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Step-by-Step New GST Registration Guide – Part IV

  Introduction In our previous blog, we guided you through the remaining 6 pages of Part B of the New Registration form, GS REG-01. You now need to complete the verification process and submit the form. Once the form is submitted, you must keep track of your application status. If all the documents submitted by you are correct, you will successfully complete your new GST registration process and get your business registered quickly! Verification Tick the check box Name of Authorized Signatory* (The name of Proprietor / Principal Authorized Signatory will show up in the list, select the same). Place* Designation / Status* (This auto fills based on who you select in Name of Authorized Signatory). Date* (Auto fills as […]

Match GSTR-3B with GSTR-1, GSTR-2 and GSTR-3

With the completion of the filing of GSTR-3B returns last month, businesses are now preparing in full swing to file their GSTR-1 returns. The recent decision by the GST Implementation Committee to extend the due dates for filing GSTR-1, GSTR-2 and GSTR-3 for the month of July, offers a much needed relief to the businesses. You will get additional time to prepare accurate returns. The revised dates are as follows. Returns period GSTR-1 GSTR-2 GSTR-3 July,2017  10th October,2017 31st October,2017 10th November,2017 *Due Dates for filing above mentioned returns for subsequent periods shall be notified at a later date. You already know, GSTR-3B is an interim return which is required to be filed instead of regular returns GSTR-1, GSTR-2 and […]

Step-by-Step New GST Registration Guide – Part III

  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 […]

Step-by-Step New GST Registration Guide – Part II

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. Read: What is the Difference Between DSC, E-sign and EVC in a GST Portal? In this blog, we will speak about the first 3 […]

GST on Supply of Second-Hand Goods- Margin Scheme

Second-hand goods dealers deal in purchase and sale of used goods. These goods might be sold as they are or after minor refurbishing. In this blog, let us understand the impact of GST on the inward and outward supply of used goods by these dealers. We will also learn about the margin scheme, which is a scheme for paying tax, offered to second-hand goods dealers. Outward supply of second-hand goods When a registered second-hand goods dealer supplies second-hand goods, the dealer is liable to charge GST on the second-hand goods. For this, 2 options have been given to the dealers: Charge GST on the full transaction value. Here, the dealer is eligible to claim input tax credit of the tax […]

Step-by-Step New GST Registration Guide – Part I

Introduction It has been 2 months since we entered the GST era, and there are still many businesses across the country – both old and new, that are yet to figure how to register for GST. While the process is seamless due to its online nature, one needs to ensure that the requisite form, i.e. GST REG-01 is filled with the correct information, and the business owner has the correct documents by his side, in order to complete the GST new registration procedure in time. In this blog, we have provided a step-by-step guide to obtain a new GST registration: GST New Registration Procedure Log in to Go to the Services tab, and take your cursor to Registration. Once […]

How to File GST TRAN-1: Part 4

In our previous blog How to File Form GST TRAN-1: Part 3, we discussed about the applicability of Table 7 of Form GST TRAN-1 and specifically discussed on how to capture the details in table 7(A) of Form GST TRAN-1. In this blog we will discuss: When 7(b) Form GST TRAN-1 is applicable? How to file Form GST TRAN-1 7(b) ? When is 7(b) Form GST TRAN-1 applicable? The table 7(b) of Form GST TRAN-1 is applicable only to those businesses where duties and taxes on input or input services have been paid by the vendor in earlier regime. But those goods or services are received on or after implementation of GST, that is, after 1st July, 2017. Basically, this […]

GST Impact on Gold & Jewellery

  Introduction India’s centuries-old gold industry is the world’s biggest market for the metal, with imports meeting almost all the country’s requirements for jewellery and investment. Imports are high not only because of a huge demand, but also because of the large population of about 1.2 billion people. India’s gold market is estimated to have more than 300,000 jewellers, mostly small, family-run businesses. The following chart will give you an idea of how gold has fared across the last 90 years: Year Rate (per 10 gms) in INR Year Rate (per 10 gms) in INR Year Rate (per 10 gms) in INR 1927 18.37 1957 90.62 1987 2570.00 1928 18.37 1958 95.38 1988 3130.00 1929 18.43 1959 102.56 1989 3140.00 […]

Cigarettes & Tobacco Products under GST

Introduction Ever since the beginning of taxation, governments have tried to levy ever increasing taxes on cigarettes and tobacco products, out of the need to curb their usage. Considering the previous regimes, excise duties on cigarettes was increased by 22% in 2012-13, 18% in 2013-14 and around 21% in 2014-15. The current government has been even more aggressive than its predecessors, hiking duties on cigarettes in the range of 11% to 72% while presenting a truncated budget in July 2014, followed by an additional 10% during the final Union Budget of 2015-16. Even, in the Union Budget of 2017-18, presented a few months back prior to the GST rollout, excise rates of several tobacco products was hiked, most possibly to […]

