#Input Tax Credit under GST

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Explore the world of GST with our comprehensive guide on input tax credit under GST. Learn how to optimize your tax benefits, meet deadlines, and navigate revisions seamlessly. Gain valuable insights into this crucial aspect of business finance.

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Singhbhum Chamber Delegation Engages with GST Commissioner on Key Issues

Business leaders discuss GST integration of petrol and diesel, among other pressing concerns. A delegation from the Singhbhum Chamber of Commerce and Industry met with Central GST Commissioner Binod Kumar Gupta to address significant GST-related issues ahead of the upcoming council meeting. JAMSHEDPUR – Led by General Secretary Manav Kedia, a delegation from the Singhbhum Chamber of Commerce and…

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Simplifying GST Registration: A Comprehensive Guide by GTS Consultant

Introduction

With the economy adopting a dogfight-like pace, organisations face the need to become agile enough to grow unhindered. As goods and services tax (GST) is one of the most important reforms in the Indian tax system, it means the inclusion of indirect tax in a single tax. Understanding and filling the GST Registration is the dire straits that every company will have to face because it is to operate within the law and take the advantage. Holding a reputable GTS Consultant AB, with a past period of more than 12 years of combine experience. We are combining our expertise to offer businesses a hassle- free expedition.

In this blog, we will provide an in-depth look at GST registration, its importance, process, benefits, and the expertise GTS Consultant brings to the table.

What is GST Registration?

The identification of goods and services that require a business to be in line with local legislation by obtaining registration under the GST Act is called the process of GST registration. It authorizes the entities to not only collect tax from their clients but also to claim Input Tax Credit (ITC) for the taxes that were paid on their purchases. Depending upon the limit of the prescribed turnover or the activities engaged in, the businesses are obliged to get registered for GST

Who Needs GST Registration?

GST registration is mandatory for:

Businesses with Aggregate Turnover:

₹20 lakhs (₹10 lakhs for special category states): For service providers.

₹40 lakhs (₹20 lakhs for special category states): For goods suppliers.

Interstate Suppliers: Businesses involved in the interstate supply of goods and services.

E-commerce Operators: Platforms facilitating sales of goods and services.

Casual Taxable Persons: Individuals undertaking occasional transactions involving the supply of goods or services.

Input Service Distributors: Businesses distributing input tax credits to their branches.

Documents Required for GST Registration

For the smooth registration process, be sure to gather the following documents:

PAN Card: It's essential for the business and for the owner and owner(s) of the business to have a PAN card.

Proof of Business: This along with partnership deeds, incorporation certificates, as well as, registration certificates.

Identity and Address Proof of Promoters: The Aadhaar card, the passport, or the voter ID should be provided.

Business Address Proof: Lease agreements, contract transit costs, or utility bills.

Bank Account Details: One may use the copy of a canceled cheque, a bank statement, or a passbook copy.

Digital Signature: It is required to be electronically signed prior to online submission.

Authorization Letter: For the account signatories that are authorized to, if applicable.

Benefits of GST Registration

Legal Compliance: Penalty prevention and adherence to Indian tax laws.

Input Tax Credit (ITC): The ITC claim should be able to reduce the total tax burden by this method.

Market Expansion: GST registration will help in the inter-State sales and e-commerce trade.

Credibility: A registered GST number enhances the credibility of a business and makes it more trustworthy in the eyes of their clients.

Ease of Doing Business: One consolidated tax system offers several advantages such as easier filing of tax returns and tax payments.

Why Choose GTS Consultant for GST Registration?

GTS Consultant, located in Bhiwadi, Alwar, Rajasthan is a determined and particular accounting and tax services company dedicated to offering the best services Imagine why the companies would trust us:

Expert Guidance: Our group of skilled public accountants and chartered accountants guarantees a mistake-free and effective GST registration.

Comprehensive Support: From preparation to submission and post-registration help, we include each and every part of it.

Time-Saving: You focus on your operations, we refine your registration business process.

Cost-Effective Solutions: Services of high rank at budget prices.

Client-Centric Approach:We will customize our services so that they match your requirements and bring you the best possible benefits.

Frequently Asked Questions (FAQs)

1. What is the penalty for not registering under GST?

A penalty of the greater of ten percent of the tax due or ten thousand rupees is paid for non-registration. If a taxpayer evades tax on his own volition, DRI is supposed to impose a penalty equal to the tax that was evaded, i.e. 100%

2. Can I voluntarily register for GST?

Yes, turnover not reaching the requirement limit, businesses can choose to register at their own discretion and thus gain great benefits such as ITC and market credibility.

Contact GTS Consultant Today

Certainly, getting through the GST registration process be a hard time, however, if your partner is GTS Consultant, you can rest assured you will be guided thoroughly through the process. Be it a new business venture or an already existing set up, we, the team at GTS Consultant, will get you the best service by ensuring that we register you without pain points.

Reach us at:

Address: TC-321-325, R-Tech Capital Highstreet, Phool Bagh, Bhiwadi, Alwar (RJ) - 301019

Email: info@gtsconsultantindia.com

Website: Explore our services and resources on our official website GTS Constultant india

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GST Registration Services in Delhi by SC Bhagat & Co.

Navigating the complex web of taxation in India can be daunting, especially for businesses looking to remain compliant and grow in a competitive market. SC Bhagat & Co., a trusted name in tax consultancy, offers top-notch GST registration services in Delhi to make the process seamless for businesses of all sizes. Whether you are a startup, SME, or a large corporation, GST registration is a crucial step in ensuring your business stays compliant with India's tax laws.

