implement the intrastate E-waybill in all 29 states by June 30 in a phased manner. The project that had begun by introducing intrastate E-waybills in 5 states in its first phas

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    01 Jan 1970Posted By: E-StartupIndia

    GSTR-1 Due Date extended till 31st October 2018

    Indubitably, GST return filing mechanism is among one of the most uncertain issues under GST that are still up in the air.  No doubt, the 28th GST council meeting had introduced numerous measures in respect of GST return filing procedure for boosting of MSMEs in India such as: Raising of Threshold limit for GSTR-1 from ₹ 1.5 crores to ₹ 5 crores. The simplified model of t

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    01 Jan 1970Posted By: E-StartupIndia

    What is the Provision of Free Supply under GST?

    The provisions under GST authority have been meticulously framed and have been modified periodically as to make them more consumer-centric. The GST council has hitherto regularly reworked various provisions under the Goods & Service Tax regime as regards GST registration and GST return filing procedure.   In a bid to make the GST regime much more consumer-friendly and opportune for

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    01 Jan 1970Posted By: E-StartupIndia

    TDS/TCS Provisions under GST to come into effect again

    The Central Government has hitherto upgraded various laws and provisions under the Goods & Service Tax regime as regards GST registration and GST return filing procedure as to make them much more favourable to all the sectors of the economy. There is no doubt that the provisions under GST have been repeatedly altered in order to cater to the interests of all the taxpayers.   In a bi

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    01 Jan 1970Posted By: E-StartupIndia

    What are the changes in GST return filing for Composition taxpayers?

    It is evident that all the citizens who have GST Registration under the Composition Scheme need to file the Form GSTR-4 on a quarterly basis. In this respect, the GST experts have recently presented certain key modifications in the structure of the form GSTR-4.   #1. Who needs to file the GSTR-4 return? Among all types of GST returns, the form GSTR-4 is meant for those tax assessees

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    01 Jan 1970Posted By: E-StartupIndia

    Complete GST State Codes List

    Soon after the process of getting a new GST registration, the businesses entities receive a 15 digit number called provisional ID or the GSTIN (Goods and Services Tax Identification Number). It is very essential to know the structure of the GSTIN for every taxpayer.     The GST authorities have a unique way of allotting the GST numbers. The initial 2 digits in a GSTIN tha

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    01 Jan 1970Posted By: E-StartupIndia

    All you need to know about the GST HSN code

    The reason why the Goods & Service Tax regime of India is commended by other nations is that is framed and implemented in a systematised manner. Precision and uniformity are 2 key aspects of India’s GST regime that make it an exemplary model for many other developing nations. One such salient feature that justifies this fact is of HSN code. All ‘goods’ (tangible items) und

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    01 Jan 1970Posted By: E-StartupIndia

    GST TCS Collection Rates Applicable for E-commerce Operators

    It is beyond doubt that several provisions under GST have been repeatedly modified with an intent to cater to the interests of all the tax assessees. In this regard, the GST authority in a bid to further enhance the GST structure had announced regarding reintroducing of the TDS & TCS provisions through a notification. The Central Government on 13th of September 2018

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    01 Jan 1970Posted By: E-StartupIndia

    All you need to know about the GST SAC code

    The key factors behind the smooth and steady success of Goods & Service Tax policy in India are consistency and accuracy. There is no doubt that our indirect tax framework is deemed fit by other nations as well, and this is due to the fact that it is devised and enforced in a systematised manner. Comprehensiveness and accessibility are other 2 vital aspects that govern India’s GST policy

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    01 Jan 1970Posted By: E-StartupIndia

    30th GST Council Meeting hikes GST Tax Rate for Kerala Flood Relief Funds

    The apex authority to oversee and address issues concerned with the GST, i.e. the GST council has always devised and properly implemented several egalitarian reforms in their previous meetings. The noteworthy reforms introduced in the earlier GST meetings that were intended to make GST structure more user-friendly include- Quarterly GST return filing model and The series of exemption

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    01 Jan 1970Posted By: E-StartupIndia

    Small traders in Assam exempted from GST registration

    It can never be contradicted that GST is not only a consumer-friendly tax reform, it is also the most adaptable tax mechanism. Very notably, the provisions under the Goods & Service Tax, India as regards have been amended repeatedly in various previous GST council meeting. One such significant decision was taken by the GST council in its 28th meeting that had taken place

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    01 Jan 1970Posted By: E-StartupIndia

    All you need to know about TDS Provisions under GST

    In an effort to upgrade the GST tax structure and counter tax evasion, the GST council had decided to reintroduce the provisions of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) with effect from 1st October 2018. The provision of TCS under GST was implemented on 20th September 2018 by the Central Board of Indirect Taxes and Customs (CBIC). Very importantly, the gover

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    01 Jan 1970Posted By: E-StartupIndia

    What is the Concept of Deemed Exports in GST?

    It is beyond any doubt that the apex body to assess and mitigate various issues with respect of Goods & Service Tax, i.e. the GST council has always formulated and duly brought into effect all the required indirect tax reforms in their regular meetings. In this regard, the GST provisions have been regularly amended or changed so as to make them more viable and feasible in all the spheres of th

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    01 Jan 1970Posted By: E-StartupIndia

    CBIC amends CGST Rules to enable exporters claim IGST Refund

    It can’t be negated that the supreme authority to administer and resolve various perplexities regarding Goods and Service Tax, i.e. the GST council has dependably drafted and properly executed all the fundamental growth-oriented reforms in their frequent meetings. Moreover, the GST laws have been repetitively altered or amended in order to make them more practical for various areas of the ec

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    01 Jan 1970Posted By: E-StartupIndia

    No IGST on the supply of services to Nepal & Bhutan?

    It is beyond any contradiction that the provisions under the GST laws have been consistently reworked or modified in order to make them more favourable for different sectors of the economy. These reforms have altogether eased the burden and complexities of the average taxpayers as well as the tax authorities. According to section 2(6) of CGST Act-2017, any supply of services shall be conside

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    01 Jan 1970Posted By: E-StartupIndia

    No due date extension to file GST returns for input credit?

    One of the most irking issues since the onset of the GST regime in India is availing the refund of input credit claimed on the tax paid on the raw material. Getting ITC Refund has truly been one of the most doubtful issues for all the traders who have GST registration. There has been a huge uncertainty about the due date for availing Input Tax Credit (ITC) in respect of GST invoices or debit n

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    01 Jan 1970Posted By: E-StartupIndia

    Why has been the GSTR-3B for Sept 2018 Due date extended?

    It seems as if the GST department has set off a trail of due date extensions in respect of GST Return filing procedure. Recently, it had announced that the due date for filing the late GSTR-1 returns relating to the period between July 2017 to September 2018 has been deferred till 31st October 2018. The Central Board of Indirect Taxes and Customs (CBIC) has now tweeted that the due date for fi

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    01 Jan 1970Posted By: E-StartupIndia

    CBIC gives clarification over the certain issues of IGST refunds

    We all are aware that in the current scenario of GST, one of the major issues that are affected a large number of taxpayers is of GST refund claims. Evidently, the exporters are increasingly claiming their refunds of IGST that they had incurred on the exports they had conducted. A large amount of IGST refunds that are being claimed by the exporters are in relation with the period of exceeding

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    01 Jan 1970Posted By: E-StartupIndia

    Government widens Rectification Facility for Shipping Bills to ease IGST Refunds

    It is beyond doubt that in the present situation, a large number of exporters are struggling to claim the refunds of IGST that they had incurred on the exports they had carried out. These IGST's refunds are identified with the time of over a year since the presentation of the GST regime in India. It has been clearly perceived by the GST authority that the exporters who have the GST regis

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    01 Jan 1970Posted By: E-StartupIndia

    15 Things to know while claiming Input Credit of GST on Capital Goods

    One of the most complex issues that have caused much uncertainty for a normal taxpayer is of claiming the refunds of IGST that has been incurred on the exports of the goods. Most of these IGST refunds are in relation with the period exceeding one year since the presentation of the GST regime in India. In this context, the CBIC had passed the CGST (12th Amendment) Rules 2018 to make the process

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    01 Jan 1970Posted By: E-StartupIndia

    PM Modi Ji promises ₹ 1 Crore Loan to MSMEs within 59 minutes

    It can never be negated that the upliftment and overall development of the small businesses in India have been the key drive behind Startup India initiative of our government. In a bid to the grant the Indian Micro, Small and Medium Enterprises easy accessibility to loans and to boost their overall development, the Honorable Prime Minister of India Sh. Narendra Modi has given a great Diwali Gi

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    01 Jan 1970Posted By: E-StartupIndia

    How is ITC Applicable on Diwali Gifts?