Concept of Pure Agent under GST

A pure agent is a registered taxable person who liaises between other suppliers on behalf of his client. Under this concept, while providing services to the client, he also undertakes to receive other ancillary services from other service providers, and incurs expenditure on behalf of his client. The actual expenditure incurred by a pure agent is later claimed as reimbursement. In other words, over and above the value of services rendered to his client, any other expenditure incurred by a pure agent (on behalf of his client) will be a reimbursement. Therefore, the relationship between the supplier and recipient with respect to the main service, is on a principal-to-priWhile all of the above conditions are a must to be qualified […]

Impact of GST on Restaurants

Restaurant industry The Indian Restaurant industry today, is worth a staggering INR 247,680 crores and is developing at a yearly rate of 11% – estimated to hit INR 408,040 crores by 2018. As per the National Restaurant Association of India’s 2013 India Food Service Report, the segment comprises of 1.5 million eating outlets, employing 4.6 million people, which again, is projected to rise to 8 million by 2018. This growth has been fuelled by a combination of factors: the growth of the great Indian middle class, rapid urbanization, growing awareness of western lifestyles, more women joining the workforce and higher disposable income, to name a few. Not to forget the organised food services industry – comprising the KFCs, Dominoes and […]

What Happens if You Pay Wrong Tax on Supply

Under GST, the place of supply determines the tax to be charged on a supply. Based on whether the supply is of goods or services, specific rules have been laid down to determine the place of supply. With GST being implemented on 1st July, 2017, it is expected that there will be situations where the wrong tax has been charged on a supply and the same has been paid to the Government. This can happen in 2 scenarios: CGST + SGST/UTGST has been collected and paid instead of IGST IGST has been collected and paid instead of CGST + SGST/UTGST Scenario 1: CGST + SGST/UTGST has been paid instead of IGST In this case, a supplier considers a supply to […]

Gifts to Employees under GST

It is a common business practice to give gifts to employees, especially on the occasion of festivals like Diwali, New Year, etc. In addition, companies provide various perquisites to employees, such as housing, laptops, conveyance, health insurance, etc. In the previous indirect tax regime, these gifts were not taxable under VAT or Service Tax. Let us understand the treatment of gifts to employees under GST. What are gifts? Gifts have not been defined in the GST Law. However, the Finance Ministry has issued a notification which states that a gift is given without any consideration in return, is voluntary and is made occasionally. It cannot be demanded as a matter of right and an employee cannot move a court of […]

Goods Transport Agency under GST and the Rates Applicable

Transport of goods by road is the most commonly used mode of transportation for businesses which supply goods. This transportation by road is facilitated either by a Goods Transport Agency (GTA) or common carriers such as autorickshaw or courier agencies. In this blog, we will understand what is meant by a Goods Transport Agency (GTA) and the GST rates for transportation service provided by a Goods Transport Agency. This is the first blog in the series wherein, we will understand the various tax provisions with respect to services provided by Goods Transport Agencies and the tax impact on persons taking their services. Who is a GTA? A GTA is basically any person who provides services in relation to transport of […]

By |2022-11-29T12:57:19+00:00August 29th, 2017|goods transport agency, GST, gst on goods transport agency, gst on gta, gst on gta services, gst on road transport, gst on transport of goods by road, gst rate on gta, gst rate on gta services, Tax, who is gta|Comments Off on Goods Transport Agency under GST and the Rates Applicable

How to File Form GST TRAN-1: Part 2

In our earlier blog How to File Form GST TRAN-1: Part I, we discussed about filing GST TRAN-1 with details of CENVAT and input VAT credit carried forward.  In this blog, we will discuss about how to file Form GST TRAN-1 for claiming transitional ITC on Capital goods. In the earlier regime of indirect tax, there were various conditions and restrictions for availing ITC on capital goods. For example, under Central Excise, a manufacturer can avail ITC up to 50 % in the current year and remaining in the subsequent year. Similarly, under VAT, each state had different provisions for claiming input vat on capital goods. As a result, on the date of transitioning to GST, businesses who have unavailed input tax […]

By |2023-02-17T06:08:51+00:00August 25th, 2017|claim transition credit, form gst tran1, goods and services tax, GST, gst input tax credit, gst transition, Tax, tran1|Comments Off on How to File Form GST TRAN-1: Part 2

What is Form GST TRAN-1 and when to File it

  Last updated on August 25th, 2017 at 12:36 pm Businesses having carry-over Cenvat credit and Input VAT credit are allowed to carry forward the eligible Cenvat/Input Credit (ITC) from earlier regime to GST. The Cenvat credit including Service Tax will be carried forward as CGST Input Tax credit and VAT including entry tax will be available as SGST Input tax credit. And, also in certain businesses circumstances, input tax credit on closing stock held on 30th June, 2017, will be allowed to carry forward to GST regime. However, to be eligible to carry forward the credit, businesses are required to meet certain conditions. To know more about different business scenarios and conditions, read our blog Moving to GST: For […]

By |2023-03-23T07:57:27+00:00August 24th, 2017|goods and services tax, GST, gst input tax credit, gst itc, GST Return Filing, gst transition, gst transition in india, Tax, tran-1, tran1|Comments Off on What is Form GST TRAN-1 and when to File it

