Understanding GST Basics

GST replaced multiple taxes in India, simplifying tax processes for businesses with turnover above Rs. 40 lakhs.

Made GST registration straightforward and hassle-free.

Akhilesh Pandey

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GST Services

GST Registration

GST, or Goods and Services Tax, is an indirect tax in India that replaced various taxes like excise duty, VAT, and service tax, etc. Launched on July 1, 2017, it aims to streamline tax collection, establishing a unified system for efficiency and simplicity. GST registration mandatory for businesses with annual turnover above Rs. 40 lakhs (Rs. 20 lakhs in North East and hill states).

GST Returns

Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid.

Revocation of Cancellation

Amendment or correction in GST application

GST Response of Notice

GST LUT Filing

GST Reconciliation

A GST notice is a communication from the GST authorities to a taxpayer regarding a potential compliance issue. Taxpayers are required to respond to GST notices within the specified timeframe. The response to a GST notice should be clear, concise, and factual. It should address the specific issue raised in the notice and provide any supporting evidence that is available.

Amendment or correction in GST application is the process of making changes to the information that was submitted in the original GST registration application. This can be done for a variety of reasons, such as a change in business address, contact information, or business details

In the domain of taxation and compliance, the Goods and Services Tax (GST) has brought significant changes to the way businesses operate in India. One important aspect of GST compliance is the filing of a GST Letter of Undertaking (LUT). In this article, we'll break down what GST LUT filing is all about and why it matters for businesses.

GST reconciliation is crucial for business compliance with tax regulations, ensuring accurate financial management by reconciling Goods and Services Tax data.

GST Surrender

GST PMT-09 Form

GST PMT-09 is a form used by registered taxpayers to transfer any amount of tax, interest, penalty, or fee from one head to another in their Electronic Cash Ledger (ECL). It can be used to transfer funds between different tax heads, such as CGST, SGST, and IGST; or between different minor heads, such as tax, interest, and penalty.

GST surrender, also known as GST registration cancellation, is the process of discontinuing your Goods and Services Tax (GST) registration. This occurs when a person or business ceases to engage in activities that require them to be registered under the GST regime.

E-Way Bill

The e-way bill (electronic waybill) is a mandatory electronic document introduced under India's Goods and Services Tax (GST) regime to evidence the movement of goods. It is primarily used to track the movement of goods and prevent tax evasion, ensuring that goods being transported comply with the GST law.

GST surrender, also known as GST registration cancellation, is the process of discontinuing your Goods and Services Tax (GST) registration. This occurs when a person or business ceases to engage in activities that require them to be registered under the GST regime.

FAQs

What is GST?

GST is an indirect tax in India replacing multiple taxes like excise and VAT.

Who must register?

Are there exceptions?

When was GST launched?

Why register for GST?

Businesses with turnover above Rs. 40 lakhs must register for GST.

Yes, businesses in North East and hill states have a lower threshold of Rs. 20 lakhs for mandatory registration.

GST was launched on July 1, 2017, to unify and simplify tax collection across India.

Registration ensures compliance and allows businesses to claim input tax credits.