    Diwali is indeed the most propitious occasion for everyone in India. It is time to cherish by the way of gifting and celebrating with your family, friends, employees, and clients. There’s no contradiction to the fact that the auspicious gifts have utmost in our culture. Gifts are not just an integral part of the Indian tradition, they do act as a souvenir of every relationship, be it a f

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    01 Jan 1970Posted By: E-StartupIndia

    What is the revised procedure of availing GST refund

    The fact is truly undeniable that the GST authorities have left no stones unturned in making the provisions under Goods & Service Tax regime as convenient as possible by drafting and implementing all the necessary reforms with respect to GST registration and GST return filing procedure. Moreover, the tax GST authorities have also made frequent modifications in the GST portal so as to make diff

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    01 Jan 1970Posted By: E-StartupIndia

    GST department clears refunds of ₹82,775 crore

    As one of the most burning issues in GST, the process of claiming and disbursing of GST refunds has truly gained momentum. The exporters have been increasingly claiming their refunds of IGST attracted by the exports conducted by them. Most of the refund claims of IGST input credit from these exporters pertain to the period above one year since the GST regime has been introduced in India. The G

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    01 Jan 1970Posted By: E-StartupIndia

    What is the Procedure and Criteria of TDS under GST?

    With the sole aim of upgrading and enhancing the GST tax structure and combating the tax evasion malice, the GST department had decided to revive the provisions of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) through a notification, with effect from 1st October 2018. While the provisions of TCS under GST were made effective from 20th September 2018 by the Central Board of I

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    01 Jan 1970Posted By: E-StartupIndia

    All you need to know about annual return GSTR-9

    It is an evident guideline that every taxpayer in India needs to furnish an annual record for his taxable transaction to the government. This is done in the form of the annual tax return. We all know that this is true in the case of income tax return. However, with the introduction of the new indirect tax regime, the government has also mandated the necessity to fulfil the annual GST return filing

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    01 Jan 1970Posted By: E-StartupIndia

    What are the 6 Changes made in E-way Bill Generation System?

    As the nation is heading towards a fast-track mechanism for inter and intrastate consignment of goods through the E-way Bill system, traders are coming across certain glitches at various stages of goods transit. These technical glitches are related to the E-way Bill generation, the validity of the  E-way Bill and GST invoicing procedure. In a bid to rule out all such unnecessary hindrances

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    01 Jan 1970Posted By: E-StartupIndia

    5 things you must not forget while filing the GST annual return

    The GST regime has already completed a year. To a great extent, it has ushered in greater tax compliance rate, fiscal consolidation and overall ease of doing business. This is the first time taxpayers all over India will be filing their annual returns under GST.   What is the need to file an annual return under GST? It is an evident truth that every taxpayer in India needs to submit

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    01 Jan 1970Posted By: E-StartupIndia

    How is Impact of GST on the Real Estate Sector going worse?

    It is truly undeniable that the Goods and Service Tax regime has made the business and accounting dynamic and user-friendly than ever before. Nevertheless, the real estate is one amongst those spheres of the Indian economy where this user-friendly indirect tax policy has not fully mitigated the crisis as yet. The other 2 composite areas where GST has not been completely successful are petrol &

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    01 Jan 1970Posted By: E-StartupIndia

    GST Return Due Dates extended in Tamil Nadu & AP

    The GST authorities have been determined to ensure smoothness and efficiency in the GST compliance among the individuals having GST registration. However, a sudden mishap such as a natural calamity can cause hindrance in the normal course of tax assessment. In the wake of the natural disturbances caused to the normal course of business due to the Cyclones Titli and Gaza, the Cen

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    01 Jan 1970Posted By: E-StartupIndia

    GST TDS Return (GSTR-7) Due Date Extended

    In order to upgrade and reinforce the GST tax structure and rule out malice of tax evasion, the GST department had decided to bring back the provision of Tax Deduction at Source (TDS) through an official notification, with effect from 1st October 2018. Evidently, every individual who is authorized to deduct tax under GST is now required to fulfil a separate GS

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    01 Jan 1970Posted By: E-StartupIndia

    10 Most Frequently Asked Questions on TCS mechanism under GST

    Without a doubt, GST registration is one of the most necessary requirements in all types of business forms. The first year of this newly enforced indirect tax regime has observed massive GST Collections every month, besides the substantial amount of GST refunds already cleared off to numerous taxpayers. Undeniably, there are innumerable benefits of GST registration for increasing ease of doing bus

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    15 Most Frequently Asked Questions on annual GST Return Filing

    The whole nation is aware that this is the introductory year of the GST regime in India. It is truly unquestionable that all those taxpayers who are having a GST registration in India are about to file their annual returns under GST through the FORM GSTR-9. Since, this is the first time for every tax assessee to file the GSTR-9, procedural slipup and conceptual errors are inevitable Nonethel

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    01 Jan 1970Posted By: E-StartupIndia

    CBIC extends Annual GST Return Filing Due Date to March 31, 2019

    The whole nation was keyed up as the due date for annual GST return filing through FORM GSTR-9 had approached. Amid this haste, the government has given now provided a huge relief to the tax assessees all over India by extending the due date for annual GST return filing and GST audit. In a bid to provide sufficient time to the taxpayers for clear up their doubts on annual GST return filing proc

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    01 Jan 1970Posted By: E-StartupIndia

    How has Government Simplified GST on Real Estate?

    It can’t be denied that the Goods and Service Tax regime has made the business and accounting all the more prompt and hassle-free. Nonetheless, the real estate is one amongst those sectors in the Indian economy where the new indirect tax regime is not as simplified as in other spheres.      Presently, the investors, as well as sellers of the properties, are encounterin

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    01 Jan 1970Posted By: E-StartupIndia

    How much GST on medical sector?

    Evidently, one can notice the positive impacts of GST in all the spheres of our economy.  Besides the ease of doing business, GST regime has also optimized the scenario of public services. In this context, we must forget the positive impact of GST registration on the medical sector. The medical sector has witnessed noteworthy reforms after the introduction of GST. Everyone knows that seve

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    01 Jan 1970Posted By: E-StartupIndia

    GST likely to be charged on “Free Banking Services”

    The overall impact of GST on our economy has been indeed very constructive till date. This can be perceived from the booming tax revenue and noticeable fiscal consolidation during this financial year. Almost all goods & services have been covered under the GST. Nonetheless, there are some services that are essential for the general public and these not to be taxed. Taxation on such service

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    01 Jan 1970Posted By: E-StartupIndia

    PM Modi Ji announces 99% Goods To Be Taxed Below 18% GST

    The broad notion on GST from the economic perspective can be that of a very optimistic and consumer-centric tax regime. This can be clearly noticed from the rising tax base and conducive impact on the traders having GST registration, during the current fiscal year. In a bid to further simplify the Goods and Services Tax, the honourable Prime Minister of India Sh. Narendra Modi has announced th

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    01 Jan 1970Posted By: E-StartupIndia

    31st GST Council Meet: Tax on 33 items reduced from 18%

    The much-awaited 31st GST Council meeting was held today at the Vigyan Bhawan, New Delhi.  There is no doubt that the expectations were really high from the GST Council regarding the GST rate cuts on several items that are mostly categorised as essential commodities from 28% to 18%. The current meeting of GST Council comes after the recent announcement made by the honourable Prime Minister

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    01 Jan 1970Posted By: E-StartupIndia

    Which Goods will Become Cheaper after 31st GST Council Meeting?

    In a bid to rationalize the Goods and Services Tax framework for the taxpayers and traders who have GST registration, the 31st GST Council meeting that was held on 22nd December 2018 at the Vigyan Bhawan, New Delhi took crucial decisions as regards GST rate cuts on various goods & services. It is beyond any doubt that the expectations were really high from the GST Council with regard to th

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    01 Jan 1970Posted By: E-StartupIndia

    Which Services have Become Cheaper after 31st GST Council Meeting?