Why GST Registration is Important? The Goods and Services Tax (GST) is a value-added tax levied on the supply of goods and services. GST has simplified the tax structure by replacing numerous indirect taxes like VAT, Service Tax, and Excise Duty. Here are a few reasons why registering for GST is essential:

Legal Compliance: Businesses with an annual turnover of more than ₹40 lakhs (₹20 lakhs for special category states) are legally required to register for GST. Failure to comply can result in heavy penalties. Improved Credibility: GST registration increases your business’s credibility in the eyes of customers, suppliers, and investors. It shows that your business adheres to the laws and operates transparently. Input Tax Credit: Businesses registered under GST can claim input tax credit on purchases, reducing the overall tax burden and increasing profitability. Expansion Opportunities: With GST, businesses can easily expand to other states in India, as the unified tax system eliminates the hassle of complying with multiple state taxes. Why Choose SC Bhagat & Co. for GST Registration Services? As one of Delhi's leading tax consultancy firms, SC Bhagat & Co. is well-versed in the intricacies of GST laws and regulations. Here's why partnering with us for GST registration is the best choice for your business:

Expert Guidance Our team of experienced tax consultants ensures that you understand every step of the GST registration process. From assessing your eligibility to filing the necessary documents, we guide you through it all.

Hassle-Free Process We make GST registration easy by handling all the paperwork and documentation required for the process. You no longer need to worry about missing deadlines or submitting incorrect information.

Quick Turnaround Time is money, and we understand that delays can cost your business. At SC Bhagat & Co., we ensure a quick and smooth registration process, minimizing any disruptions to your business operations.

Post-Registration Support Our services don’t end with registration. We offer ongoing GST compliance support, helping you with return filings, audits, and other GST-related queries to keep your business on the right side of the law.

Affordable Pricing Our GST registration services in Delhi are competitively priced, ensuring you get the best value for your investment. We believe in offering quality services without breaking the bank.

The GST Registration Process Here’s a brief overview of the GST registration process that our team will handle for you:

Determine GST Applicability: Based on your business turnover and nature, we assess whether you are liable to register for GST. Collect Necessary Documents: We help you gather all the required documents like PAN, Aadhaar, business address proof, bank account details, and other necessary information. Submit Application: We submit your GST registration application online and ensure all details are accurate. Obtain GSTIN: After verification, your business will receive a unique GST Identification Number (GSTIN), which will be used for all future GST filings and transactions. Post-Registration Services: Once registered, we continue to support your business with GST return filing, audits, and compliance updates. Documents Required for GST Registration To make the process even smoother, here’s a list of documents you’ll need to register for GST:

PAN Card of the business or owner Aadhaar Card of the authorized signatory Proof of business address (rental agreement, property papers, utility bills) Bank account details (cancelled cheque, bank statement) Business incorporation certificate or partnership deed Digital Signature Certificate (if applicable) Why Delhi Businesses Need GST Registration Delhi is a bustling hub of commerce, and businesses here often engage in inter-state and international trade. GST registration not only simplifies tax compliance but also streamlines business operations by reducing the burden of dealing with multiple state-level taxes. With the right tax consultants, you can easily manage your GST obligations while focusing on growing your business.

Contact SC Bhagat & Co. for Professional GST Services If you’re looking for reliable GST registration services in Delhi, SC Bhagat & Co. is your trusted partner. With years of experience in tax consultancy, we offer tailor-made solutions for businesses across sectors. Let us handle your GST registration and compliance needs so you can focus on what matters most—growing your business.

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Can I Sell Online Without GST? GST Requirements for E-commerce

In 2024, the trend of e-commerce has transformed the way people shop and businesses operate online. Whether you're selling groceries, electronic items, or running a full-fledged online store, the question of GST (Goods and Services Tax) often arises. GST is a consumption tax levied on the supply of goods and services in Chennai, Tamilnadu designed to replace various indirect taxes. 

What is GST? 

GST is a comprehensive indirect tax on online store, sale, and consumption of goods and services throughout India, aimed at simplifying the tax structure on consumers. It is mandatory for businesses whose turnover exceeds specified thresholds to register under GST and comply with its regulations. 

You Need GST for Selling Online on Shocals 

The requirement for GST registration depends primarily on your turnover and the category of your business. Here are some key points to consider for GST: 

Threshold Limits: As of the latest information available, businesses with an aggregate turnover exceeding Rs. 40 lakhs (Rs. 10 lakhs for northeastern states) in a financial year must register for GST. This turnover includes all taxable supplies, exempt supplies, exports of goods and services, and inter-state supplies. 

Inter-state Tamilnadu Sales: If you are selling goods or services to customers in different states, you are likely to exceed the turnover threshold sooner. GST registration is mandatory for businesses making inter-state supplies, regardless of turnover. 

Mandatory Registration: Even if your turnover is below the threshold, you may choose to voluntarily register for GST. This can be beneficial for claiming input tax credits on purchases and improving your business credibility. 

Selling on Shocals Partners 

If you are selling through popular Shocals Partners, you need to understand the policies regarding GST compliance. It requires sellers to provide GSTIN (GST Identification Number) during registration and ensure compliance with GST laws. 

Steps to Register for GST 

If you decide to register for GST, here's a brief overview of the registration process: 

Prepare Documents: Keep your PAN (Permanent Account Number), proof of business registration, identity and address proof, bank account details, and business address proof. 

Online Registration: Visit the GST portal (www.gst.gov.in) and fill out the registration form with required details. Upload scanned copies of documents as specified. 

Verification: After submission, your application will be verified by the GST authorities. Once approved, you will receive your GSTIN and other credentials. 

