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GST Helpline App Now Available with HSN/SAC Code Finder

GST Helpline App with HSN/SAC Code Finder

Your favorite GST Helpline India App now comes with a free HSN/SAC code finder tool which you can use to find the exact HSN codes and SAC codes for any of your products and services. HSN code tool will give you HSN code along with applicable GST rate and CESS rate for any commodity. You can search the tool by product name, chapter name or HSN code.

GST Helpline India is one of the most popular mobile applications for every kind of GST related information, queries, FAQs, and news. This app has now become more awesome with the integration of an inbuilt HSN code finder which will give you the right HSN code and GST rate for all the taxable goods and services. With the implementation of GST in India, individuals and businesses are continuously looking for help to understand the new tax system. With our free GST Helpline app and GST rate finder, you can now get every help you seek. Read More

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What are GST Offences, Penalties, and Appeals

GST Offences, Penalties and Penalties

To make GST a corruption-free and successful tax system, the government has introduced strict provisions for penalties against GST offences. The purpose is to make sure that GST rules and laws are followed by every business and individual throughout the country.

A list of 21 offences has been released by the GST committee along with the guidelines of penalties to be applied for any kind of tax evasion. These offences will lead to a penalty against those following tax fraud, fake invoices, tax evasion and other practices in any form. Read More

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What is GST Fraud and How You Should Deal with it?

GST Fraud

With the official release of GST tax system in India on 31st July, the complaints about fraud in GST implementation have already started flowing. Since most of the common people are still not completely aware of the exact GST rates applicable on various goods and services, they are being cheated by the shopkeepers who may have been charging GST at wrong rates. These types of actions where more than applicable or wrong GST is levied from the customer are considered GST frauds. Read More

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GST Checklist: What to Do to Get Yourself GST Ready

GST Checklist

The new GST (Goods & Services Tax) system is here. If you haven’t already get yourself acquainted to GST, you should do it now if you want to end up making mistakes when filing tax returns.

Here’s the GST checklist of the things you need to do to get yourself and your business GST-ready.

  • Make sure to file your income tax return for the financial period ending on 30th June, if you haven’t already.
  • Make a list of your old stock into the quantity of items and rate per quantity.
  • To calculate the GST rate for your products, classify your stock according to price, purchase type (interstate/intrastate), tax paid, credit, etc.
  • Compare your accounts with credit/debit values shown in your tax record as on 20th June 2017.
  • To claim ITC (Input Tax Credits) on your old stock, file the TRAN-1 form latest by 28th September, and TRAN-2 form every month until December.
    Collect tax Form-C, Form-H, and Form-I for the old stock for which you want to claim the tax credit.
  • Make sure to provide your GSTIN to each of your suppliers and collect GSTIN from your dealers and customers.
  • Include your stock details in your Books of Accounts.
  • If you are registered as a centralized service business, then you need to apply for migration for those states where your business is operable.
  • Search the internet and make a list of applicable GST rates for all your goods and services.
  • Make a list of your goods on which reverse charge may apply.
  • Enlist all your debit/ credit notes in serial numbers.
  • Integrate your current accounting software with the new GST taxation software for SMEs.
  • Make sure that your invoice bill is according to the invoicing formats and rules mentioned under GST. The bill must contain the proper invoicing series for particular products.
  • Make sure to send a tax invoice for all your GST taxable supplies of goods & services, and a supply bill for non-GST products and services.
  • Have a ‘Place of Supply’ list ready for your business activities.

This checklist is for small businesses and individuals looking to get settled into the new tax regime. If you are a Chartered Accountant (CA) working on behalf of a taxpayer, you can read GST checklist to get yourself GST ready. Read More

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What is Composition Scheme Under GST?

Composition Scheme Under GST

The GST Composition Scheme is merely a revision of the already existing composition Law under VAT. Goods and Services Tax (GST) has already been implemented for all individuals, small & large businesses in India.

While big organizations have enough resources and expertise to implement the new tax regime, the small companies and startups, on the other end, may struggle to understand and comply with the new provisions. Therefore, the government has introduced a composite scheme to resolve such issues. Read More

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How to Pay GST Tax Online in India

GST Payment Process

If you are looking to Pay GST Tax Online in India, read the complete guide to understand the procedure.

GST (Goods & Services Tax) has been officially implemented on July 1 in India. The new tax system was enabled with the aim to make the overall tax payment process as transparent, accountable and simple as possible. This is why the GST administration has made sure that the complete GST payment process is based on Information Technology. The Indian government has appointed a GST Council which is responsible for setting up rates for different products & services that come under GST, such that both the center and state government get their deserving tax revenues. Read More

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