CHAPTER IV- TIME AND VALUE OF SUPPLY Under GST

How To File Your GSTR – 9 GST Returns An annual return has to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme under GSTR-9 & GSTR-9A What is GSTR-9 annual return?GSTR 9 form is an annual return to be filed once in a year by the registered taxpayers under GST.

It consists of details regarding the supplies made and received during the year under different tax heads i.e.

It consolidates the information furnished in the monthly or quarterly returns during the year Who should file GSTR 9 annual return?All the registered taxable persons under GST must file GSTR 9 form.

However, the following persons are not required to file GSTR 9Taxpayers opting Composition scheme as they must file GSTR-9ACasual Taxable PersonInput service distributorsNon-resident taxable personsPersons paying TDS under section 51 of CGST Act.

What is the Penalty for the late filing of GSTR-9 form?Late fees for not filing the GSTR 9 within the due date is Rs.

100 per day per act up to a maximum of an amount calculated at a quarter percentage of the taxpayer’s turnover in the state or union territory.

Magento 2 extension to integrate GST with your store.

It lets you share your customers to share their GST information while purchasing.

Your store information can also be shared.Connect GST to your Magento storeFill GST InformationAllow customers to save their GST informationVisit here

GST Advisory ServicesWe provide a number of GST advisory services online in India like covering the impact of GST on the business of clients, examining different market scenarios of business models, legislative business level implementation assistance, transition management, and undertaking key compliance.Benefits of GST RegistrationGST removes the cascading effect of taxHigher threshold for registrationComposition scheme for small businessesThe number of compliance is lessDefined treatment for E-commerce operatorsImproved efficiencyUnorganized sectors are regulated under GSTEligibility for GST RegistrationSection 22 to Section 30 of the CGST Act, 2017 deals with the process of registration by every supplier of goods and services.

Note on registration under GST with effect from 1st April 2019.Every person who is engaged in the supply of services and whose aggregate turnover exceeds Rs.

40 lakhs just in case of the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand and whose aggregate turnover exceeds Rs.40 lakhs (for the remainder of the States), shall be liable to be registered under this act in the state or union territory, from where he makes of taxable supply of goods or services or both;Companies engaged in the export of services are also required to complete the GST migration process and obtain a GST Registration number to be entitled to tax exemption on the export of services outside India.In the case of inter-state sales, GST Registration is mandatory regardless of turnover.GST RatesRates under GST will depend on the sort of products and services.

GST AdvisoryThe government of India introduced the concept of Goods and Services Tax (GST) w.e.f 1st July 2017.

The tax is imposed on a PAN India basis as a single unified tax covering all types of business activities.

GST is implemented on ‘value-added’ to goods and services at each stage within the economic supply chain.

GST Forum India - 5 Things Where It Can Help You With GST Taxation Online GST Return What is GST (Goods and Services Tax) Products and Enterprises Tax is the best evaluation change anytime executed in India.

The Goods and Services Tax is proposed to displace every one of the charges forced by the central and state govt.

There are around 160 countries on the planet that have GST set up.

Under GST, all of the product and adventures will be depleted at the paces of 0%, 5%, 12%, 18%, 28%.

Beside these, there is a one of a kind pace of 0.25% on brutal significant and semi-important stones and 3% on gold, moreover, a further cess on offense items like cigarettes has been consolidated.

Online GST ReturnThe Goods and Services Tax Composition Scheme is just a change of the adequately existing association Law under VAT.

QR Code for B2C Invoices has become important in the current scenario when the e-invoicing system is implemented for taxpayers with turnover over INR 500 cr.

from October 1, 2020.As per GST Notification 14/2020-Central Tax date.

23-03-2020, the government has made it mandatory for notified taxpayers (turnover over Rs.

to display QR codes even on their B2C invoices.

And as per GST Notification 71/2020-Central Tax dated 30-09-2020, the requirement of Dynamic QR Code on B2C invoices was deferred to 1st December 2020.

GST Registration and Its TypesGST Registration is the process in which a taxpayer gets himself registered & acknowledging a business under GST.

GST Registration become mandatory for individual and entities whose aggregate value of supply exceeds Rs.

If the entity operates in hills states and north eastern states with turnover of Rs.

10 Lakh then the GST registration procedure is simplified by the Ministry of Finance.GST Registration is application for allotment of the Goods and Services Tax Identification Number (GSTIN).

It is compulsory for definite businesses to complete the process of GST registration.

It is a violation to carry out operations without registering for GST and heavy penalties are levied for non-registration.Types of GST registrationNormal Taxpayer: Under this category, there is no expiry date for taxpayers and to become a taxpayer, a person need not to provide any kind of deposit.