Benefits of GST Registration 

While GST compliance involves maintaining proper accounting records and filing periodic returns, it offers several advantages: 

Input Tax Credit: You can claim credit for GST paid on your business purchases, thereby reducing your overall tax liability. 

Legal Compliance: Avoid penalties and legal repercussions by operating within the GST framework. 

Business Expansion: Facilitates smoother inter-state and international sales, enhancing business opportunities. 

Conclusion 

In conclusion, while small businesses and startups may initially wonder if they can sell online without GST, understanding the thresholds and benefits of GST registration is crucial. Compliance not only ensures legal adherence but also opens avenues for business growth and competitiveness in the digital marketplace. Whether you're a budding entrepreneur or an established seller, staying informed about GST requirements will help you navigate the e-commerce landscape more effectively. 

For more details please visit - https://partner.shocals.com/

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Simplify GST Return Filing in Delhi with MASLLP: Your Trusted Partner

Introduction: Navigating the complexities of GST return filing in Delhi can be challenging for businesses of all sizes. To ensure compliance and avoid penalties, it’s crucial to have a reliable partner who understands the intricacies of the GST regime. MASLLP is your go-to expert for GST return filing in Delhi, offering comprehensive services to simplify the process and ensure accuracy. In this blog, we will explore the importance of GST return filing, the common challenges faced, and how MASLLP can help you streamline your GST compliance.

Why GST Return Filing is Crucial GST return filing is a mandatory compliance requirement for businesses registered under the Goods and Services Tax (GST) regime in India. It involves reporting the details of sales, purchases, and tax collected and paid. Here’s why timely and accurate GST return filing is essential:

Legal Compliance Filing GST returns on time ensures that your business complies with the legal requirements set by the government. Non-compliance can lead to penalties and legal complications.

Input Tax Credit Accurate GST return filing allows businesses to claim Input Tax Credit (ITC) on their purchases, reducing the overall tax liability.

Financial Planning Regular GST return filing provides a clear picture of your tax liabilities and helps in effective financial planning and management.

Avoiding Penalties Timely filing helps avoid late fees and penalties, which can accumulate and become a financial burden for businesses. Common Challenges in GST Return Filing While GST return filing is crucial, businesses often face several challenges in the process:

Complexity of GST Laws The ever-evolving GST laws and regulations can be complex and difficult to interpret for businesses without specialized knowledge.

Accurate Data Entry Ensuring the accuracy of data related to sales, purchases, and tax payments is critical. Errors in data entry can lead to discrepancies and compliance issues.

Timely Filing Meeting the deadlines for various GST returns (GSTR-1, GSTR-3B, GSTR-9, etc.) can be challenging, especially for businesses with limited resources.

ITC Reconciliation Reconciling Input Tax Credit with suppliers' returns requires meticulous tracking and can be time-consuming. How MASLLP Can Help with GST Return Filing in Delhi MASLLP offers comprehensive GST return filing services designed to address these challenges and ensure seamless compliance. Here’s how we can help: Expertise and Knowledge Our team of GST experts stays updated with the latest GST laws and regulations, ensuring that your returns are filed accurately and on time. End-to-End Service From data collection and validation to filing returns and handling queries from the tax authorities, MASLLP provides end-to-end GST return filing services. Accuracy and Compliance We use advanced tools and software to ensure the accuracy of your data, minimizing the risk of errors and non-compliance. Timely Filing With MASLLP, you never have to worry about missing deadlines. We ensure that all your GST returns are filed on time, every time. ITC Reconciliation Our experts handle the complex process of ITC reconciliation, ensuring that you claim the maximum Input Tax Credit you are entitled to. Why Choose MASLLP for GST Return Filing in Delhi Client-Centric Approach At MASLLP, we prioritize our clients' needs and offer personalized services tailored to their specific requirements. Transparent Communication We maintain transparent communication with our clients, keeping them informed at every step of the GST return filing process. Cost-Effective Solutions Our GST return filing services are competitively priced, offering excellent value for money without compromising on quality. Conclusion GST return filing is a critical aspect of business compliance, and partnering with an expert like MASLLP can make the process hassle-free and efficient. With our expertise and commitment to excellence, we ensure that your GST returns are filed accurately and on time, allowing you to focus on your core business activities. Contact MASLLP today to learn more about our GST return filing services in Delhi and how we can assist you in achieving seamless compliance.

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Demystifying the Process of GST Registration

Navigating the world of taxation can often feel like traversing a labyrinth, especially for business owners. However, understanding and complying with the Goods and Services Tax (GST) registration process is crucial for businesses operating in India. In this guide, we'll unravel the complexities surrounding GST registration, making it easy to grasp and implement for your business needs.

1. Introduction to GST Registration

Before we delve into the intricacies of the registration process, let's grasp the fundamentals of GST registration. GST, introduced in India in 2017, aims to streamline the taxation system by amalgamating various indirect taxes. GST registration is the process by which businesses register themselves under this unified tax regime.

2. Importance of GST Registration

2.1 Compliance with Tax Laws

First and foremost, GST registration is a legal requirement for businesses whose turnover exceeds the prescribed threshold. By registering for GST, businesses ensure compliance with tax laws, avoiding penalties and legal consequences.

2.2 Access to Input Tax Credit

One of the significant benefits of GST registration is the ability to claim Input Tax Credit (ITC). Registered businesses can offset the taxes paid on inputs against the taxes collected on outputs, reducing their overall tax liability.

2.3 Legitimacy in Business Operations

GST registration lends credibility and legitimacy to business operations. It provides a unique identification number, known as the GSTIN, which is essential for conducting business transactions seamlessly.

3. Understanding the GST Registration Process

3.1 Eligibility Criteria

Before initiating the registration process, businesses must determine their eligibility for GST registration. Generally, businesses with an annual turnover exceeding the prescribed threshold are required to register for GST.

