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TRAN 1 and TRAN 2 Forms Under GST – Meaning, Format, Due Date and Filing Procedure

Transition Forms TRAN-1

CBEC has released Tran 1 and Tran 2 forms to make businesses transition smoothly and carry forward their input tax credit.

The GST TRAN 1 and TRAN 2 forms can be filed by the registered business owner under GST who were already registered under the old laws of indirect tax.

Did you know, What is Tran 1 and Tran 2 form?

Amongst many problems for businesses after the implementation of GST, one is related to the availability of Input Credit (ITC) on old stock. Most of these businesses, who still possess an old stock of supplies, had already paid taxes (VAT and/or Service Tax) under the previous tax regime on the purchases of raw materials and other goods. Read More

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Input Tax Credit under GST: ITC Meaning, Rules and Guide with Example

Input Tax Credit Under GST

Amongst the many benefits and positive features of GST, the most important one is the concept of input tax credit under GST.

Want to know about input tax credit meaning, ITC rules, how it works? Read until the end and clear all your questions.

What is Input Tax Credit or ITC under GST?

The Goods & Services Tax (GST) was introduced in India with the promise of removing the cascading effect of indirect taxes. The mechanism of input credit is what will help in this approach. The Input tax credit meaning is that while paying tax on output (sales of goods/services), you can claim the credit for the tax already paid on inputs (purchases). Read More

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GST on Restaurants – Impact on Bill, Tax Rate and Service Charge in India

GST on Restaurants

If you want to read about GST on restaurant then this post is certainly for you. Here in this guide, you will see the impact of GST on restaurants, before-after GST billing rates in India and more.

Since after the implementation of GST (Goods & Services Tax) in India, people have been wondering how the new tax system is going to affect their daily chores and cost of various items and services. Read More

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GST Software Guide for Taxpayers: How to use Gen GST to file returns?

How to Use Gen GST Sofware?

Do you need GST software guide to file GST returns? Gen GST software is a complete GST (Goods & Service Tax) billing and returns filing software developed by SAG Infotech Pvt. Ltd. The software allows Indian taxpayers to easily file their tax returns online and create GST compliant bills and invoices.

It can also be used by Chartered Accountants (CAs) to professionally maintain GST accounts and file returns on behalf of their clients. Since Gen GST supports unlimited client registration and returns filing, it is definitely the perfect tax application for professional businesses and CAs. Read More

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How to Cancel GST Registration in India – Who, When & Why?

Procedure to Cancel GST Registration

Registered in GST by mistake? Surrender your GST registration or face government notice.

This “How to cancel GST registration” is intendant for those who have a turnover less than 20 lacs and registered in GST. Now if you don’t want to file your GST then you must surrender of GST registration.

Let’s get started..

Who can cancel GST Registration?

The following persons are allowed to cancel a GST registration: Read More

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Impact of GST on the Indian Exports and Import Sector

GST Impact on Indian Export Sector

Are you looking for the impact of GST on exports and import sector in India? Is it good for Indian Economy? Find all the answers here for import and export of goods.

Ever since the implementation of GST in India, the export sector has been reportedly facing a decrease in business. The most immediate impacts include the unavailability of labour, issues with banking capital allotment, and delay in refunds which is also impacting the production capability of the related businesses. Read More

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