GST Impact on Real Estate Buyers

Introduction In our previous blog, we read about the impact of GST on real estate developers. Given that the subsuming of multiple indirect taxes, and seamless availability of ITC is bound to reduce costs for the developers, it does translate into a positive impact of GST on property prices for buyers, which are bound to get more attractive. Let us look into the impact of GST on homebuyers, as well as commercial buyers: Impact of GST on real estate buyers GST impact on home buyers – A simpler game In the previous regime, development and sale of property attracted a multitude of state and central taxes. The taxes applicable and their percentages varied, depending on the construction status of property […]

GST Impact on Real Estate – Developers and Builders

  Introduction The real estate sector is one of the most pivotal sectors of the Indian economy, ranked second only to agriculture. It has an average contribution of 5% – 6% to the Indian GDP, stimulating demand for more than 250 ancillary industries, and playing a vital role in generating employment across the nation. It has also been one of the prime areas of investments; having seen a substantial growth of 22% in the private equity space, and close to 9% in investments for residential properties in 2016. The sector of late, has indeed been subject to a sea of changes. Demonetization was the first wave to hit the real estate shores last year, closely followed by the latest Real […]

Persons who Need to Register under GST Irrespective of Their Turnover

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 are liable to pay tax on reverse chargeRead this blog post to know more about the supplies on which reverse charge is applicable to 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 […]

GSTR-3B Due Date – 20th or 28th August?

In the light of the recent clarification from CBEC, the businesses are allowed to use the transitional input tax credit in paying the July month’s tax liability. This is a much needed relief to businesses who had huge amount of transitional credit. This is because they feared that the non-availability of such option would have a severe impact on cash out-flow of the business. With the council’s decision to allow the transitional credit, the due date of GSTR-3B has also been extended for businesses that wish to claim the transitional ITC in July month’s return. As a result, there are two sets of due date to file GSTR-3B for businesses: 20th August, 2017, and 28th August, 2017. Let us discuss […]

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PowerPacks FAQ

A PowerPack is a powerful widget built on top of the Tally platform. It adds value to your business by simplifying key, daily activities that may currently be done manually. A good example is Digital Signature – replace the need for physically signing (or even printing out!) By automatically inserting a digital signature on your entire Tally generated invoices. Saves you a ton of time, saves printing costs and also saves the environment since you print less!
Good Question! Our team is continually improving these PowerPacks. By adopting a subscription model, it allows our team to invest time to continually improve them. In addition, when the Tally platform is upgraded, your PowerPack will always work. Current offerings in the market sell you a ‘perpetual’ file and then charge you exorbitant upgrade fees when a new version comes out. We eliminate all of that and charge you a low fee. Think of it as sacrificing a couple of cups of coffees per year! Surely you can sacrifice 2 cups of coffee for improved productivity at work, right?
No problem! We understand that our customers’ needs evolve over time, and you may not need a certain PowerPack after a certain period of time. If you cancel within 7 days of purchasing the PowerPack, we will refund your money within 3 business days – no questions asked! If you’ve purchased an annual license, you can simply cancel your subscription and your license copy will lapse after your subscription period ends. No surprise charges. EVER!
Come on! You must be joking. Ok, you’re not. Well, the answer, surprisingly, is YES! If you purchase a PowerPack for the whole year, you can get it for only INR 999/year! That is a 15% discount or almost 2 months free 🙂 Happy now?

We’ve designed our PowerPacks to be self-serve and easy to install and use. We also provide you with a user manual and feature list with screenshots to get you started. But if you still have questions, drop us an email at [email protected] and we’ll help you out! If you need more hands-on support, just give us a call or drop an email.

Absolutely! We will continue to build the PowerPacks that serve our customers at an affordable price. We notify our customers when a new PowerPack is available. Meanwhile, if you need something very unique to your business, we have a top-notch development team that is eager to solve complex problems for businesses like yours. Fill out this form, we’ll get in touch with you!
Good question again! Other vendors may offer you a PowerPack (add-on/module) for a flat one-time fee. But what they don’t tell you is that anytime there is a release upgrade or newer version of Tally, the PowerPack will stop working. To get it to work again, you will need to pay the vendor more money. This cycle is never-ending! In addition, other vendors may not update their PowerPacks with additional features. If they do, they may charge you extra for the same. With Mark IT, your PowerPack will always work even if there is a release update. The subscription model also allows us to continually enhance our PowerPacks and pass on the benefits to our customers at no extra cost. Plus, you save a ton of money upfront which you can use for other business improvements!
You can choose between a number of payment types – NEFT, credit or debit card, UPI, EMI or any wallet (like PayTM, PhonePe etc.) Providing flexibility to our customers is important to us, so we ensure to continually add the latest payment methods.
We’re glad you want to! Simply add multiple PowerPacks to your cart and buy! In addition, if you wish to purchase additional PowerPacks for additional serial numbers, simply change the quantity to the appropriate number of serial numbers and you are set. Feel free to add any comments in the Notes section if there is something you need to tell us regarding your order. Trust us, we read every customer’s emails!
A PowerPack is compiled and attached to a single serial number. If you’d like to set up the PowerPack for multiple serial numbers, simply purchase additional PowerPacks for each of your serial numbers. Simple!

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