GST has been implemented in India from 1st July, 2017. Under the new GST regime, over 1.3 crore business in India have been registered and issued GST registration. All entities having GST registration are required to file GST annual returns, as per the GST return due date schedule mentioned below. GST annual return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.

Letter of Undertaking is commonly known as LUT. The Letter of Undertaking (LUT) is prescribed to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that he/she would fulfil all the requirements prescribed under GST while exporting without making IGST payment.

A regular taxable person would be someone who is required to be registered under GST and not classifiable as a casual taxable person or non-resident taxable person. Hence, regular taxable persons would be someone with a fixed place of business located within India.

Unless a regular taxpayer is enrolled under the GST composition scheme, the taxpayer would be required to file monthly GST returns, maintain accounts as per GST Act, maintain a fixed place of business and comply with GST regulations.

Casual taxable persons would find it hard to maintain a fixed place of business or file monthly GST returns continuously, as their business would be seasonal in nature with no fixed place of business. To accommodate the unique requirements of such taxpayers special provisions have been provided under the GST Act for registration of casual taxable persons.

A non-resident taxable person under GST is any person or business or not-for-profit who occasionally undertakes transactions involving the supply of goods or services or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India. Hence, any foreign person or foreign business or organisation supplying goods or services to India would be a non-resident taxable person – requiring compliance with all GST regulations in India.

Taxzilla Accounts Solutions have Best team for GST consulting and rectify your all problems in GST filling and other process.

Taxzilla Accounts Solutions Will get refund of any Balance in Electronic Cash Ledger can be claimed in the return furnished under section 39 in the Form GSTR 3 GSTR 4 and GSTR 7 before the expiry of 2 years from relevant date.

1.4 Crore businesses have obtained GST registration since its inception in July 2017. All entities obtaining GST registration are required to file the GST returns every month. GST return is a document which contains details of the income that a taxpayer is required to file. This is used to calculate the tax liability i.e., the amount of tax payable by the business. The returns are to be filed irrespective of business activity, sales, profitability and other criteria. A dormant business which has not issued any invoice is also required to file its GST returns.

Under Goods and Services Tax (GST), reconciliation means recording every transaction that took place during a period while also ensuring that the data filed by the supplier matches with those of the recipients. This enables one to make sure that no sales or purchases are missing or wrongly reported in the GST returns.

GST Eway Bill is a document for tracking of goods in transit introduced under the Goods and Services Tax. Under GST, a taxable person registered under GST transporting goods with a value of over Rs.50,000 is required to possess an eWay Bill generated from the GST Portal. LEDGERS can make eWay Bill generation and management simple for your business. The LEDGERS eWay Bill tool is synced to GST invoices, bill of supply, purchase invoices and customer or supplier accounts. So you can now seamlessly at the click of a button generate eWay Bill and share with your customers or suppliers.

GST is an indirect tax levied on goods and services based on the principle of value addition. Hence, the levy of tax is based on the value added at each stage of the supply chain till the product or service reaches the ultimate consumer. In such a tax system, to negate the cascading effect of the tax, there exists a means to set of taxes paid on procurement of raw materials, consumables, plant and machinery, equipment, services, etc., that are used for the manufacturing or supply of goods and services. This element used to offset the tax liability is called input tax credit.

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A GST registration obtained in India can be cancelled by the registered person or by GST Officer or by the legal heirs of the registered person, in case of death of the person registered under GST. GST registration cancellation is different from GST Registration amendment.

Taxzilla Accounts Solutions can help you cancel a GST registration in India through an online process.

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore.

1.5 crores is eligible to apply for the composition scheme. This threshold in special category states is up to Rs. 75 lakhs. Eligible business owners can opt for the composition scheme by submitting the GST CMP-01 form online, followed by the successful submission of form GST CMP-03 within 60 days.