    The 31st GST Council meeting that took place on 22nd December 2018 at the Vigyan Bhawan, New Delhi had sought to rationalize the Goods and Services Tax tariff for the taxpayers and merchants who have GST registration. The council introduced crucial reforms as regards GST rate reduction on various goods & services. Undoubtedly, the GST council has up to great extent met the expectations wit

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    01 Jan 1970Posted By: E-StartupIndia

    31st GST Council meeting extends GST Annual Return Filing Due Date

    The 31st GST Council meeting that took place on 22nd December 2018 at the Vigyan Bhawan, New Delhi had sought to amend the Goods and Services Tax tariff structure so as to assist the taxpayers and merchants having GST registration. The GST council brought down the GST tax rates on a large number of goods & services. Moreover, the GST Council in its 31st meeting took crucial decisions in re

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    01 Jan 1970Posted By: E-StartupIndia

    31st GST Council Meeting: GST Refunds to get Faster & Easier

    It is beyond any doubt the recently held 31st GST council meeting has sought to eliminate many uncertainties from minds of general taxpayers having GST registration. And the GST authority has undoubtedly played it well by introducing a number of relaxation for the taxpayers as well as the merchants who have GST registration, by way of implementing several rate cuts on many goods and services.

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    01 Jan 1970Posted By: E-StartupIndia

    GST Collection crosses ₹94,000 Crores in December 2018

    The nation has indeed attained remarkable success in the introductory year of the GST regime. Once again it has been proved that the Goods & Service Tax policy has enabled our government to achieve the desired level of fiscal consolidation. The gross total GST revenue collection has reached above ₹94.7 crores in the month of December 2018. This is indeed a piece of great news for

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    01 Jan 1970Posted By: E-StartupIndia

    Provisional Taxpayers to Fulfill Special Procedure for Migration Process

    Right from the beginning of the GST regime in India, the government had been assisting the citizens in adapting to the new indirect tax regime. The government has so far sought to make the process of GST registration quite user-friendly and hassle-free for all the taxpayers. The CBIC has now recently announced that the taxpayers having provisional GST registration, are required to complete the

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    01 Jan 1970Posted By: E-StartupIndia

    32nd GST Council Meeting raises Threshold for GST Registration

    Everyone knows that the 31st GST Council meeting had sought for rationalization of the GST tariffs amid lower budgeted tax collection in relation to the desired rate. The GST department has yet again acted as a populist, by introducing startling reforms in the GST structure, in the recently held 32nd GST Council meeting. The 32nd GST Council meeting that was held on 10th January 2018 at New Del

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    01 Jan 1970Posted By: E-StartupIndia

    What is the concept of Goods Transport Agency under GST?

    We all know that transportation is the backbone of India's economy. It facilitates easy trade of goods by eliminating the hindrances of place. Most commonly, the goods transport takes place in India via roadways. As per the data shared by National Highways Authority of India (NHAI), around 65% of freight and 80% passenger traffic is commuted by road. Thus, we see transportation is a crucia

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    01 Jan 1970Posted By: E-StartupIndia

    How can GST Input Credit be claimed in Real estate sector?

    Real estate is indeed one of the most substantial and profitable sectors of our economy. This is the undeniably a lucrative market as it involves rapid growth in the terms of revenue generation. It can’t be negated that the Goods and Service Tax regime has increased ease of doing business, just as accounting and legal compliances have now become more prompt and hassle-free. Yet the inv

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    01 Jan 1970Posted By: E-StartupIndia

    How does GST impact the Gold Jewellery?

    We all know that in India, Gold is not just a tradable commodity, it is very much a part of our culture, heritage and a symbolic of opulence. Due to its fabulous riches, India was once known as the golden bird, and even now gold continues to be the weakness for many traditional Indian women. Indians do have a custom of buying gold jewellery especially on festive occasions such as Dhanteras, Akshay

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    01 Jan 1970Posted By: E-StartupIndia

    6 States opt for Doubling of Threshold for GST Registration

    The 32nd meeting of the GST Council that was held recently on 10th January 2018 at New Delhi had introduced several remarkable measures with regard to increasing of the threshold limit of annual turnover for GST registration. The GST council in its 32nd meeting had surprisingly recommended that the Threshold limit for GST Registration shall be doubled to ₹40 Lakhs. The threshold limit was

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    01 Jan 1970Posted By: E-StartupIndia

    No E-way bill generation without regular GST return filing

    Everyone knows that an E-way bill is needed to be generated from the E-way bill portal for movement of the consignment of value exceeding ₹50,000. Key details such as GSTIN, the value of consignment and invoice number as well as the transporter details such as details of the vehicle are to be provided for E-way bill generation. The GST department had recently made certain amendments in

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    01 Jan 1970Posted By: E-StartupIndia

    Hajj Pilgrims to get Huge Relief from GST This Year

    We all know that India is the abode of various cultures, rituals and spirituality. Being a secular country, India has governance that gives due consideration to every religion and community. The newly implemented Indirect tax Regime, the GST regime is also exercised on the secular principles. Mostly, the GST authority extends relaxations on many rituals pertaining to different religions of the cou

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    01 Jan 1970Posted By: E-StartupIndia

    GST (Amendment) Act 2018 to be effective from 1st February

    The GST regime has indeed completed a successful year and has brought about remarkable fiscal consolidation besides great ease of doing business. During this financial year, the GST council had also proposed the Central government to make amendments the GST Acts with a view to revise certain provisions under GST and make them more lucid for the taxpayers having GST registration. These include the

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    01 Jan 1970Posted By: E-StartupIndia

    What are the Key Highlights of Union Budget 2019?

    With the resolute spirit of Jai Jawan, Jai Kisan, Jai Garib Insaan, the Honourable Finance Minister of India Sh. Piyush Goyal presented the 6th and the final Interim Budget 2019 today in the parliament. The budget was largely ‘tax-friendly’ and ‘pro-poor’ in many respects, as it addressed to mainly the working class population of India. Emphasizing on fiscal consolidation,

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    01 Jan 1970Posted By: E-StartupIndia

    How is There No Income Tax on Income up to ₹5 Lakhs?

    Recently, Finance Minister Sh. Piyush Goyal had presented the 6th and the Interim Budget in Lok Sabha on the 1st February 2019. The budget had a large number of positive measures for all sections of the economy, including MSMEs, startups and corporate sector. For instance, MSMEs with GST registration shall get 2% interest subsidy on loan up to ₹1 crore. However, the most fa

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    01 Jan 1970Posted By: E-StartupIndia

    When is GST Registration Required for Job Worker?

    The Goods and Services Tax regime has indeed simplified the entire scenario of indirect taxation. All aspects of day to day business are properly covered and systemized under GST, and hence, GST has resulted in great ease of doing business. There are specific provisions for GST registration under GST laws for every type of business activity. Recently, GST department has slightly amended th

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    01 Jan 1970Posted By: E-StartupIndia

    GST TDS Return (GSTR-7) Due Date Extended Further

    We all know that GST department had recently brought back the provision of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS), under the sections 51 & 52 respectively of the CGST Act 2017. These provisions were made effective from 1st October 2018 and through a gazette notification, so as to of upgrade and strengthen the GST tax structure and to check GST tax evasion. Very

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    01 Jan 1970Posted By: E-StartupIndia

    Due date of filing GSTR-3B for January 2019 extended

    In the past few months, the GST department has frequently extended the Due date for the GST return filing.  It has been notified by the GST council that the Due date for the filing of GST Return FORM GSTR-3B for the month of January 2019 has now been deferred till 22nd of February 2019.  The deadline for filing of GSTR-3B Return for the mon

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    01 Jan 1970Posted By: E-StartupIndia

    Government reduces GST in Realty & Housing Sector

    Real estate is truly one of the most significant sectors in our economy. It has emerged as a lucrative sector and has witnessed rapid growth in the past few years in terms of revenue. Moreover, the Realty sector is a huge contributor to India’s GDP and opens numerous employment opportunities. Although the Goods and Service Tax regime has enhanced ease of doing business in the real estate

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    01 Jan 1970Posted By: E-StartupIndia

    7 Surprisingly New Features on the GST Portal that you must know!

    Goods & Services Tax is indeed a progressive tax reform that has led the nation much ahead of many others. The GST council implements various provisions for time to time in order to address the problems of traders and merchants having GST registration. Moreover, it frequently upgrades the Common portal (i.e. GST portal) in order to address technical glitches that pose hindrance in important pr

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    01 Jan 1970Posted By: E-StartupIndia

    How to Register your Food Business with FoodPanda?

