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Filing a NIL GST Return – Criteria and How to File it

Filing a NIL GST Return

GSTR is the GST return forms a taxpayer needs to file to record his monthly transactions and pay taxes accordingly on the GST portal. It is mandatory for all taxpayers to file the monthly returns, irrespective of their transaction in that particular month.

The rule applies to all the GST return forms including GSTR-3B, GSTR-1, GSTR-2, GSTR-3 and so on. That means a dealer has to file GST returns even if he did not perform any business transactions or supplies/sales in a month. A GST Return with no transactions or sales (outward supplies) is called Nil GST Return. Read More

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Complete GST Return Filing Process for E-commerce Sellers

GST Return Filing Process for E-Commerce Sellers

E-commerce sellers or Online shopping sites like Flipkart and Amazon are also under the compliance of GST, that means they are required to file regular returns and pay taxes in GST. You can find here the details of the GST Return forms, the process of return filing, due dates, applicability, etc. for e-commerce sellers.

The following two types of entities are treated as e-commerce sellers: Read More

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GST Margin Scheme Valuation and Exemption with Example

GST Margin Scheme

GST was launched as a revolutionary tax system in India on July 1st, 2017. It brings many changes in almost every sector of the economy of the country. This also includes the second-hand goods industry. There is a new term called ‘Margin Scheme’ in GST which not many people are aware of yet.

Let’s find out more about it.

What is Margin Scheme under GST?

The Margin Scheme in GST is applicable on the supply of second-hand goods. In normal cases, the GST tax is applicable in the actual transaction value of the supply, but for second-hand items, the GST will be levied only on the margin value, i.e. the profit margin of the seller (the difference between purchase price and selling price). Read More

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Time of Supply and Place of Supply under GST with Examples

Time and Place of Supply Under GST

The GST is a destination/consumption based tax system in which the tax is levied during the supply of the taxable goods and/or services. Now, the type of supply decides a lot of things in GST, including whether the supply is taxable or not, the rate of GST, etc.

Definition of Supply Under GST

In order to understand the rules and definition of supply GST act, we must first know what a supply is. A ‘Supply’ refers to the purchase, import, sale, exchange, transfer, rental, barter, license, lease or disposal of goods and/or services made by a person through his/her business. Read More

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GST Procedures in India – Audit, Assessment, Recovery & Ruling

GST Procedure in India

GST has been implemented in the Indian tax system, and the first phase of return filing has been successfully concluded on 28th August 2017.

Since GST is such a big system and aims to collect taxes from millions (even billions) of eligible taxpayers in India, it is natural to witness non-compliances, frauds, tax evasion, etc.

Therefore, the government has also devised a proper procedure for the auditing and assessment of tax compliance rating and the recovery rules and provisions for unpaid, late-paid and/or short paid taxes. Read More

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GST Compensation Cess : Meaning, Act, Rates and How to Calculate

GST Compensation Cess

In this article, you will find answers to all your questions about cess in GST like the meaning of GST cess, act, rates and how to calculate Compensation Cess in GST.

GST Cess is a special tax that is levied as compensation on the value of supply in addition to the GST tax. Although most of the cess taxes including swachh bharat cess and krishi kalyan cess were removed after the launch of GST, there is still cess applicable on some specific products and services. Read More

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GST Glossary: 40 Goods and Services Tax Terms Explained

GST Terms

GST Glossary And Important Definitions

Here is the list of all important GST Glossary or GST terms along with their definitions.

GST Indirect Tax Composition Scheme GST Council
GSTIN GSTR-1 GSTR-2 GSTR-3
GSTR 3B GSTR-4 GSTR-5 GST Return
GST Enrollment GST Checklist GST Rate GST Payment
E-Way Bill GST Registration GST Fraud GST Helpline
HSN Code Input Tax Credit GST Tax Invoice ARN Number
GST Exemption GST Offences GST Penalties GST Appeals
Receipt Voucher Refund Voucher IGST SGST
CGST UTGST Bill of Supply GST Ledgers
SAC Code Reverse Charge Mechanism Assessment of Tax Liability  GST Calculator

GST

The Goods & Services Tax (GST) is a destination-based indirect tax launched to replace all the previous indirect taxes being levied by the Centre and the States on the transaction of goods/services across the country.

Indirect Tax

It is the tax levied on goods and/or services, not on income or profits, such as service tax and GST.
Read More

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