Comprehensive GST Guide : Introduction, Compliance, Updates
Introduction to GST
On July 1st, 2017, India moved to a new tax system – one that aims at converting the entire nation into a single market. If you are new to GST and keen to know how this new tax will affect you and your business, this section will help you understand the basics of the ‘Good and Simple Tax’.
- What is the Goods and Services Tax (GST)?
- Indirect taxes replaced by GST
- Advantages and disadvantages of GST
- CGST, SGST, IGST
- Taxable person under GST
- Basics about GST registration
- GSTIN
- GST-compliant invoice/bill
- Reverse Charge
- What happens to mixed supply and composite supply under GST?
- Continuous supply
- GST compliance rating
GST Invoicing/Billing
The first step to becoming GST-compliant is creating correct invoices. However, not everyone knows what a GST-compliant actually is. Our experts answer the most common questions about GST invoices and how to go about creating one.
- GST-compliant invoices/bills
- Details to be mentioned in a GST-compliant invoice
- Different kinds of GST invoices and when are they issued?
- Customize GST invoices created online
- Revise invoices issued before GST
- How many copies of invoices should one issue?
- Important rules to remember when creating an E-way Bill
- How to create GST invoices offline – without internet
- Which GST-compliant software to use for invoicing?
- What is the time limit for issuing invoices and other documents?
- FAQs about GST invoices
GST Registration
We all know that registering for GST is mandatory, but does your business even need a GST registration? What would be the pros and cons of obtaining a GST registration and how does one obtain it? This section gives you a clear understanding of the registration process and how to go about it.
- What is GST Registration?
- Who should get registered under GST?
- Which businesses have to register under GST irrespective of their turnover?
- Documents/details required to register under GST
- GST registration process
- Fees for registering under GST
- Penalty for not registering under GST
- What is a GSTIN?
- Multiple GST Registrations
- Composition Scheme and when to opt for it?
- Voluntary Registration and why to opt for it?
- Cancellation of GST Registration
Time, Place & Value of Supply
The point of taxation, type of tax, and amount of tax depends on the time, place, and value of supply. It is necessary to understand how these rules apply in case of inter-state and intra-state transactions so that you charge the correct tax every time.
- What are Time, Place and Value of Supply?
- Time of Supply
- Place of supply
- Value of Supply
GST Accounting & Records
With GST, the Indian economy has gone digital. And so has our record-keeping process. Understand how to maintain your online records and accounts under GST, pass accounting entries, and much more.
- Different accounts and records under GST
- Difference between Electronic Cash and Credit Ledger
- Period for retention of accounts under GST
- Consequences of not maintaining proper GST records
- How to pass accounting entries under GST?
GST Procedure
The GST law has laid down stringent procedures for proper assessment of taxes, self-audit, and audit by officers. Wondering how it works? Read on to know more.
- Process for audits under GST
- Different ways of assessment of tax liability under GST
- Methods of Demand and Recovery by the authorities when a taxpayer pays wrong taxes
- Advance Ruling under GST and when a taxpayer can opt for it
e-Way Bill
Electronic Way Bill (e-Way Bill) is a document required to be carried by the person in-charge of conveyance for movement of goods. It is generated either by the supplier, consignor, transporter, or, at times, the recipient of goods on the nation-wide e-Way Bill common portal. As our nation prepares for its full-fledged enactment, know more about the process and nitty-gritties of the system…
- e-Way Bill : Rules around its compliance
- How to register on the e-Way Bill portal for all?
- Steps to generate e-Way Bills online
- How to create e-Way Bills via SMS?
- What is consolidated e-Way Bill and how to generate it?
- How does the bulk-generation facility of e-Way Bill work?
- Format of EWB-01 e-Way Bill explained
- Format of EWB-02 Consolidated e-Way Bill explained
- When & How to update vehicle Number on e-Way Bill?
- When & How to cancel e-Way Bills?
- What is the procedure to reject the e-Way Bills?
- Status of implementation across India
- Transporter ID & Responsibility of Transporters
- What are ‘masters’ on the portal and its relevance?
- What is meant by ‘sub-user’ & How to create/remove one?
Input Tax Credit
A seamless flow of Input Tax Credit is the backbone of the GST. But how does one claim ITC under GST? And what about the ITC due under the previous tax system? Know the answer to all your ITC-related queries and claim the credits due to you without delay.
- Input Tax Credit and how it affects your tax liability
- Who can claim ITC? Documents and the processes for this
- What expenses can be claimed as ITC?
- Reversal of Input Tax Credit
- Reconciliation of ITC important
- Special cases in which ITC is not available
- ITC on common credit
- Claim ITC on Capital Goods
- Claim ITC on Job Work
- Claim ITC on transfer of business
- Input service distributor (ISD) claim and distribute ITC
Composition Scheme
The Composition Scheme is a lucrative option for all SMEs who want lower compliance and lower rates of taxes under GST. Can a business register under the normal scheme change over to the Composition Scheme if it wishes to? Here are the answers to the most commonly asked questions about this Scheme.
- Why was Composition Scheme introduced?
- Conditions for availing Composition Scheme
- What invoices can Composition Scheme dealers issue?
- Documents a composition dealer issues while making supply
- GST rates for a Composition Scheme dealer
- Returns to be filed by a Composition Scheme dealer
- Process of return filing and tax payment by a Composition Scheme dealer
- Advantages/disadvantages of Composition Scheme
- How can a taxpayer opt for Composition Scheme?
- How to change over from normal scheme to Composition Scheme?
- Composition Scheme for multiple businesses?
GST Payments & Refund
Once you have filed your returns for the month, you also need to pay the tax liability. This, too, is done online and if you are not well versed in the process of tax calculation and payment, this guide can help.
- Payments to be made under GST
- How to calculate the GST tax payment to be made?
- Process of paying the GST tax liability online
- Penalty for nonpayment or delayed payment of GST liability
- When can a refund be claimed under GST? Who can do so?
- Time limit for claiming a refund?
- Calculate your GST refund
- Claim GST refund online
GST Penalties & Appeals
There are many actions that are recognized as an offense under GST. Read more about these offenses, the penalties for each, and the process for appeals so that your business stays on the right side of the law.
- Different offenses and penalties recognized under GST
- Process for inspection under GST
- Search and seizure under GST
- When can goods in transit be searched by authorities?
- When does prosecution under GST occur?
- Compounding of offenses under GST
- When can a taxpayer be arrested and prosecuted under GST laws?
- Process of appeals under GST