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What is GST Identification Number And How to Verify GST Number?

GSTIN

All the businesses registered under GST are given a unique identification number known as GST Identification Number or GSTIN. It is same as the TIN number provided to businesses under the state VAT system or the service tax registration number assigned by the CBEC.

Since all these taxpayers will be registered under a single platform in GST, it is convenient to assign them unique ID numbers for identification purpose. The government has established the GST Network (GSTN) to provide the proper IT infrastructure to manage the return filing and other digital operations of the new tax system. Many people are still not fully aware of the GST registration process and about GSTIN. Read More

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What is GSTR-2 and How to File it? (Updated)

GSTR-2

In our previous article, we discussed how to file GSTR-1 for outward supplies of goods and services. In this article, we will learn how to file GSTR-2 Form for inward supplies.

What is GSTR-2?

GSTR-2 is one of the GST tax return forms. This form is used to file the details of inward supplies (imports) of taxable goods and services. Every taxpayer recipient of goods/services is required to submit details of all his/her inward supplies by 15th of the next month for a particular tax period online on GST portal. Read More

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What are GST Offences, Penalties, and Appeals

GST Offences, Penalties and Penalties

To make GST a corruption-free and successful tax system, the government has introduced strict provisions for penalties against GST offences. The purpose is to make sure that GST rules and laws are followed by every business and individual throughout the country.

A list of 21 offences has been released by the GST committee along with the guidelines of penalties to be applied for any kind of tax evasion. These offences will lead to a penalty against those following tax fraud, fake invoices, tax evasion and other practices in any form. Read More

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GST Checklist: What to Do to Get Yourself GST Ready

GST Checklist

The new GST (Goods & Services Tax) system is here. If you haven’t already get yourself acquainted to GST, you should do it now if you want to end up making mistakes when filing tax returns.

Here’s the GST checklist of the things you need to do to get yourself and your business GST-ready.

  • Make sure to file your income tax return for the financial period ending on 30th June, if you haven’t already.
  • Make a list of your old stock into the quantity of items and rate per quantity.
  • To calculate the GST rate for your products, classify your stock according to price, purchase type (interstate/intrastate), tax paid, credit, etc.
  • Compare your accounts with credit/debit values shown in your tax record as on 20th June 2017.
  • To claim ITC (Input Tax Credits) on your old stock, file the TRAN-1 form latest by 28th September, and TRAN-2 form every month until December.
    Collect tax Form-C, Form-H, and Form-I for the old stock for which you want to claim the tax credit.
  • Make sure to provide your GSTIN to each of your suppliers and collect GSTIN from your dealers and customers.
  • Include your stock details in your Books of Accounts.
  • If you are registered as a centralized service business, then you need to apply for migration for those states where your business is operable.
  • Search the internet and make a list of applicable GST rates for all your goods and services.
  • Make a list of your goods on which reverse charge may apply.
  • Enlist all your debit/ credit notes in serial numbers.
  • Integrate your current accounting software with the new GST taxation software for SMEs.
  • Make sure that your invoice bill is according to the invoicing formats and rules mentioned under GST. The bill must contain the proper invoicing series for particular products.
  • Make sure to send a tax invoice for all your GST taxable supplies of goods & services, and a supply bill for non-GST products and services.
  • Have a ‘Place of Supply’ list ready for your business activities.

This checklist is for small businesses and individuals looking to get settled into the new tax regime. If you are a Chartered Accountant (CA) working on behalf of a taxpayer, you can read GST checklist to get yourself GST ready. Read More

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What is Composition Scheme Under GST?

Composition Scheme Under GST

The GST Composition Scheme is merely a revision of the already existing composition Law under VAT. Goods and Services Tax (GST) has already been implemented for all individuals, small & large businesses in India.

While big organizations have enough resources and expertise to implement the new tax regime, the small companies and startups, on the other end, may struggle to understand and comply with the new provisions. Therefore, the government has introduced a composite scheme to resolve such issues. Read More

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Tax Rates Before And After GST – Product Wise List Available

Here are the categories where GST taxation has applied. Click on the one your are interested in and find out the difference between old and new tax rate.

GST rate changes for 29 Goods and 53 Services announced in 25th GST council meeting, held on 18th January 2018 in New Delhi.

Download PDF Notification: GST Rate Changes in 25th GST Council Meeting

Changes in GST/IGST rate on certain goods as approved by GST Council in 23rd meeting on 10th November 2017 in Guwahati. Read More

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