3.2 Documentation Required

To complete the GST registration process, businesses need to provide certain documents and information, including PAN card, Aadhaar card, proof of business ownership, bank account details, and address proof.

3.3 Step-by-Step Registration Procedure

The registration process involves several steps, including online application submission, verification of documents, and issuance of the GSTIN. Businesses can register for GST through the GST portal by following a simple and user-friendly registration interface.

4. Conclusion

In conclusion, GST registration is a critical aspect of tax compliance for businesses operating in India. By understanding the importance and intricacies of the registration process, businesses can ensure legal compliance, access input tax credit, and foster legitimacy in their business operations.

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Availment of ITC under GST

GST (Goods and Services Tax) is a comprehensive indirect tax levied on the supply of goods and services in India. It is a destination-based tax, which means that the tax is collected by the state where the goods or services are consumed. Under GST, the input tax credit (ITC) is an important concept that allows businesses to reduce their tax liability by claiming credit for the taxes paid on their purchases.

In this article, we will discuss everything you need to know about the availment of ITC under GST. We will cover the basics of input tax credit, the conditions to claim ITC, the documentation required, and the time limit for claiming ITC.

What is Input Tax Credit (ITC)?

Input tax credit (ITC) is the credit that a business can claim for the tax paid on its purchases used for business purposes. The tax paid on input goods or services can be set off against the output tax liability (i.e. tax payable on sales) of the business. This helps businesses reduce their tax burden and improve their cash flow.

For example, if a manufacturer,

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Highlights of the 55th GST Council Meeting

The 55th GST Council Meeting, held on December 21, 2024, in Jaisalmer, Rajasthan, under the leadership of Finance Minister Smt. Nirmala Sitharaman, brought forward crucial reforms to enhance the GST framework. Here’s a snapshot of the key announcements and their implications for businesses and consumers alike.

Key Decisions and Announcements

1️⃣ GST Relief for Small Payment Aggregators: GST exemption was granted for payment aggregators processing transactions below ₹2,000, aiming to boost digital payments and support small businesses.

2️⃣ Clarification on Bank Penalties: Penal charges by banks and NBFCs for loan term violations will not attract GST, bringing clarity to the financial sector.

3️⃣ Used Electric Vehicles (EVs):

No GST on sales of used EVs between individuals.

Refurbished EV sales by businesses will attract 18% GST on the margin value.

4️⃣ Waiver of Late Fees: Late fees for delayed GSTR-9C filings (2017-18 to 2022-23) have been waived to offer relief to taxpayers.

5️⃣ Reduced Pre-deposit for Appeals: Taxpayers filing appeals for penalty-only cases can now benefit from reduced pre-deposit requirements, easing financial burdens.

Group of Ministers (GoM) Recommendations

Compensation Cess: A report on the extension of the compensation cess is under review, with potential adjustments to cess rates on certain goods.

Rate Rationalization: Recommendations include:

Increased GST on demerit goods like tobacco and aerated drinks.

Reduced GST on essential items.

Addressing inverted duty structures to minimize input tax credit issues.

Other Notable Reforms

Invoice Management System (IMS): Strengthened GSTR-2B generation and reconciliation processes to improve compliance.

Risk-Based GST Registration: A new framework categorizing taxpayers by risk profiles for targeted compliance checks.

Conclusion

The 55th GST Council Meeting focused on simplifying processes, reducing compliance burdens, and addressing critical issues to strengthen India’s GST ecosystem. These reforms are expected to positively impact businesses, consumers, and the economy.

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Affordable and Efficient GST Return Services for All Industries by Lexntax Associates

In today’s business world, staying on top of taxes is essential for businesses of all sizes. One of the most important taxes in India is Goods and Services Tax (GST), which applies to the sale of goods and services. Filing GST returns on time is crucial for businesses to avoid penalties and legal issues. However, understanding and complying with GST regulations can be complex and time-consuming.

That’s where Lexntax Associates comes in. They offer affordable and efficient GST return services that help businesses stay compliant with the law, while saving time and avoiding mistakes. Whether you run a small business or a large company, Lexntax Associates is dedicated to making your GST filing process smooth, accurate, and timely.

What Are GST Returns, and Why Are They Important?

GST returns are documents that businesses must file to report their sales, purchases, and the amount of tax they have paid. These returns must be submitted to the government regularly, and failing to do so can result in penalties and interest charges.

GST can be complicated because businesses need to keep track of the taxes they’ve paid on purchases (input tax) and the taxes they’ve collected from customers (output tax). Businesses must also file different types of returns depending on their activities.

That’s why it’s essential to have professional help to ensure everything is done correctly and on time.

Why Choose Lexntax Associates for GST Return Services?

Lexntax Associates stands out for its affordable and efficient GST return services. Here’s why businesses choose them to handle their GST filings:

Expert Knowledge and GuidanceThe team at Lexntax Associates consists of professionals who understand GST laws inside and out. They help businesses stay updated with the latest changes in tax laws and make sure your returns are filed correctly, every time.

Affordable ServicesLexntax Associates offers GST return services at competitive prices, making it affordable for businesses of all sizes. You don’t have to worry about high costs when you choose them.

On-Time FilingFiling GST returns late can lead to penalties. Lexntax Associates ensures that all your returns are filed on time, helping you avoid these extra charges and keeping your business in good standing with the authorities.

Comprehensive GST ServicesLexntax Associates provides a complete range of GST-related services, such as:

GST Registration: Helping businesses get registered under GST if they haven’t done so already.

GST Return Filing: Filing all the necessary returns accurately and on time.

