Category: GST

GST Payment rule in India

GST Payments: For any intra-state supply, Central GST to be paid and it goes to the account of the Central Government. State GST into the account of the concerned State Government. Inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SGST. In addition, certain categories of registered …

Continue reading

Types of GST Returns to be filed in India

Under the new GST regime, GST registration would be required for all enterprises involved in the buying or selling or delivery of services exceeding Rs.10 lakhs a year in north-eastern and hill states, while the limit is Rs.20 lakhs for rest of India. All entities having GST registration would be required to file GST returns. …

Continue reading

Maintenance of Accounts and Records under GST India

Section 42 of GST India deals with Maintenance of accounts and records and Section 43 of GST India deals with the period “of retention of accounts and records. Section 42 of GST law India deals with Maintenance of accounts and records: Every registered taxable person must keep and maintain at his principal place of business mentioned in …

Continue reading

GST Registration in India

Who required to get GST registration and what is GST registration threshold? Any person (individual or entity) that fulfills any of the following conditions needs to get GST Registration compulsorily: Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh …

Continue reading

GST Transition: How to Migrate Existing Input Credits?

Taxpayers already registered under VAT/Service tax in India also need to register under GST. Each entity registered under the previous indirect tax laws shall get a certificate of registration on the provisional basis. This certificate issued would be valid for a period of 6 months. Businesses having a turnover of more than Rs 20 Lakhs …

Continue reading

What is GST, definition of GST in India

What is GST? GST – Goods and Service Tax is a kind of tax imposed on manufacturing, sale and usage of services and goods. Goods and Service Tax (GST) is applied on services and goods at a national level with a purpose of achieving overall economic growth. GST is particularly designed to replace the indirect …

Continue reading