    In recent years, India has seen rapid globalization of the economy. In general, it has been observed that consumer preferences are being now driven by the quality factor. Talking about food business operations, it must be kept in mind that food and health safety is a primary concern for today’s consumer. This is why the leading food businesses in India are now understanding the importance of

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    01 Jan 1970Posted By: E-StartupIndia

    How to Get your food business Registered with Swiggy?

    There’s no doubt that India has gone through rapid globalization in recent years. Nowadays, consumer tastes & preferences are largely determined by the quality aspect. When it comes to running a food business, food & health safety holds the topmost priority for an average consumer.   In this context, the Food Safety and Standards Authority of India (FSSAI), which is the apex

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    01 Jan 1970Posted By: E-StartupIndia

    GSTR-9 is available on GST Portal Now

    This is the first time to file the annual GST returns for the taxpayers having GST registration. However, a large number of taxpayers were still facing certain hindrances while their annual GST return filing procedure. They were facing difficulty due to some conceptual doubts regarding annual GST return filing.   The GST department had therefore extended the due date for filing FORM GS

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    01 Jan 1970Posted By: E-StartupIndia

    What is the concept of Input Service Distributor under GST

    Goods & Services Tax is indeed a tax-friendly economic reform that is steadily leading the nation towards the path of excellence. The GST law includes various provisions for that are relevant to various types of merchants and traders having GST registration. So far, the GST regime has sought to simplify the realm of indirect taxation. Various areas of the ordinary course of business have be

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    01 Jan 1970Posted By: E-StartupIndia

    Government Clarifies GST on Sales Promotion Schemes

    Everyone knows that the festive season is around the corner. The festival of colors i.e. Holi is coming! No doubt, all the gift shops, and markets will be soon amassed with a huge range of gift hampers consisting of various sweets & other gift items. One such occasion, one can find attractive gifting options such as Indian sweets clubbed with religious idols, or grocery items combined wi

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    01 Jan 1970Posted By: E-StartupIndia

    Composition Dealers under GST cannot issue Tax Invoice

    Everyone knows that at the 32nd GST Council meeting, it was decided to introduce the all-new GST Composition Scheme for services & mixed supplies, from 1st April 2019. This new composition scheme is for the suppliers having GST registration with an annual turnover up to ₹50 lacs. This will involve a low GST rate of 6%.    The Central Board of Indirect Taxes and Customs

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    01 Jan 1970Posted By: E-StartupIndia

    New GST Return Filing Model to be Effective from April 1

    One of the most frequent issues since the beginning of the Goods & Service Tax regime in India is regarding the New GST return filing model. Perhaps, this is one of those continuous questions that have been asked by all the taxpayers having GST registration but is still unanswered as yet. However, the GST Council had notified in its 28th meeting that was held on 21st July 2018 that a re

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    01 Jan 1970Posted By: E-StartupIndia

    15 Frequently Asked Questions on New GST Composition Scheme

    Up till now, all those citizens who have opted for GST Registration in the Composition Scheme are required to fulfil the quarterly GST return filing procedure in Form GSTR-4. With a view to further increase the convenience of the Composition taxpayers, the GST authority has recently presented a key amendment in the structure of the GST Composition Scheme.   At the 32nd GST Council meeti

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    01 Jan 1970Posted By: E-StartupIndia

    34th GST Meeting: Clarification on GST Tax rate on Real Estate Sector

    We all know that during the 33rd GST council meeting that took place on the 24th February 2019, numerous reliefs were introduced for the home buyers. With a view to boosting the affordable housing segment in the real estate sector, substantial GST rate reductions were by the GST council in its 33rd meeting. GST council had slashed GST rates for under construction flats from 12% to 5%, and in the a

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    01 Jan 1970Posted By: E-StartupIndia

    4 New Changes to be introduced in the E-Way Bill Portal

    The GST department has so far brought a number of changes in the E-Way Bill system so as to rule out all unwanted hindrances and to smoothen the procedure of E-Way Bill generation. Recently, 6 new changes were implemented in the E-Way Bill portal for the convenience of the vendors having GST registration. Those amendments were made to avoid the duplication of E-way Bills and for the treatment o

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    01 Jan 1970Posted By: E-StartupIndia

    What Challenges can be there in the New GST Composition Scheme?

    As we all know that at the 32nd GST Council meeting, it was decided to introduce the all-new GST Composition Scheme for services & mixed supplies. This new GST Composition Scheme will be effective from 1st April 2019. According to the GST experts, there are certain loopholes in this Composition Scheme, that might pose some challenges in the future. In order to understand those shortcom

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    01 Jan 1970Posted By: E-StartupIndia

    GST Council gives Deadline of May 10 to Builders for opting Old Rates

    As we all know that at the 34th GST council meeting, the government has already given approval to the new GST rates applicable for the Real estate sector. The GST council had decided to make the new GST rates on housing sector mandatory from 1st April 2019. However, the realtors and the developers having GST registration were given a one-time option to opt for one of the 2 options, either old o

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    01 Jan 1970Posted By: E-StartupIndia

    How much GST on Hotel Business?

    Goods & Services Tax is undoubtedly the most remarkable economic reform that is steadily leading the nation towards the path of excellence. Evidently, the GST law is has covered almost all types of traders and business under its ambit. Today, various traders having GST registration have witnessed great enhancement in ease of doing business. The GST regime in India has played a vital rol

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    01 Jan 1970Posted By: E-StartupIndia

    MCA e-Form AGILE: Company Incorporation with PF, ESI & GST Registration

    The Ministry of Corporate Affairs has made frequent amendments to its provisions for company incorporation in order to enhance the convenience in business compliance. Recently on 29th March 2019, MCA has made several amendments to the Companies (Incorporation) Rules, 2014. These are hereby referred to as Companies (Incorporation) Third Amendment Rules, 2019. In this context, MCA has introduced

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    01 Jan 1970Posted By: E-StartupIndia

    Top 10 FAQs on e-Form AGILE

    Very recently, the Ministry of Corporate Affairs has introduced a new form for company incorporation, i.e. the Form  INC-35, commonly known as e-Form AGILE. From 31st March 2019 onwards, all those companies that are intending to file the application for company formation in SPICe form, need to file this new e-form AGILE along with SPICe. They can opt for GST Registration, ESI Registration

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    01 Jan 1970Posted By: E-StartupIndia

    CBIC Extends Due Dates for GSTR-1 & GSTR-7

    Taking note of the hindrances and technical glitches being faced by the individual taxpayers, the Central Board of Indirect Taxes and Customs (CBIC) has now extended the deadline for GST return filing in Form GSTR-1 as well as GSTR-7 for March 2019.   1. What is the current due date to file March GSTR-1 return? The CBIC has notified that ​​the details​​ of

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    01 Jan 1970Posted By: E-StartupIndia

    Businesses with Turnover above ₹2 Cr can now file GST Audit Report

    Truly, it is the first time for the Indian taxpayers having GST registration to do their annual GST return filing. We all know that the annual return form GSTR-9 was on hold for long. This was because a large number of taxpayers were still facing some technical barriers on the portal. They were having some conceptual doubts on an annual GST return filing procedure. The functionality to file the

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    01 Jan 1970Posted By: E-StartupIndia

    Taxpayers can now Compare Final Tax Liability in GST returns

    The GST council implements necessary changes on GST portal from time to time in order to minimize the inconvenience of traders having GST registration. The Common portal (i.e. GST portal) is frequently upgraded in order to rule out technical glitches that slow down the important processes, especially the GST return filing procedure. Recently, new functionality has been introduced. The regular t

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    01 Jan 1970Posted By: E-StartupIndia

    How does GST apply on Works Contract in Real Estate?