GST Audit: Reviewing your returns to make sure everything is correct.

GST Consultation: Giving expert advice on tax planning and how to claim input tax credits.

Tailored Solutions for Different IndustriesEvery business is different, and Lexntax Associates understands that. They offer customized GST return services based on the specific needs of various industries. Whether you're in retail, manufacturing, e-commerce, or services, Lexntax Associates has the right solution for you.

Industry-Specific GST Return Services

Different industries face unique challenges when it comes to GST filing. Lexntax Associates is skilled at handling GST for businesses in a wide range of sectors:

Manufacturing: Manufacturers often have complex supply chains. Lexntax Associates helps them claim input tax credits and file returns without errors.

E-commerce: E-commerce businesses need to follow specific GST rules. Lexntax Associates helps online sellers comply with these rules and ensures their filings are accurate.

Retail and Wholesale: Retailers and wholesalers deal with many transactions. Lexntax Associates assists them in managing high volumes of sales and filing returns correctly.

Service Providers: For businesses in the service sector, understanding GST can be tricky. Lexntax Associates provides advice to service providers, helping them file returns and claim any eligible tax credits.

Exports: Businesses that export goods and services have special GST rules, like zero-rated tax. Lexntax Associates ensures these businesses can take advantage of export benefits while complying with GST rules.

How Lexntax Associates Makes GST Filing Easy

Lexntax Associates focuses on making GST filing as simple and stress-free as possible. Here’s how they do it:

Step-by-Step Guidance: The team walks you through the entire process, from registration to filing returns.

Accuracy: They ensure that all the information in your GST returns is accurate, reducing the risk of errors and penalties.

Timely Filing: Lexntax Associates understands the importance of meeting deadlines, so they make sure your returns are submitted on time.

Affordable Pricing: They offer GST services at prices that businesses can afford, ensuring that compliance doesn't come with a hefty price tag.

Conclusion

For businesses looking to stay compliant with GST laws without the hassle, Lexntax Associates is the ideal partner. Their affordable and efficient GST return services can help businesses of all sizes stay on track with their tax filings. By choosing Lexntax Associates, you can focus on growing your business while they take care of the complexities of GST compliance.

No matter your industry, Lexntax Associates offers tailored GST return services that meet your specific needs. Their expert team ensures that your filings are accurate, timely, and in full compliance with the law. Don’t let GST filing become a burden—partner with Lexntax Associates and make the process easy and affordable.

[hexahomee]

GSTR-1 Due Date Extended for December 2024 Return: What You Need to Know

In a significant development for taxpayers, the due date for filing GSTR-1 returns for December 2024 has been extended due to ongoing technical issues with the GST portal. Originally set for January 11, 2025, this extension aims to provide relief to businesses struggling with portal glitches that have hampered their ability to file returns on time.

Technical Challenges Prompt Extension

The Goods and Services Tax Network (GSTN) has acknowledged major technical difficulties affecting the GST portal, which have led to widespread frustration among taxpayers. Many businesses reported being unable to submit their GSTR-1 returns, download necessary data, or respond to official notices due to these issues. As a result, the Central Board of Indirect Taxes and Customs (CBIC) is considering an extension of the filing deadline, potentially pushing it to January 13, 2025, for those under the Quarterly Return Monthly Payment (QRMP) scheme.

Impact on Businesses

Tax professionals have expressed concerns about the implications of these delays. Chartered accountant Himank Singla pointed out that repeated technical failures during peak filing periods have compounded issues for businesses. The inability to file GSTR-1 can disrupt the generation of GSTR-2B forms, which are crucial for clients claiming Input Tax Credit (ITC). This situation could force companies, especially multinationals, to pay GST liabilities in cash, impacting their cash flow significantly.

Recurring Issues with the GST Portal

The GST portal's downtime has been a recurring issue, with scheduled maintenance causing interruptions at critical times. As taxpayers await further announcements from the CBIC, many are calling for a more robust system that can handle high traffic and prevent such disruptions in the future. The current situation underscores the importance of having contingency plans in place for tax compliance.

Filing Requirements and Options

For registered taxpayers making outward supplies of goods or services, filing GSTR-1 is mandatory unless they fall under specific exemptions. Those with an annual turnover of up to ₹5 crore can opt for quarterly filing under the QRMP scheme. As businesses navigate these challenges, the extension provides a much-needed window to ensure compliance without undue pressure.

Conclusion

In conclusion, while the extension of the GSTR-1 due date offers temporary relief amid technical difficulties, it also highlights the ongoing need for improvements in the GST portal's reliability. Taxpayers are encouraged to stay informed about updates from the CBIC and prepare their filings promptly as the new deadline approaches.-Written By Hexahome

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A Complete Guide on Input Tax Credit (ITC) Under GST with Example.

Input tax credit (ITC) is one of the key features of the Goods and Services Tax (GST) system in India. It allows businesses to claim credit for the taxes paid on their purchases and use that credit to offset the tax liability on their sales. In other words, ITC is the mechanism through which the tax paid on inputs is set off against the output tax liability.

Under the GST regime, all registered businesses are required to maintain detailed records of all their purchases and sales, along with the corresponding taxes paid and collected. This enables the tax authorities to verify the correctness of the tax calculations and ensures that businesses are not claiming more credit than they are entitled to.

To claim ITC, a business must meet certain conditions, such as being registered under GST and having a valid tax invoice or other prescribed document showing the amount of tax paid. Additionally, the tax paid must be for goods or services that are used or intended to be used for the furtherance of business.

ITC can be claimed on all inputs, such as raw materials, capital goods, and services, except for a few specified items such as motor vehicles and goods and services used for personal consumption. The credit can also be claimed for taxes paid on goods and services received from outside India, subject to certain conditions.

