The GSTR-9 annual return is a crucial compliance requirement under the Goods and Services Tax (GST) system in India. It is a consolidated document summarizing a taxpayer’s annual GST transactions. Filing GSTR-9 ensures transparency and helps reconcile the details filed in various GST returns throughout the financial year. Whether you’ve completed GST registration in Coimbatore, GST registration in Chennai, or […]
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The Goods and Services Tax (GST) framework in India is built on three fundamental aspects: time, place, and value of supply. These concepts play a vital role in determining the applicability of GST, the state in which tax is to be paid, and the amount of tax to be levied. Businesses must grasp these principles to ensure compliance and avoid […]
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Under GST, zero-rated supply refers to goods or services that are exported out of India or supplied to a Special Economic Zone (SEZ) developer or an SEZ unit, where the goods or services are taxed at a rate of 0%. This concept is critical for promoting exports and operations in SEZs without the burden of tax. Key Features: Tax Rate: […]
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Under GST, determining whether a supply is inter-state or intra-state is essential, as it dictates the applicable tax—Central GST (CGST), State GST (SGST), or Integrated GST (IGST). Proper classification ensures compliance, accurate tax calculation, and timely payment.Inter-State Supply: An inter-state supply of goods or services arises when the supplier’s location and the place of supply are in: Different states Additionally, […]
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In the Goods and Services Tax (GST) framework, the primary principle is that the supplier of goods or services is responsible for the payment of GST. This rule requires the collection of taxes at the point of origin, which are then remitted to the government. However, there are specific scenarios where this responsibility shifts to the recipient of goods or […]
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In India, the Goods and Services Tax (GST) has simplified the indirect taxation system by replacing multiple taxes levied by the state and central governments. If you are a business owner in Bangalore, understanding how to register for GST is crucial for compliance and seamless operations. This guide provides a step-by-step process to help you navigate through GST registration in […]
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Introduction GST, an indirect tax, is levied on the provision of goods and services within India. Implemented on July 1, 2017, GST replaced several previous indirect taxes like VAT, service tax, and excise duty. For Private Limited Companies (Pvt Ltd), adhering to GST regulations is critical for legal compliance and smooth business operations. Filing GST returns after getting GST registration […]
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What is Company and what are its benefits? A company in India is a voluntary association of individuals formed for the purpose of carrying out business activities, which can be for-profit or non-profit. It is a distinct legal entity separate from its members (shareholders) and is recognized by law. This means that the company itself can own property, incur liabilities, […]
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1. According to information, the GSTN has developed a feature that will allow taxpayers to online explain the distinction between their GSTR-1 and 3B returns, as directed by the GST Council. This feature is presently live on the GST portal. 2. The functionality thinks about the liability declared in GSTR-1/IFF with the liability paid in GSTR-3B/3BQ for each return period. […]
Continue reading »The Goods and Services Tax is an indirect tax that is primarily levied by the government on the provision of goods and services rather than a person’s income, profit, or revenue. Several central-level taxes, including the Central Excise Duty, Sales Tax, Service Tax, and Special Additional Customs Duty, are included in the GST. as well as state-level taxes like the […]
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