    With the aim to give a boost to the housing sector, the GST council had reduced the GST rates for real estate sector from 12% to 5%. The GST rates in the affordable housing segment were slashed from 8% to 1%. The new GST rates were approved by the 34th GST Council meeting and were made effective from 1st April 2019. In this regard, there are some noteworthy changes have been made by the GST aut

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    01 Jan 1970Posted By: E-StartupIndia

    Government Extends Deadline to opt for Old GST rate on Real Estate

    The 34th GST council meeting had proposed the new GST rates applicable to the Real estate sector. The government had given approval to the new GST rates on the housing sector and had made them mandatory from 1st April 2019. In this regard, the real estate builders, as well as the developers having GST registration, were provided with a one-time alternative to opt f

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    01 Jan 1970Posted By: E-StartupIndia

    5 Things to Remember on New GST Rates for Real Estate Sector

    Recently the government has introduced the new GST rates on the housing sector, which have been made effective from 1st April 2019. In this context, the realtors, as well as the developers who have GST registration, were granted a one-time option to choose between either of the old and the revised GST rates on real estate. It also said a real-estate project that started before April 1 but had n

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    01 Jan 1970Posted By: E-StartupIndia

    5 Possible Changes in GST after Election 2019

    India has recently witnessed a grand event, i.e. Lok Sabha Election 2019. The landslide victory of the ruling NDA alliance and the comeback of the Modi Government has enthralled the whole nation. We all know that it was this ruling government that had brought the GST Law in 2017. So far, the GST regime has successfully enhanced the Indian economy and has helped the businessmen having GST regist

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    01 Jan 1970Posted By: E-StartupIndia

    How to get food business registered with Zomato?

    In the past few years, India has experienced rapid globalization of its economy. Nowadays, the tastes and preferences of the consumers are generally driven by the quality factor. If it's about running of food business in a posh location, it is health & hygiene that holds topmost priority from a general visitor’s point of view. In this regard, the Food Safety and Standards Authori

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    01 Jan 1970Posted By: E-StartupIndia

    6 Facts that you must know about GST on Real Estate Projects

    The government has recently taken a significant step by revising the rates of GST on the housing sector, with effect from 1st April 2019.   It is indeed a noteworthy issue for the realtors who have GST registration as well as the buyers who have invested huge sums in the housing projects. Very importantly, the developers were given a one-time option to select either of the previous and

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    01 Jan 1970Posted By: E-StartupIndia

    How to record purchases subject to reverse charge in GSTR 9?

    The functionality to file the Annual GST return, i.e. FORM GSTR-9 was finally enabled on the GST portal on March 2019. Besides, the GST department had also extended the due date for filing of FORM GSTR-9 from 31st December 2018 to 31st March 2019. The deadline was further extended till 30th June 2019 after the 31st GST council meeting. Now, one of the common problems that arise is that where

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    01 Jan 1970Posted By: E-StartupIndia

    5 Most Frequently Asked Questions on Form GSTR-9A

    As we all know that the Annual GST return, GSTR-9 is now available for filing on the GST portal. Evidently, all the traders having GST registration under Composition scheme are required to file their Annual GST return in Form GSTR-9A. Here are some important Frequently Asked Questions that will help you clarify all your doubts on the Form GSTR-9A.   1. Which law makes it mandatory

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    01 Jan 1970Posted By: E-StartupIndia

    5 Easy steps to change your Contact Details on GSTN

    Goods & Services Tax is undoubtedly a tax-friendly regime that has gradually enhanced the ease of doing business. An ordinary merchant having a GST registration may be required to make some types of changes in his GST certificate. Any alteration made in the GST Registration or in the details mentioned in GST certificate is known as GST modification.   Why opt for GST modification?

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    01 Jan 1970Posted By: E-StartupIndia

    Important points for new GST Return filing model in 2019

    It was decided in the 31st GST Council meeting that a new GST return filing model would be made effective. In order to ease the transition to the new return system, a transition plan has been worked out. This would include 3 basic kinds of GST returns:- Normal: GST Ret-1 Sahaj: GST Ret-2 and Sugam: GST Ret-3 Now, there’s a big challenge for the taxpayers having GST registratio

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    01 Jan 1970Posted By: E-StartupIndia

    Live Updates of 35th GST Council Meeting

    The 35th GST Council meeting otherwise referred to as the 1st GST Council meeting of Modi 2.0 Government, is being chaired by the new Finance Minister of India Smt. Nirmala Sitharaman. It has sought to bring solutions to major issues related to- GST tax evasion, GST reductions in cases of electric vehicles, GST invoicing on the Government portal, Synchronization of the E-wa

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    01 Jan 1970Posted By: E-StartupIndia

    35th GST Council Meeting passes the New GST Return Filing Model

    The 35th GST Council meeting, which is actually the 1st GST Council meeting for the newly sworn in the Modi 2.0 Government, was held on 21st June 2019. The meeting was chaired by the new Finance Minister of India Smt. Nirmala Sitharaman. Some of the issues discussed in the meeting are as follows- GST tax evasion, GST rate cuts for electric vehicles, B2B invoicing on the GST portal,

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    01 Jan 1970Posted By: E-StartupIndia

    35th GST Council Meeting Extends Annual GST Return Filing Due Date

    At 35th GST Council Meeting that took place on 21st June 2019, many noteworthy decisions were taken. Very importantly, the New GST return filing model has been approved by the GST Council.  Another significant taken by the GST Council is that the due date for Annual GST Return filing in Form GSTR-9 has been extended till 31st August 2019. This is indeed given a sig

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    01 Jan 1970Posted By: E-StartupIndia

    No E-Way Bill without GST return filing

    At 35th GST Council Meeting that took place on 21st June 2019, many noteworthy decisions were taken. Very importantly, the New GST return filing model has been approved by the GST Council.  Another significant decision taken by the GST Council is the launching of New GST return filing model on trial basis from 1st July 2019. This is indeed given a sigh of relief to all the t

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    01 Jan 1970Posted By: E-StartupIndia

    What are the rules of GST for Freelancers in Digital Marketing?

    It is beyond any doubt that the Goods & Service Tax has altogether changed the way we used to conduct our business. The GST regime has simplified compliance in almost every kind of business. Now, if we talk about the freelancer business, it has really become a profitable economic activity these days. The advent of the GST regime has made this an even more lucrative business for young entrep

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    01 Jan 1970Posted By: E-StartupIndia

    5 Key Issues to be focussed in Union Budget 2019

    With the determined aim to Reform, Perform & Transform India, the Union Budget 2019 is being presented today in the parliament. This is the maiden budget for the Modi 2.0 Government and is being presented by the first woman Finance Minister of India Smt. Nirmala Sitharaman. The Budget session will be discussing on various developmental issues for various sections of economy such as Agric

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    01 Jan 1970Posted By: E-StartupIndia

    What are the High tides of Union Budget 2019

    The Union Budget 2019 was presented on 5th July 2019 in the parliament by the honorable Finance Minister of India Smt. Nirmala Sitharaman. The Budget Session had begun with the optimistic mantra of Reform, Perform & Transform India. This has surely given a ray of hope to 135 million Indians who were keyed up about the maiden budget of the Modi 2.0 Government, which has been pr

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    01 Jan 1970Posted By: E-StartupIndia

    7 Important Changes made in GST after Union Budget 2019

    The Union Budget 2019 was presented on 5th July 2019 by the honorable Finance Minister of India Smt. Nirmala Sitharaman. The Government has introduced numerous reforms in the Budget 2019 for the taxpayers that will surely boost the ease of doing business. Very importantly, the government has brought several new provisions in Goods and Services Tax in Union Budget 2019. These will definitely pro

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    01 Jan 1970Posted By: E-StartupIndia

    10 Cases where GST ITC is Not Available

    GST is indeed an incredible tax reform that has enhanced the ease of doing business in India. The most remarkable feature in the Goods & Service Tax laws is of Input Tax Credit, wherein the person having GST registration can easily claim the Input credit of the GST paid on the purchase of raw material. The ITC can be adjusted with the GST liability that arises while making sales, However, t

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    01 Jan 1970Posted By: E-StartupIndia

    CBIC Extends Due Date of FORM GST CMP-08

    Recently, it was notified by the GST council that a new GST return GST CMP-08 will be introduced for the taxpayers having GST registration under the Composition scheme. This new return GST CMP-08 shall replace the current GST return GSTR-4.  In this regard, the Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for the GST Return 

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    01 Jan 1970Posted By: E-StartupIndia

    5 Key Benefits of Udyog Aadhaar MSME Registration

    MSMEs are indeed the precursors of economic growth in today’s globalized era. They account for over 99% of corporate taxpayers of India. Government has run several schemes for empowerment of the MSME sector due to its imperative role in the country’s economic growth. Very importantly, the key to access all the developmental avenues for MSMEs is the Udyog Aadhaar MSME Registration.