One important aspect of ITC is that it is allowed only for tax paid on purchases made from registered suppliers. If a business purchases goods or services from unregistered suppliers, it cannot claim ITC for the tax paid on those purchases. This is to ensure that all transactions are properly recorded and that tax evasion is minimized.

In conclusion, ITC is a crucial element of the GST system in India as it helps businesses reduce their tax liability and encourages compliance with tax laws. However, it is important for businesses to maintain accurate records of their purchases and sales and to ensure that all transactions are with registered suppliers to be able to claim ITC.

To Read our detailed blog on Input Tax Credits under GST Click here…

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A Comprehensive Guide to the GST Registration Process

GST registration process is an important milestone in India for business. It marks a crucial juncture under the Goods and Services Tax, or GST framework, that unifies a variety of indirect taxes. It has thus brought down a plethora of indirect taxes in a unified form all over the country. Therefore, be you an aspiring entrepreneur or a successful businessman, understanding this process becomes crucial.

This guide discusses the concept, importance, and process of GST registration and how training programs like Taxation, Tally, and GST Courses in Kolkata can enhance your financial acumen.

What is GST Registration?

GST registration is the process that recognizes a business as a taxable entity under the GST regime. It is mandatory for:

All businesses with more than ₹20 lakhs per annum turnover if the same turnover exceeds ₹10 lakhs per annum for any special category of states.

Inter-state supply

E-commerce businesses

Casual taxable person and non-resident taxable persons under GST

Aggrieved party in reverse charge mechanism

For GST registration after the completion, a GST identification number is received by the concern business and permits to collect taxes, input credit and return through GST. This article discusses reasons why GST is an important phenomenon.

Why Is GST Registration Required?

Here are the major reasons why registering for GST is important:

Legal Recognition: That business will be recognized as a legal supplier of goods or services.

Input Tax Credit: Will make the claiming of input tax credits possible without any hassle, with consequent reduction in tax.

Competitive Advantage: That compliance gains credibility with customers and partners.

Operational Ease: It helps to make interstate trading easy and also supports e-commerce. Failure to register when required can result in heavy penalties and legal repercussions, making compliance non-negotiable.

Step-by-Step Guide to GST Registration

Step 1: Prepare Required Documents Gather the following documents before initiating the registration:

PAN card of the business or proprietor.

Business registration proof (e.g., partnership deed, incorporation certificate).

Address proof of business premises (e.g., utility bill, rental agreement).

Bank account details (cancelled cheque, bank statement).

Proof of identity and address of the authorized signatory (Aadhaar, passport).

Digital signature for companies and LLPs (Class 2 or Class 3).

Step 2: Log on to the GST Portal

Go to the official GST portal at www.gst.gov.in and click on Services > Registration > New Registration.

Step 3: Fill Part A of the Application

Provide details such as:

Legal name and PAN of the business.

Email and mobile number for OTP verification.

A Temporary Reference Number (TRN) will be generated and sent through email and SMS.

Step 4: Log in Using TRN

Login with the TRN to fill up Part B of the application, which contains:

Business details such as trade name, type, and date of commencement.

Head and branch/branches. Details of goods or services supplied. Authorized signatory details.

Step 5: Upload Necessary Documents Ensuring scanned copies of all the documents are clean and correct will avoid delay in processing.

Step 6: Verification and Submission Submit application through EVC or digital signature.

Step 7: Processing of Application The application will be vetted by GST officials. After approval, they will give a GSTIN and a copy of the registration certificate. In case of any discrepancies, clarification will be sought.

An Accounting course in Kolkata also Beneficial.

Common Challenges in GST Registration

Despite how easy the process is, some common areas of common challenges are found as:

Incorrect or incomplete documents.

Key entry errors.

Slowly verification process. To overcome these challenges, consider enrolling in specialized courses like GST or a Taxation Courses in Kolkata, which provide comprehensive insights into GST compliance and related practices.

Tips for a Hassle-Free GST Registration

Ensure Document Accuracy: Double-check all details and ensure consistency.

Maintain Clear Records: Accurate records simplify compliance and audits.

Contact a tax consultant or GST consultant for some professional guidance.

Make the Best Use of Technology: Make use of Tally, thereby automating GST procedures. Take up a course in Tally and become proficient in using the tool.

Conclusion

Understanding the GST registration process is very important for any business that operates within the GST framework of India. Thorough preparation and resource utilization, such as professional training courses, will ensure smooth compliance and avoid pitfalls.

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What is GST? A Deep Dive into India’s Indirect Tax System 

The Goods and Service Tax (GST) is one of the broadest tax reforms of polishing Indian markets which aims at consolidating the diverse and complicated indirect tax system of the country. Brought in from July 1, 2017, GST subsumed over a dozen central indirect taxes like central and state taxes like VAT, service tax, and excise duty. Now let us go through what GST is, how it operates and its effect on the Indian economy. 

Understanding GST: The Basics 

The Goods and Services Tax (GST) is an extensive value-added tax which is applied at the consumer’s end of the supply chain that centralizes a number of regnant indirect taxes in India. GST operates on the principle of “One Nation One Tax” in the sense that the rate and the principles governing the need should be similar throughout the country. 

Key Components of GST 

GST is categorized into four major components based on the nature of transactions: 

Central GST (CGST): 

collected by the central government. 

Applicable on intra state sales (i.e. sale of goods within a state). 

For instance, if goods are sold within Punjab, CGST will be charged along with SGST. 

State GST (SGST): 

They are collected by the state government itself. 

SGST is applicable only in intra-state transactions. 

