Goods and Services Tax

GST Simplified for your Business

1
Services on which E-commerce Operator has to Pay Tax
2
Interest on Late Tax Payment under GST
3
Why it’s Time to Buy a Computer for Your Small Business
4
Step-by-Step New GST Registration Guide – Part IV
5
Recommendations Made by the GST Council
6
Match GSTR-3B with GSTR-1, GSTR-2 and GSTR-3
7
Step-by-Step New GST Registration Guide – Part III
8
Step-by-Step New GST Registration Guide – Part II
9
How to Correct GSTR-3B?
10
GST on Supply of Second-Hand Goods- Margin Scheme

Interest on Late Tax Payment under GST

Under GST, interest is liable to be paid when there is a delay in payment. Provisions have been made for interest to be paid, when there is a lapse by the tax payer as well as by the Department. In this blog, let us understand the scenarios where interest is applicable.

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

Why it’s Time to Buy a Computer for Your Small Business

Last updated on September 18th, 2017 at 01:16 pm

Over the past two decades, India has pushed hard to become a cashless society. We have taken significant strides to become financially inclusive – for instance Digital India, the Unified Payments Interface etc. The payments sector in India is evolving fast, mostly being driven by various initiatives by the Govt. of India to push for digital payments – the Prime Minister’s Jan Dhan Yojna, Aadhar & Mobile Connectivity – smartly abbreviated as JAM, being the key drivers. The results are obviously showing – the PM’s Jan Dhan Yojna saw a whopping 22.31 crore accounts being opened with almost 38 crore in float balance. Almost 11% of urban households, and even 0.43% of rural households make cashless payments today. Mobile payments have grown from USD 88 million in 2011 to USD 1.15 billion in 2016, a compound annual growth rate of 68%. However, the real push, arguably came on the 8th of Nov, 2016 – when the government took a drastic step to wipe out black money corruption across the country by banning INR 1000 and INR 500 notes. Not to forget the introduction of GST on the 1st of July this year, which is bound to take business compliance to a new level. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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!

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

Recommendations Made by the GST Council

Last updated on September 20th, 2017 at 12:36 pm

The 21st GST Council meeting held at Hyderabad on 9th September 2017, discussed some of the crucial issues such as difficulties faced by the businesses in filing the return, increase on Cess on cars, proposals received from various trade associations to lower the rate of GST on certain products and so on. To facilitate the businesses in meeting the compliance standards, the following are key changes recommended by the GST Council Meeting.

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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.

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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

Last updated on September 14th, 2017 at 12:04 pm

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.

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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

Last updated on September 14th, 2017 at 12:04 pm

Introduction

In our previous blog, we took you through the first part of the step-by-step new GST Registration guide as per 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, as part of filing for new GST registration. Remember, every time you log into the portal using your allocated TRN, you will need to go through the OTP validation process, in order to resume your new GST registration procedure.

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

How to Correct GSTR-3B?

Last updated on September 14th, 2017 at 12:04 pm

This blog post is updated with the GST Council’s decision to extend the return due dates

The deadline for filing the first GST return, the Form GSTR-3B ended last month on dates August, 25 and August, 28, 2017. Yet, there are many businesses which are still in the process of filing Form GSTR-3B. This being the first GST return and understating the plight of the businesses, the committee has decided to waive the late fee for all the businesses who could not file GSTR-3B for the month of July 2017. However, for late payment, an interest at maximum of 18% will be levied.

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

GST on Supply of Second-Hand Goods- Margin Scheme

Last updated on September 14th, 2017 at 12:04 pm

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.

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

© Tally Solutions Pvt. Ltd. All rights reserved - 2017