Do you run a business which has an income of more than Rs 1 crore? or are you self-employed earning higher than Rs 25 lakh? If you’re either of this, July 31st turns out to be an important date for you and here’s what you must know filing ITR: Get a tax audit done by…
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Read More...How not to make mistakes in GSTR-9
The Bad News: You are not allowed to make corrections in GSTR-9 after filing. Hence, it is always better to be careful while preparing your GSTR-9. Here are some of the mistakes you can avoid while filing GSTR-9: ✔ Not filing GSTR-9 before the deadline. 30th June is the final date to file your GSTR-9. There…
Read More...How important is it for a Small Business in India to Adopt Technology?
Very important, I’d say. Unless small businesses get tech-savvy and begin using the latest technologies, they might soon find themselves out of business. Because technology covers almost every aspect of business nowadays- from inventory to customer care. Complex taxation laws of India also make imperative for small businesses in India to adopt the technology. Here…
Read More...No more GSTR-1 & GSTR-3B: GOVT approves the new GST return forms
Yes, there will be no more GSTR-1 and GSTR-3B for GST registration! Get ready to file your GST returns with the new GST forms. The 3 FORMS which replaces GSTR-1, GSTR-2 and GSTR-3B are: ✔ 1 main GST return (GST RET-1) and ✔ 2 annexures ( GST ANX-1 & GST ANX-2). For the next 3 months…
Read More...How a small business owner Virupakshaiya files GSTR easily with Vyapar
Mr Virupakshaiya, an automobile service business owner, has been using Vyapar App since January 2018. He says, he is very happy with how Vyapar is helping him file GSTR returns with absolutely NO difficulty. “On July 2017, the time GST was introduced, it was a new concept to me. I started filing returns directly on…
Read More...Compulsory e-invoicing only for businesses having turnover > Rs.50 cr from Sept
The turnover limit for businesses for e-invoicing is likely to be fixed at Rs 50 crore. This means big taxpayers who are having better technology should generate their e-invoice on GOVT portal for B2B sales. They should start e-invoicing right from September 2019. The official said 1 crore invoice generation/day can be handled by GOVT…
Read More...Small cars & consumer goods to get less expensive after June 20th.
Many consumer products as we all know still have 28% GST (Goods and service tax) due to which their prices are quite high. This rise in price is affecting their sales. There is a huge drop in the demand for such products. ✔ Automobiles, for instance, are placed in the 28% GST bracket. The automobile dealers…
Read More...Easy GST refund process for exporters
Currently, when you claim for GST refund with the central tax officer, you will receive only 50% of your money, the rest 50% will be cleared by state tax officer after verification. Sometimes, even after sanction/payment of refund, the tax authority delays the GST refund. The two authorities – state and central settling the same…
Read More...Textiles to get cheaper very soon!
At present, there are 3 GST rates – 5%, 12% and 18% – for various items under the textile sector Whereas, countries, such as Thailand (10%), China (16%), and Indonesia (7%) who are doing well in the textile industry have a single rate for all items. Also, when rates are different, it is difficult to…
Read More...ব্যবসায়ীদের এখন কোনরকম দেরী না করে জিএসটিআর-৯ (GSTR-9) প্রস্তুত করা শুরু করে দেওয়া উচিত
মে মাস শেষ! জুন এসে গেছে! আপনার মতো জিএসটি করদাতাদের এই বিষয়গুলি সম্বন্ধে জানা প্রয়োজন: ✔ ২০১৭-১৮ আর্থিক বছরের জন্য জিএসটিআর-৯ (GSTR-9) ফাইল করার সর্বশেষ তারিখ হল ৩০ জুন ২০১৯। ✔ আপনি যদি কম্পোজিশন স্কিম করদাতা বা ই-কমার্স অপারেটর হন, তাহলে আপনাকে অন্য একটি ফর্মের (জিএসটিআর-৯ নয়) ব্যবহার করে বার্ষিক আয়ের বিবরণ দিতে হবে।…
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