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    01 Jan 1970Posted By: E-StartupIndia

    Government exempts RWA from GST Liability

    Everyone knows that the GST regime has made businesses smoother and more compliant than ever before. It has eased the business by making the compliances much more convenient. The GST council has given some relaxations to certain types of organization. Recently, the GST department has exempted the Residents Welfare Association (RWA) from the requirement of GST registration and payment of GST

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    01 Jan 1970Posted By: E-StartupIndia

    Key Highlights of 36th GST Council Meeting

    The 36th GST Council meeting has taken place in New Delhi. Several noteworthy decisions have been taken by the GST council in this meeting such as GST rate cuts and GST return filing system. In the 35th Meeting that took place on 21st June 2019, GST Council had taken many noteworthy decisions regarding GST compliance. Very importantly, the New GST return filing model was approved in the previous m

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    01 Jan 1970Posted By: E-StartupIndia

    GST CMP-08 is Now Live for Composition Taxpayers

    Recently, the GST council had brought a new GST return filing model for the taxpayers having GST registration under the Composition scheme. Under that, a new GST return, GST CMP-08 has been introduced. The GST CMP-08 shall replace the existing return GSTR-4.  The GST council has recently extended the due date for filing of FORM GST CMP-08 for the 1st quarter (April 2019 to June 2019) fr

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    01 Jan 1970Posted By: E-StartupIndia

    GST Council Releases New GST Return Filing Offline Tool

    The government had decided at the 31st GST Council meeting that a new GST return filing model shall be made effective. In view of easing the transition to the new GST return filing, a transition plan was also been worked out. The new GST return filing model was finally introduced in May 2019 for the general taxpayers having GST registration. This system is to be run on a trial basis from July t

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    01 Jan 1970Posted By: E-StartupIndia

    A Complete Guide to GST on Garments

    India is known for its wide and diversified fashion. It is one of the few countries of the world that are known for their unique blend of traditionality and modernity.  The Apparel sector of India is the oldest and a significant contributor to Indian economic development. It has a major share in GDP, besides it creates many employment opportunities. It also induces export promotion in Indi

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    01 Jan 1970Posted By: E-StartupIndia

    5 Important things to remember on GST during this Raksha Bandhan

    We all know that the festive season is back again! The Auspicious Festival of Raksha Bandhan has arrived. Like every year, this time too, the retail outlets across India will be flocked with the extensive range of gift hampers comprising of attractive gift items.  People all over India are really excited about the celebration of this auspicious festival and are deeply involved in the prepa

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    01 Jan 1970Posted By: E-StartupIndia

    Due date of filing GSTR-3B for July 2019 extended

    It has been recently notified by the Central Board of Indirect Taxes and Customs (CBIC) that the due date for the GST Return filing in GSTR-3B for the month of July 2019 has now extended from 20th August 2019 to 22nd August 2019.  The deadline to file the Form GSTR-3B Return for the month of July 2019 was earlier 20th August

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    01 Jan 1970Posted By: E-StartupIndia

    7 Major Economic Reforms undertaken by Arun Jaitley

    It is beyond any doubt that India has witnessed an irrevocable loss with the sad demise of our charismatic national leader and the former finance minister Lt. Sh. Arun Jaitley.  Sh. Jaitley breathed his last on 24th August 2019 in Delhi. As a dynamic Minister of Finance & Corporate Affairs, Jaitley has been widely acclaimed throughout his political career. A veteran BJP MP, Arun Jaitle

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    01 Jan 1970Posted By: E-StartupIndia

    How does GST apply to Educational Institutions?

    We all know that education is the basis of the economic development of a nation. It is the very essence of efficient Human Resource development. The quality of the human resource of a nation depends on how efficient is its education system. It is very important to note that like all other services, education itself is an economic activity. Hence, educational institutions are not exempt from GST

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    01 Jan 1970Posted By: E-StartupIndia

    Annual GST Return Filing Due Date Extended Further

    Recently at the 35th GST Council Meeting that was held on 21st June 2019, the due date for Annual GST Return filing was extended. The due date was extended to 31st August 2019, which has now approached. Once again, the GST department has further extended the due date for the Annual GST Return filing in Form GSTR-9 for FY 2017-18 to 30th November 2019. This has truly given all the taxpayers havi

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    01 Jan 1970Posted By: E-StartupIndia

    7 Things to Know about GST on Automobile Industry

    Goods and Services Tax regime has indeed increased the level of competence in all the sectors of the economy. The rules of GST registration and GST rates are currently judicially applied to almost all goods and services. These rates have been fairly applied for all the industries as per the nature of the supplies.  One such noteworthy instance is of the automobile industry. Notably, India

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    How set up Foreign Companies in India?

    India remains a sought after destination for foreign investors despite reports of a slowdown. The large market size and immense potential for growth make the country a safe option for business investment. There are various ways of creating a business setup in India and foreign entities need to know the best route for themselves. The ideal setup will help them fulfill their business objectives whil

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    GST on Mobile Phones & Mobile Accessories

    There is no doubt that the mobile phone has become a basic necessity for every individual. In fact, it has now become 4th essential need of a common man besides food, raiment & shelter. Today, its almost impossible to imagine daily life without a phone. Like other commodities, the cost consideration in the case of the mobile phone depends on how GST rules apply to it. Hence, we must know what

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    37th GST Council Meeting Brings Major Reliefs for Taxpayers

    The 37th GST Council meeting that was chaired by the honorable Finance Minister of India Smt. Nirmala Sitharaman has taken place in Goa. With numerous expectations from the taxpayers and traders having GST registration, there were several noteworthy aspects on the agenda.  Accordingly, the GST Council has taken significant decisions in the interest of taxpayers, including GST rat

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    37th GST Council Meeting: Reduction in GST rate on goods

    The 37th GST Council meeting had taken place in Goa on 20th September 2019. The meeting was presided by the honorable Finance Minister of India Smt. Nirmala Sitharaman. There were a number of expectations from the traders having GST registration.  Accordingly, the GST Council has passed noteworthy decisions in the interest of these traders. The council has reduced the GST rate on several g

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    37th GST Council Meeting: Changes in GST Rate on Services

    The 37th GST Council meeting had taken place in Goa on 20th September 2019. The meeting was presided by the honorable Finance Minister of India Smt. Nirmala Sitharaman. The GST Council has passed noteworthy decisions in the interest of these traders. The council has reduced the GST rate on goods. Apart from that, the GST rate has been reduced on several services.  Here, we shall discuss

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Corporate Tax Rates Slashed for Domestic Companies

    Undoubtedly, it’s the gala time for India Inc. as the government has recently announced the reduction in the Corporate Tax Rates for the Domestic Companies and the newly established companies in the manufacturing sector.  The government has taken this step so as to draw in fresh investment in the Indian manufacturing sector and to boost the 'Make in India' drive. The substant

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Due Date of Form GST CMP-08 Extended!

    A few months back, the GST council had notified that a new GST return i.e. GST CMP-08 shall be introduced for the taxpayers who have GST registration in the GST Composition scheme. The new Composition return GST CMP-08 has now replaced the prevalent GST return for Composition taxpayers, GSTR-4.  As a relief for the Composition taxpayers, the Cen

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    GST on Medical equipment & Clinical Devices

    It can’t be negated that Healthcare is one of the most significant concerns of an average Indian. In fact, it is a significant area of spending of an average Indian household. On seeing today’s era of hectic work schedules, rising levels of pollution, rampant adulteration and resultantly deteriorating public health at large, planning the health budget is a must for everyone. This is th

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    How much GST rates apply on Hair & Beauty Salon?

