Goods and Services Tax

GST Simplified for your Business

1
GST Return Dates: for August and September, 2017
2
Persons who Need to Register under GST Irrespective of Their Turnover
3
GSTR-3B Due Date – 25th or 28th August?
4
How to Claim Transitional ITC in GSTR- 3B
5
GST Return Filing Guide for Tax Consultants
6
How to File GST Return (Form GSTR-1) using Tally.ERP 9 Release 6
7
Guide to File GSTR-1
8
Structure of your GSTIN
9
Works Contract under GST
10
What is GST Cess and Why is it Levied?

GST Return Dates: for August and September, 2017

The GST committee’s decision to allow the transitional credit towards discharging July month’s tax liabilities, and extension of due dates for payment of tax, and filing of GSTR-3B to 25th August, 2017. This has provided much needed relief to the business who are filing their first GST return. No doubt, the extension of last date for payment of tax and filing GSTR-3B is a welcome move, and it will give an additional 5 day-window period for those tax payers who could not make it in the last minute. With due dates being revised, extended, and so on, the businesses need to re-align the compliance activities inline with the changes. To help you prepare better and not miss any important dates, we are listing down the important GST return dates for August and September, 2017.

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Persons who Need to Register under GST Irrespective of Their Turnover

Under GST, certain persons have to compulsorily register, irrespective of their turnover. This means that such persons should register even if their turnover does not cross the threshold limit of Rs. 10 Lakhs for special category states and Rs. 20 Lakhs for rest of India. These persons are:
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GSTR-3B Due Date – 25th or 28th August?

Last updated on August 22nd, 2017 at 05:53 pm

The blog post is updated with the CBEC press release announcing the extension of GSTR-3B due date and payment of tax.

In the light of the recent clarification from CBEC, the businesses are allowed to use the transitional input tax credit in paying the July month’s tax liability. This is a much needed relief to businesses who had huge amount of transitional credit. This is because they feared that the non-availability of such option would have a severe impact on cash out-flow of the business. Also, listening to the request from tax payers to extend the due date of GSTR-3B and due to the last minute technical glitches in filing returns in GST Portal, the GST committee has decided to extend the last date to file GSTR-3B by 5 days.  Read More

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How to Claim Transitional ITC in GSTR- 3B

Last updated on August 22nd, 2017 at 05:53 pm

This post has been updated on 2o Aug, 2017.

Ever since the Form GSTR-3B format was released, the fundamental question which most of businesses have is ‘How can I capture the details of my Transitional ITC in Form GSTR-3B?’. With the extended dude date of 25th August, 2017, just a few days away, this questions seems to be one of the most concerned area for business in filing Form GSTR-3B. In this blog, we will be discussing on

  1. What is Transitional ITC?
  2. How can you claim Transitional ITC?
  3. Why is Transitional ITC a concern for businesses in filing GSTR-3B?
  4. What are the remedies for claiming Transitional ITC in Form GSTR-3B?

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GST Return Filing Guide for Tax Consultants

This guide is written for GST Tax Consultants (GST Tax Practitioners). If you are a business owner, you might still find it interesting to read further and forward this to your tax consultant.

Topics Covered

  1. Introduction
  2. GST Forms to be Filled in coming months
  3. Details Required at invoice level
  4. Types of clients
  5. What are the challenges with clients who give you digitized GST invoices?
  6. What are the challenges with clients who give you manual GST invoices?
  7. Conclusion

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How to File GST Return (Form GSTR-1) using Tally.ERP 9 Release 6

Last updated on August 18th, 2017 at 03:33 pm

The day when businesses across India will file the GSTR 1 for the first time is not too far (5th September, 2017). In this blog, we will discuss how to file Form GSTR-1 using GST-ready Tally.ERP 9 Release 6.

We are happy to announce that GST-ready Tally.ERP 9 Release 6.1 preview release is available now. Using this release, you will be able to generate Form GSTR-1 as per the requirements of GST Department. To try the preview release click here.

Topics covered

  1. Introduction to Form GSTR-1
  2. GST Practitioner files our returns, what should we do?
  3. We take care of filing our own returns, how should we proceed?
  4. We are GST Practitioners (CA, STP or accountants), how do we go about GSTR 1 filing?
  5. From where can we get the offline utility for filing GSTR-1?

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Guide to File GSTR-1

Last updated on August 18th, 2017 at 06:14 pm

With the filing of GSTR-3B right around the corner on 20th August, 2017, businesses are in full swing gearing up to meet the deadline. Having said in our earlier blog ‘How to File Form GSTR-3B’, Form GSTR-3B is an interim return which needs to be filed for first 2 months: July and August, 2017. However, this does not mean that the businesses are not required to file GSTR-1, Form GSTR-2 and Form GSTR-3. It means, only the deadline to file GSTR-1, GSTR-2 and GSTR-3 are extended, and the businesses still need to file these return as per revised dates mentioned below:

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Structure of your GSTIN

Most of you would have received your 15 digit provisional ID or GSTIN (Goods and Services Tax Identification Number). Under GST, knowing your GSTIN format like the back of your hand is important. It will help you to ensure that your suppliers have quoted your GSTIN correctly in invoices to you, as your input credit is dependent on this. It will also help you to mention your GSTIN correctly in invoices to your customers, as their input credit is dependent on this. Read More

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Works Contract under GST

What is works contract?

Works contract, by definition, is an agreement to carry out for cash, deferred payment, or other valuable consideration – building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property. Typically, it is a combination of goods and services but is neither a composite nor a mixed supply as defined under the CGST Act. It also includes transfer of property (whether as goods or in some other form), which has happened for the purpose of execution of a works contract. Read More

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What is GST Cess and Why is it Levied?

Under GST, in addition to tax on supply (which are CGST + SGST/UTGST on intrastate supplies and IGST on interstate supplies), a GST Cess is to be levied on supply of certain goods.
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Are you GST ready yet?

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