False Vs. Missing Input – GST

Input Tax Credit in GST – False Vs Missing Input Input Credit remains to be one of the most discussed parameter of GST right from it’s inception. The issue is quite sensitive as well since it is directly linked to cost and profitability of the business of any taxpayers. In other word, the only attractive aspect of GST to the taxpayer is the coverage of its input tax credit part which was not available in any other taxation system previously.   However, whether or not the Input tax credit part of GST, will be beneficial for the taxpayer, depends upon two major concepts under Input tax credit and they are False and Missing Input.   Let us now, understand the concepts of both False and Missing Inputs in a most…
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New GST Return System

New GST Return System The New GST Return Filling System will come into effect from 01.01.2019. The purpose and objective of introducing this new GST Return Filling system is to minimize the problems and issues being faced by Small Business owners in terms of GST Return filling This new GST Return system has got many new features and changes which has been introduced to make it more taxpayer friendly Let us now understand the basic features of this new GST Return system in a simple way The Small Tax payers have been defined in this new GST Return system. The Organizations who are having a turn over of less than Rs. 5 Cr. has been identified as Small tax payers The Small tax payers are required to file their GST…
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Annual GST Return- An Overview

Annual GST Return – Some Basic Points of Understanding This year for the first time the Tax payers will have to file Annual GST Return for their respective categories. This is another mandatory GST Return which all Tax payers need to file and the process and details of the same is also different.Let us now understand Filling process of Annual GST Return in a easy way Common Annual GST Return for all categories of Regular tax payers  GSTR 9 is the common Annual GST Return to be filed by all categories of Regular tax payersType of Annual GST Return This Return is actually a consolidation of all GST Returns filed in a financial year and it is required to be filed once for every Financial YearRequired details for filling Annual GST…
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Steps and Process to file Annual GST Return – GSTR 9

Steps and Process to file Annual GST Return – GSTR 9 GSTR 9 is a new GST Return Process which is getting filed now for the first time for the FY 2017-18. This is totally different from other monthly and quarterly GST Return systems and therefore requires proper knowledge and updates for filling  In our article we have described the process of filling GSTR 9 on a step by step basis which makes it easy for any taxpayer to file the same. This will also be helpful for tax consultants who are filling tax return for their clients particularly SME clientsLet us now see the process of filling GSTR 9 Steps to prepare GSTR 9 Step 1 Download System computed Summary of GSTR 3B in the following manner : Services…
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Sahaj GST Return System

SAHAJ GST Return – An Overview GST Authorities have introduced a new category of GST Return called SAHAJ. This will be applicable from 01.01.2020Let us now understand how far “SAHAJ” (easy) is this return for filling in this article in a simple mannerWho are eligible for SAHAJ Return? Any Businessman who is doing business only with individual customers are eligible for SAHAJ return. In GST term this is called B2C Business ( Business to customer)What are the examples of B2C Business?Some of the examples of B2C business are as followsRetailersMedicine shop ownersGrocery shop ownersBeauty parloursGymsAny other Business where transaction is only done to individual customersWhat is the turn over criteria for SAHAJ return?A Business man having yearly turnover less than Rs. 5Cr is eligible for SAHAJ return fillingWhat type of Return…
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Invoicing in New GST Return System

The core component or basis of GST return filling is invoicing from the day one. The calculation of GST on either side (Liability or Input) is based on raised invoices only.  In the proposed new return filling system, to be introduced from 01.01.2019, the importance of maintaining proper  Invoices has been envisaged and at the same time several dimensional changes in the system of invoicing has been introduced which tax payers must know for ensuring smooth filling of GST Return Let us now understand, the changes introduced in Invoicing system of GST in simple words  Invoice Uploading In the new GST Return System, Invoices can be uploaded by the suppliers at any point of time. In the present system of Return Filling, the invoice uploading is possible only at the…
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