    Running a Hair salon can be really interesting as well as a lucrative business. If carried out in a well-planned manner, a hair salon business can fetch instant success. The reason is the booming fashion industry, due to which the Hair & Beauty care business is one of the fastest-growing businesses in the world today. You can easily expand your hair salon business in today's competitive ag

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    All about GST on Rental Income from Commercial Property

    Real estate is indeed one of the most significant industries in our economy. Today, it has risen as a profitable area and has seen speedy growth in the previous few years. As far as economic growth is concerned, the Realty sector has a massive share in the GDP of India. A rapid growth in this key sector implies rapid GDP growth, thereby widening the employment opportunities as well. As a matter

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    How to View GST ITC In GSTR-2A?

    Goods & Services Tax is indubitably a tax-friendly reform that has truly enhanced the ease of doing business. An average merchant having a GST registration might have to view in the GST returns filed, in order to make some types of changes in his returns or claim his accumulated ITC.  Recently, the GST department has stated that the taxpayers can now claim a&nb

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Businesses can now take Maximum 120% GST ITC of the amount in GSTR-2A

    The GST regime has made businesses altogether hassle-free and more compliant than ever before. It has helped to enhance the ease of doing business by making the compliances less rigid much more tax-friendly. The GST council has devised a number of measures to enhance the convenience of the taxpayer having GST registration as regards the GST tax compliance, i.e. GST return filing and availing&

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    GSTR-9 Due Date Extended Further

    Recently the government had extended the due date for the Annual GST Return filing in Form GSTR-9 after the 35th GST Council Meeting. The due date for the Annual GST Return filing was extended from 31st August 2019 to 31st November 2019. Once again, the GST Authority has further extended the deadline for the Annual GST Return filing in Form GSTR-9 and Audit report in

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    8 Simplified Changes in New Annual GST Return Filing

    Recently, the GST Authority has further extended the due date for the Annual GST Return filing in Form GSTR-9 and Audit report in GSTR-9C for the FY 2017-18 from 31st November 2019 to 31st December 2019, and for the FY 2018-19 to 31st March 2020. This has provided further relief to all the taxpayers having GST registration. More importantly, the GST department has also decided to simplify t

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    CBIC clarifies on Optional filing of Annual GST return

    During the 37th GST Council meeting that was held on 20th September 2019, the Annual GST return was made optional. The annual GST return filing procedure in the Form GSTR-9 that was hitherto mandatory, had been waived off for all those taxpayers having GST registration whose aggregate turnover was not more than ₹2 crores. In this regard, the Central Board of Indirect Taxes and Customs (CB

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    GST Department launches Electronic GST Refund Portal

    Undoubtedly, the GST authority has left no stones unturned in raising the ease of doing well by introducing a large number of relaxations for the general taxpayers as well as the traders who are having GST registration. The GST department has ensured this by the way of simplifying the GST return filing procedure, and most recently the Annual GST return filing pro

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Know GST Tax Rate on Job Work Activities

    This year only, the GST department had amended the provisions for GST registration in the case of Job workers. As per the new provision, a Job worker is required to get GST registration only if his aggregate turnover, in a financial year exceeds the threshold limit of ₹20 Lacs. In the language of the GST, Job work is a service of processing the goods that belong to some other registered d

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    7 FAQs on Filing FORM GST ANX-1

    As we all know that the New GST return filing system has been made effective from 1st October 2019 for all the taxpayers having GST registration. Under the new GST return filing system, there is the Normal GST return called FORM GST RET-1 along with 2 annexures- FORM GST ANX-1   FORM GST ANX-2 The New GST return filing system was introduced at the 35th GST council meeti

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    01 Jan 1970Posted By: E-StartupIndia

    8 FAQs on Filing FORM GST ANX-2

    As a matter of fact, the New GST return filing system has now been made functional with effect from 1st October 2019 for all the taxpayers having GST registration. As per the new GST return filing model, the taxpayers are now supposed to file the Normal GST return known as the FORM GST RET-1, which is accompanied by 2 annexures- FORM GST ANX-1   FORM GST ANX-2 This

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    E-Way Bill Generation Blocked for Taxpayers not filing GST Return

    Are you facing problems while generating your E-Waybill? This may happen because you might not have filed your GST returns on time. The GST Authority had recently introduced some amendments to the E-way Bill generation system, which are applicable to all suppliers or vendors having GST registration. At the 35th GST Council Meeting that was held on 21st June 2019, certain improv

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    01 Jan 1970Posted By: E-StartupIndia

    3 New Changes to make GST Registration Process Easier

    It is beyond any doubt, the GST authority has left no stones unturned in increasing the level of ease of doing business by simplification of the GST registration process and other GST compliances. Till now, the biggest challenge before the GST department was the automation of the GST refund process. Very recently, this problem has been solved by the GST depa

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    How does GST apply on LIC Life Insurance Policy?

    Whether or not an individual is having a better than average size of his bank balance; a feasible retirement plan, for example, a pension, or a savings scheme, life insurance is a very essential need. Your tremendous reserve funds or the sizable savings account might get drained in a matter of a few minutes, if there is an occurrence of an unavoidable emergency, for example, a sickness or a surger

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    How to Change Mobile Number in GST Registration?

    GST registration has indeed become a solution for all hindrances related to smooth business growth. Although every business having aggregate turnover beyond INR 40 Lakhs needs to get registered under GST, there are numerous benefits of voluntary GST registration procedure.  Sometimes, the already registered person needs to make changes or updates in his GST Registration

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    GST E-invoicing mandatory for Large Scale Businessmen

    Undoubtedly, the GST department has introduced numerous interactive features on the GST portal, so as to make it more user-friendly for the taxpayers having GST registration. Recently, the GST return filing procedure was simplified. Moreover, the Annual GST return filing procedure in Form GSTR-9 was simplified. Besides, the GST e-refund process has now been introduced. This is commonly known as th

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    GST E-invoicing with QR Code mandatory for Large Businessmen

    The GST department has introduced numerous interactive features on the GST portal, so as to make it more user-friendly for the taxpayers having GST registration. Recently, the GST authority has brought the GST e-invoicing feature on the GST portal. The Central Board of Indirect Taxes and Customs (CBIC) has clearly notified that the GST e-invoicing on the common portal (GST portal

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    38th GST Council Meeting: GST Rate Changes on Goods

    The 38th GST Council meeting was presided by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman had taken place on 18th December 2019. The Union Minister of State for Finance & Corporate Affairs Sh. Anurag Thakur along with Finance Ministers of States & UTs were also there. At the GST Council meeting, several changes in the GST rates&nbs

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    01 Jan 1970Posted By: E-StartupIndia

    38th GST Council Meeting: GST Return Filing Changes

    The 38th GST Council meeting that took place on 18th December 2019, was headed by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman. The Union Minister of State for Finance & Corporate Affairs Sh. Anurag Thakur and the Finance Ministers of States & UTs were also present. The GST Council has recommended several changes in

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Due date for Filing GSTR-3B for November 2019 Extended

    It has been notified by the GST council that the deadline for the GST Return filing in FORM GSTR-3B for the month of November 2019 has now been postponed till 23rd December 2019.  The due date for filing of GSTR-3B Return for the month of March 2019 was 20th December 2019. However, the tax authorities have now extended the due dat

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    How to Update E-Mail ID in GST Registration?

    It is beyond any doubt that GST registration is a key to beat all the snags in the way of smooth business growth. Irrespective of the fact that GST registration is compulsory for all businesses that have annual turnover beyond ₹40 Lakhs need to get registered under GST, there are numerous benefits of getting GST registration voluntarily.  There are instances when an al

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Taxpayer Shall Pay Penalty on Late Filing of GSTR-1

    The GST regime has made business all the more hassle-free and more compliant than ever before. Over the past few months, the GST authority has sought for the consolidation of the GST framework and strengthening of the compliance mechanism. Certain rules have been reframed as to make them less rigid and more tax-friendly. The GST council has devised a number of measures to impro

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Businesses are allowed to take Maximum 110% GST Input Tax Credit

    The GST council has brought numerous measures for enhancing an regulating the compliance of the taxpayers having GST registration with regard to GST return filing and availing of the Input Tax Credit.  Recently, in the wake of numerous cases of the availing excessive GST Input Tax Credit claimed by some taxpayers, the GST department had placed a restriction on availing

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    How to Register your Business under Start-up India Government Scheme?