Both CGST and SGST are charged at half rate (for instance, 9% for an 18% total GST). CGST. 

Integrated GST (IGST): 

Received by the central government. 

Applicable to transactions of goods across states (for example Punjab to Delhi) and importation. 

IGST generated is also divided between the central and the state government based on the consumption of the goods and services. 

Union Territory GST (UTGST): 

Applicable in the union territories lacking legislative assemblies like, Chandigarh, Lakshadweep, and Andaman & Nicobar Islands. 

It works exactly like SGST but is collected in Union Territories and not in states. 

How Does GST Work? 

The GST system is designed to eliminate the cascading effect of taxes, where tax is levied on tax. Here’s how the mechanism works: 

Input Tax Credit (ITC): Businesses have the option to take credit of tax paid on inputs used to supply final goods or services. This helps to lower their taxation. 

Seamless Flow: Its base follows the value addition at each stage of the supply chain, so it is transparent. 

Filing and Compliance: Business who deal with more than one state are required to register under GST; they are supposed to file returns either monthly, quarterly or annually depending on their turnover. 

Key Features of GST 

· Comprehensive Coverage: 

Wide Applicability: GST is in force across India irrespective of the state for almost all the products and services replacing many indirect taxes like Value Added Tax, Service Tax and Central Excise Tax, etc. 

Exceptions: Some items are still beyond the ambit of GST like, ‘all goods, except for alcoholic liquor for human consumption, and all services, except services of petroleum, crude or natural gas’. Both the central and state tax authorities impose tax on these items individually. 

Unified Framework: This broad coverage makes the whole concept of taxes to be brought under one umbrella and hence unifying the tax systems across the country. 

· Multiple Tax Slabs: 

Tax Rates: Under the GST regime, the GST rates are in number of slabs depending on the type of goods or services rendered with an aim of meeting the needs of the different income categories of the society. 

0% (Exempted Items): Basic need goods and service which include raw food grains and health care sector services. 

  5% (Lower Rate): That means products of tertiary consumption like canned goods, and other essential commodities. 

  12% and 18% (Standard Rates): similar types of consumption items such as furniture, electronic goods, and eating out services. 

  28% (Luxury and Sin Goods): Luxury and sin goods, such as cars and cigarettes and consumer durables are the examples of convenience goods. 

Dynamic Adjustments: The GST Council regularly reviews and adjusts rates to balance revenue generation and consumer affordability. 

· Digital Framework: 

GST Network (GSTN): Goods and Services Tax is coordinated through an integrated web based system hence making tasks like registration, filing, payment, and application for refund easier. 

User-Friendly Interface: It is intended to be user friendly as one who is a taxpayer. 

Real-Time Updates: Makes work more transparent and decreases time in which one has to wait for compliance. 

E-Invoicing and Automation: Launched for starting creation of invoices that are connected to the GST system, decrease the possibility of mistakes made by hand and improve the accuracy. 

Benefits: 

Reducing paperwork and therefore, saves time. 

Reduces the client’s possibility of evading tax payments through enhanced surveillance and tracking.  

Enhances the use of automated reminders and the error alert system. Ugh, better monitoring and tracking. 

Improves compliance with automated reminders and error detection features. 

Benefits of GST

Simplified Tax Structure: 

Unified Tax System: If we talk about GST, it subsuming many indirect taxes such as VAT, excise duty, and service tax etc.  

Eliminates Cascading Effect: Since GST taxes only the value addition, it cuts down the tax on tax issue.  

Example: A simple GST structure helps in determining prices and these variables affecting it. 

Ease of Doing Business: 

Uniform Tax Rates: Various types of business in different states experience unified taxes.  

Centralized Registration: One-stop solution for compliance is available in the case of GST.  

Encourages Investments: There is one that speaks of a stable tax environment that in fact fosters the startups. 

Boost to Economy: 

Supply Chain Efficiency: Increased speed at which goods are moved and general decrease in cost of logistics.  

Competitive Pricing: Reduced cost of production results in cheaper priced products and hence services.  

Promotes Exports: Exporting under zero rating degree make the products to be competent with those of other nations. 

Increased Transparency: 

Digitized Processes: Records accessible through online means reduce on errors and interference with manual manipulations.   

Reduced Corruption: There are few vectors to engage in malpractice in case of automation.  

Better Compliance: Real-time tracking also helps to avoid violations of the existing legislation. 

Additional Benefits: 

Consumer Advantage: Purveyors are also in a position to lower costs and provide more choices owing to higher efficiency.  

Revenue Growth: As a VAT, GST expands the tax net, increases government’s tax revenue as well as efficiency by minimizing bureaucratic expenses. 

Challenges in GST Implementation 

Despite its benefits, GST faced initial hurdles such as: 

· Compliance Issues: 

Adaptation to Digital Filing: Traditional small businesses and those who lack adequate accounting infrastructure found it capable of managing GST in its digital environment, return filing and record management, etc. 

Solution: The government implemented training to undertake and the regulation made easier for small business to deal with, but the early stages were quite difficult for many business people. 

· Multiple Tax Slabs: 

Complexity: There were variations in the tax rates which include 0%, 5%, 12%, 18% and 28%; these made the system large and complicated. 

Result: This made the management more complex as businesses were to deal with different rates for different products and services. 

Solution: Despite periodic adjustments by the GST Council, some of these rates continue to be complicated for selected industries. 

· Impact on Inflation: 

Short-Term Price Increases: They also said in the very first phase of GST implementation, some goods and services became costlier due to changes in their tax base to reflect from the earlier exempt or lower tax rates slab. 

Impact: This put inflation pressure on the consumers particularly on the necessary goods to be consumed. 

