Tag Archives: #GSTGuidelines

Is GST registration required if I am a small wholesaler with an annual turnover of less than 20 lakhs? Is filing a return required for wholesalers under the GST?

Annual Turnover If you are a small wholesaler with an Annual Turnover of less than INR 20 lakhs, you are not required to register for GST. However, if you sell goods across state lines, then GST registration is mandatory, regardless of your turnover. For more information visit this site: https://www.mca.gov.in As for filing returns,… Read More »

What is ledger balance in GST?

Ledger Balance in GST Ledger balance in GST: It refers to the balance amount available in a taxpayer’s electronic cash ledger or electronic credit ledger. The electronic cash ledger reflects the amount of cash deposited by the taxpayer and can be use to make GST payments, while the electronic credit ledger reflects the… Read More »

Can I run multiple businesses on a single GST as a sole proprietor?

Can I run multiple businesses on a single GST as a sole proprietor Yes, as a sole proprietor, you can run multiple businesses on a single GST registration. However, you would need to mention the details of all your businesses while applying for GST registration, including their names, addresses, and types of goods or services… Read More »

GST compliance in India?

GST Compliance in India GST Compliance, In India, when we talk about GST compliance, it means abiding by the guidelines and regulations established by the Goods and Services Tax (GST) system, which has been implemented by the Government of India: Good and service Tax Registration: Businesses that meet the prescribed turnover threshold are required… Read More »

What are the new compliance under gst?

New compliance under GST New compliance under GST, Here are some common compliances requirements under the Goods and Services Tax (GST) in India. GST Registration: Businesses whose turnover exceeds the prescribed threshold are required to register for GST. GST Returns: Registered taxpayers need to file regular GST returns based on their category and turnover.… Read More »

Can I ,Claim GST Input Credit if I buy a mobile phone in the name of my shop and use it for personal purposes? (My shop has a GST number and I pay GST monthly)

Claim GST Input Credit When it comes to claiming GST input credit for a mobile phone purchased in the name of your shop but used for personal purposes, there are certain factors to consider. As an individual with a shop that has a GST number and pays GST monthly. You may wonder if you… Read More »

When is gst tax due?

Deadlines for GST Tax Payments The specific deadlines for GST tax payments vary based on the taxpayer’s category and the frequency of their filinga Here are some general guidelines for GST tax due dates in India: Monthly GST Return Filers: For businesses that file their GST returns on a monthly basis, the tax due… Read More »

Can I use a single GST number for selling products and services?

Can I use a single GST number for selling products and services Yes, you can use a for selling both products and services. The GST system is designed to accommodate businesses that deal in a single GST number for both products and services. Under the GST law, all goods and services supplied are subject to… Read More »

If we make cash sales, should we issue a tax invoice for GST?

If we make cash sales, should we issue a tax invoice for GST Yes, If you sell goods or services for cash or you do cash sales, you must issue a tax invoice for GST, as required by the law. A tax invoice is a document that contains the details of the goods or services… Read More »

Is the requirement of an original invoice under GST mandatory? Is this if we take a digital invoice instead of taking an original invoice?

Is the requirement of an original invoice under GST mandatory Under GST, an original invoice is required for claiming input tax credit (ITC). However, a digital invoice, such as an electronic invoice (e-invoice) or an electronic bill of supply (EBS), is considered as an original invoice if it satisfies the prescribed requirements. To visit: https://www.gst.gov.in/… Read More »