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GST (Goods and services tax) – India – Tally Solutions How to Move from Composition to Regular Scheme in GST A person registered as a composition tax payer has to become a regular tax payer when his/her turnover crosses Rs. 50 Lakhs (in Special Category States except Uttarakhand) and Rs. 75 Lakhs… The post How to Move from Composition to Regular Scheme in GST appeared first on GST (Goods and services tax) – India – Tally Solutions.
GST (Goods and services tax) – India – Tally Solutions Who Need Not Mandatorily Register under GST We have learnt about the persons who have to mandatorily register under GST in one of our previous blog. These persons have to register, irrespective of their turnover. Hence, even if their… The post Who Need Not Mandatorily Register under GST appeared first on GST (Goods and services tax) – India – Tally Solutions.
Introduction The process for New Registration under GST in the GST portal comprises of Part A and Part B. We have familiarized you with Part A of the process. In our previous blog, we took you through the first 3 pages of Part B of the New GST Registration online form – Business Details, Promoters / Partners & Authorized Signatory. If you recollect, completing these 3 pages (out of the 9) itself accounts for 99% of the form completion process for new registration under GST. In this blog, we will guide you to fill the remaining 6 pages in Part B of the New GST Registration online form. Authorized Representative This section is of importance for all those businesses […]
Introduction In our previous blog, we took you through the first part of the New GST Registration process on the GST portal – primarily completing Part A of the form, after which you obtained your Temporary Registration Number (TRN). As mentioned earlier, the TRN is valid for a period of 15 days, within which the remaining 9 pages of the form – pertaining to various details of your business are required to be filled. Remember, every time you log into the portal using your allocated TRN, you will need to go through the OTP validation process. In this blog, we will speak about the first 3 pages in Part B of the New Registration Form: Business details Details of your […]
Persons Nature of activities, Persons making interstate supplies, All persons who make interstate outward supplies have to mandatorily register. Note that exports and imports are also considered as interstate supplies.Persons making taxable supplies on behalf of other taxable personsExample: Agents, brokers, dealers, etc. who make taxable supplies on behalf of other taxable persons.Persons liable to pay tax on reverse chargeRead this blog post to know more about the supplies on which reverse charge is applicable Casual taxable persons. These are persons who occasionally undertake taxable transactions in a state where they do not have a fixed place of business. For example, sellers in exhibitions, trade fairs, circus business, etc. Read more about casual taxable persons Non-resident taxable persons These are […]
In our last blog on this topic, we discussed about some of the positive impacts of GST on the manufacturers across our country. While the core benefits do stand out in terms of ease of doing business, and decreased costs on several fronts, there are certain aspects of GST which may not be conducive to the manufacturing sector. Let’s have a look. Negative Impact Reduced working capital Under the current taxation regime, stock transfers are not subject to tax, provided Form F is furnished. Input VAT credit is available in excess of 4% of tax paid on purchase, and the 4% thus reversed, finds its way into product cost. However, under the GST regime, stock transfers are deemed to be ‘supply’ […]
The “Make in India” campaign has provided a huge boost to India’s position on the world map as a manufacturing hub. According to Deloitte, India is expected to become the 5th largest manufacturing country in the world by the end of 2020. But more importantly for us, it promises to do wonders for the manufacturing sector – which has seen a stagnant phase in the last 2 decades and currently contributes to 16% of our GDP, as per IBEF. And that, surely means good news for our manufacturers. But is only a campaign going to turn things overnight? Probably not. While the government has a full arsenal of ideas, innovations, and strategies on how to make “Make in India” happen […]
In the post titled Registered Dealer? Learn How to Transition to GST, we discussed the essentials of registration, and the forms needed for existing dealer registration. In this post, we will understand the registration process for new business registrations. Liability for Registration in GST Region Aggregate Turnover Liability to Register Liability for Payment of Tax North East India Rs 9 Lakhs Rs 10 Lakhs Rest of India Rs 19 Lakhs Rs 20 Lakhs If you are a regular dealer or a composite tax payer, you need to do the following: Fill Part-A of Form GST REG-01. Provide your PAN, mobile number, and E-mail ID, and submit the form. The PAN is verified on the GST Portal. Mobile number, and […]
With each passing day, we are moving one step closer to the GST regime. The GST Bill has been approved by the President, and the GST Council is in the process of forming the rules. As businesses begin their preparation towards the new taxation system, obtaining your GST registration is the first step. Liability for Registration in GST Region Aggregate Turnover Liability to Register Liability for Payment of Tax North East India Rs 9 Lakhs Rs 10 Lakhs Rest of India Rs 19 Lakhs Rs 20 Lakhs This ensures that on the day a dealer crosses Rs 20 Lakhs turnover, he is already registered, need to start charging GST, and is eligible to claim input tax credit. All existing dealers registered with any of […]
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