Solution: In the long run, concluding from the advantages of GST, more stable prices have been established, as earlier the production costs have been lowered. 

Impact of GST on Various Sectors 

·  Manufacturing: 

Reduction in Logistics Costs: Interstate check posts are no longer required thereby cutting down on time and cost of transportation within the different States due to GST. 

Elimination of Tax Cascading: The application of tax-on-tax effect has been done away with hence cutting out on cost increases in manufacturing. 

Efficiency Gains: The single tax system is advantageous since there are no difficult conforming requirements for use of state taxes with the unified structure. 

·  E-commerce: 

Uniform Tax Laws: Since GST has been implemented, e-commerce businesses can be sure that they will not be harassed by a plethora of different state taxes. 

Simplified Operations: Hence, there have been relatively easy ways of following the compliance and regulations needed for vendors operating across several states in the country through the e commerce platforms. 

Growth Opportunities: Another constraint which GST has helped in overcoming is the regional taxes which e-commerce firms used to encounter in their fast expansion. 

·  Services Sector: 

Uniform Tax Rate: One standard nominal taxation rate has been imposed on services making it convenient for service providers to deal with states. 

Simplified Compliance: More gone when there is only single registration and filing of service business to administer their tax liabilities. 

Improved Business Environment: Uniformity of GST allows service providers tender better pricing structures as well as gain more market share.  

Conclusion 

It can be summed up that GST has revolutionalised the Indian taxation structure and boosted economic liberalisation and official rationalization. That is why, despite the certain problems, which arise during the consolidation, including the compliance and the changes in prices, the further perspectives of functioning with the united framework of taxation are more advantageous.  

Reducing the cascading effect of taxes; implementing a more straightforward taxation system; and encouraging easier business operations, GST has promoted a more efficient business model. India is already a developing country that is on the right phase of growth.  

The Legal Dost is here to assist you to make your head around the GST especially for the new businessmen and woman, your go-to gentleman! Please contact us for professional advice and compliance with minimal problems for your business. 

[scbhagat]

GST Return Filing Services in Delhi By SC Bhagat & Co.

The Goods and Services Tax (GST) system in India has streamlined the taxation process, but it can still be complex for businesses to navigate. Accurate and timely GST return filing is crucial for businesses to avoid penalties and ensure smooth operations. If you’re looking for reliable GST Return Filing Services in Delhi, SC Bhagat & Co. offers expert assistance tailored to your business needs.

Why GST Return Filing is Important? GST return filing is a legal obligation for businesses registered under the GST regime. It involves submitting details of sales, purchases, output GST (on sales), and input tax credit (GST paid on purchases) to the government. Filing returns correctly and on time ensures:

Compliance with Regulations: Non-compliance with GST regulations can result in hefty fines and interest on unpaid taxes. Input Tax Credit: Proper filing allows businesses to claim input tax credits, reducing the overall tax burden. Avoid Penalties: Timely filing helps avoid late fees and penalties, which can accumulate quickly. Smooth Audits: Maintaining accurate records through return filing facilitates hassle-free audits. Types of GST Returns in India Different types of GST returns need to be filed depending on the business type and activities. Here's an overview of the major returns:

GSTR-1: Details of outward supplies of goods and services (sales). GSTR-3B: Summary return showing total taxable value and taxes paid. GSTR-4: Return for composition scheme taxpayers. GSTR-9: Annual return for normal taxpayers. GSTR-10: Final return when GST registration is canceled. Why Choose SC Bhagat & Co. for GST Return Filing Services in Delhi? Expert Team: SC Bhagat & Co. has a team of experienced professionals who specialize in GST regulations. They stay updated with the latest changes in GST laws to ensure compliance and accuracy in your filings.

End-to-End Service: From compiling the necessary data to submitting the return on time, SC Bhagat & Co. provides comprehensive GST return filing services. They handle everything, so you don’t have to worry about the complexities involved.

Customized Solutions: Every business is unique, and so are its GST filing requirements. SC Bhagat & Co. offers personalized services that cater to the specific needs of your business, ensuring that you only pay the taxes you owe and nothing more.

Timely Filing: SC Bhagat & Co. prioritizes deadlines and ensures that all GST returns are filed within the stipulated time frame, avoiding any late penalties.

Affordable Services: High-quality service doesn’t have to come with a high price tag. SC Bhagat & Co. offers competitive rates for their GST return filing services, making them accessible to small and medium-sized businesses in Delhi.

Common GST Filing Challenges Solved by SC Bhagat & Co. Errors in Data Entry: Mistakes in entering sales and purchase data can lead to discrepancies. SC Bhagat & Co. ensures that all data is accurately compiled to avoid errors.

Complex Tax Rules: GST laws are constantly evolving, making it hard for businesses to stay compliant. With their expert knowledge, SC Bhagat & Co. keeps your business updated with the latest regulations.

Delayed Filings: Late filings lead to penalties, but SC Bhagat & Co. ensures timely submissions, minimizing risks of fines.

Mismatch in Input Tax Credit: They help reconcile input tax credit claims, ensuring you don’t lose out on eligible credits due to mismatched data.

How to Get Started? Partnering with SC Bhagat & Co. for GST return filing in Delhi is easy. Simply reach out to their team, and they will guide you through the process, offering personalized assistance based on your business requirements.

Conclusion Accurate and timely GST return filing is essential for maintaining tax compliance and maximizing input tax credits. With SC Bhagat & Co.’s GST Return Filing Services in Delhi, businesses can enjoy peace of mind knowing their GST obligations are handled by experts. Save time, avoid penalties, and stay compliant by letting SC Bhagat & Co. manage your GST returns.