    The government of India has so far introduced numerous measures for the advancement and strengthening of the Indian startups. Till now, a great number of benefits for the growth of Indian startups have been given. The government has likewise opened numerous ways for giving economic assistance to the MSMEs and small businesses. Ministry of Commerce & Industry had begun the drive of boosting

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    2nd National GST Conference held for controlling Fake GST ITC claims

    The GST department has brought numerous features on the GST portal, in order to make GST more user-friendly for all the taxpayers having GST registration. With a view to enhance the GST framework and address various issues in GST compliance, the 2nd National GST Conference was held on 7th January 2020. The Conference was presided by Dr. Ajay Bhushan Pandey, Revenue Secretary, Ministry of Finance.

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    01 Jan 1970Posted By: E-StartupIndia

    How to Update Business address in GST registration?

    GST registration is today necessary for all business entities Irrespective of the type of business activity. that have yearly turnover past ₹40 Lacs need to get enlisted under GST, there are various advantages of getting GST registration deliberately. There might be a possibility that a previously registered taxpayer needs to update his GST profile, for which he has to amend his GST Regis

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    How to add Multiple Goods in the GST Registration Certificate?

    Undoubtedly, the GST regime has helped many traders in eliminating hindrances to smooth business expansion. Today, GST registration is a necessary requirement for all types of businesses that have annual turnover beyond INR 40 Lacs. Besides, there are some specific types of businesses that compulsorily need to get registered under GST, such as e-commerce operators. There are instances when an a

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Due Dates for filing GSTR-3B Return Changed

    There’s no doubt that the GST authority has left no stones unturned in increasing the ease of doing business by providing a large number of relaxed norms for the ordinary taxpayers as well as the merchants who are having GST registration. The GST department has recently simplified the GST return filing procedure. Besides, the Annual GST return filing procedure has also been simplified. 

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    MCA introduces New Company Incorporation e-Form SPICe+

    The Ministry of Corporate Affairs has already made relevant amendments to the general provisions for company incorporation, in order to increase the convenience in business compliance. Recently, MCA has introduced the compact e-Form SPICe+, which will help the new startup entrepreneurs to accomplish necessary several business compliances through a single form. Let us understand in detail about

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    GSTR-9 Due Date Extended Again!

    Recently, the GST Authority had further extended the deadline for the Annual GST Return filing in Form GSTR-9 and Audit report in GSTR-9C for the FY 2017-18 from 31st November 2019 to 31st December 2019, and for the FY 2018-19 to 31st March 2020. Now, the CBIC has notified that the Due date for filing Annual GST Return and GST Audit re

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    What are the High Tides of Union Budget 2020?

    The Union Budget 2020 was presented on 1st February 2020 in the parliament by the Honorable Finance Minister of India Smt. Nirmala Sitharaman. This is indeed a tax-friendly budget and has surely given a sigh of relief to 135 million taxpayers who were expecting a reduction in the income tax slab. On the whole, this year’s budget is focussed on boosting economic growth by reducing the t

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Union Budget 2020: Changes in the GST Laws

    The Union Budget 2020, which was presented on 1st February 2020 at the parliament, by the Honorable Finance Minister of India Smt. Nirmala Sitharaman was indeed tax-friendly in nature. It has been centered upon the objective to give a boost to the economy by reducing the tax burden on taxpayers and increasing their purchasing power. This will gradually raise consumption, which will then elevate th

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Claiming Fake GST ITC now a Non-Bailable Offense!

    The Union Budget 2020, was passed in the parliament on 1st February 2020 by the Honorable Finance Minister of India Smt. Nirmala Sitharaman. No doubt, it is a tax-friendly budget. At the Budget session, the government has introduced many important initiatives to rectify the GST framework. A number of measures were discussed to enhance the Goods & Service Tax Network (GSTN) and to strengthen

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    How to Register a Business with Paytm?

    In the era of digitalization, Indian small businesses have, by now, overcome the problem of cash crunch with smart digital payment modes. The need for a cashless economy is now felt by all businesses in India. Currently, there are 300 million+ users of Paytm wallet in India. Besides, over 40 million people have got their cards saved with the Paytm gateway for a one-click checkout. This ena

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    01 Jan 1970Posted By: E-StartupIndia

    GST Revenue Crosses ₹1 Lac Crore for February 2020

    The nation had indeed achieved great success in the first year of the GST regime. There is no doubt that the Goods & Service Tax policy has strengthened the government to achieve the desired level of fiscal consolidation. However, since the past few months, the GST department was witnessing a gradual fall in the total GST collection. This was due to the rise in the number of fake ITC claims by

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Key Highlights of 39th GST Council Meeting

    The 39th GST Council meeting that was held on 14th March 2020 at Vigyan Bhawan, New Delhi was chaired by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman. The meeting had taken place amid the economic recession caused due to the coronavirus outbreak. The COVID-19 has now become a global pandemic that has adversely impacted the world economy. At such situation, ther

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    39th GST Council Meeting: Measures against fake ITC claims

    The 39th GST Council meeting was held on 14th March 2020 at New Delhi and was headed by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman.  The GST council came out with several relaxations for the taxpayers having GST registration. Many reforms were introduced aimed at trade facilitation and tax convenience.  However, the council has recommended severa

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    All Business Compliance Due Dates Extended due to Coronavirus

    We all know that today the world is suffering due to the outbreak of Novel Coronavirus aka COVID-19, which has now become a global pandemic. It has caused widespread economic disruption. In India, the government is compelled to impose a curfew in all 30 states till 31st March 2020, which has disrupted the normal course of business. Resultantly, businessmen are not able to fulfill their compliance

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Government gives Relaxations in GST Return Filing due to Coronavirus

    The outbreak of dreadful pandemic Novel Coronavirus aka COVID-19 has caused a widespread economic recession. The Indian government has imposed a lockdown throughout the country till 14th April 2020. Due to the disruption of the normal course of business, businessmen are unable to fulfill their legal compliances in the current time frame.  In a bid to give some relaxation, the Honorable FM

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Government to Release Income Tax Refunds up to ₹5 lakh immediately

    In the wake of the outbreak of Novel Coronavirus disease aka COVID-19, the Income Tax Department has now decided to immediately release the Income Tax Refunds to the tune of ₹5 lakh right away to the taxpayers. Everyone knows that the world is facing the threat of Novel Coronavirus or COVID-19, which has now been declared a global pandemic. It has caused great economic disruption in India

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    5 FAQs Regarding GST Refunds to be released amid COVID-19 Lockdown

    We all know that the world is suffering due to the Novel Coronavirus disease or COVID-19. Our government has imposed a total lockdown till 3rd May 2020, which has caused severe economic stagnation in India. The normal course of business is seriously affected in India. The traders having GST registration are unable to meet their regular GST compliance. They are in serious need of funds Recently,

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Relief Measures by Indian Government during COVID-19 Lockdown

    We all know that today the world is facing the Novel Coronavirus pandemic or COVID-19, which has caused a global economic depression. In India, the government has imposed lockdown till 3rd May 2020, which has disturbed the normal course of business. As a result, businessmen can’t fulfill their regular compliance.  In order to give them relaxation, the government has introduced announ

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Akshay Tritiya 2020— Jewelers opt Online Gold Sales due to COVID-19

    Everyone is aware that the Novel Coronavirus disease or the COVID-19 has hit over  110 nations of the globe. Owing to the rising number of casualties resulting from the Coronavirus infection, the entire world is under complete lockdown. In India, the government has enforced a lockdown all over India till 3rd May 2020. The business has been shut down because of this lockdown. However, business

    Read More

    01 Jan 1970Posted By: E-StartupIndia

    Major Relaxations in GST Return Filing Procedure during COVID-19

    The world is entrapped in a major economic crisis due to the COVID-19 pandemic. Due to the serious impact of economic recession on the Indian businesses due to the COVID-19 pandemic, the Indian Government had declared some key relief measures in respect of GST return filing.  The Central Board of Indirect Taxes and Customs (CBIC) has now extended the due date for filing GSTR-3B return fili

    Read More

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