GST Guide

GST Software

Asaan Tax is the result of our passion and painstaking research. The software is for those who are gearing up to set up their own business or those who are already running their business but has no idea about GST.

GST Payment

Making GST payment is not difficult. You will be able to login to GSTN website and make the payment by filling out a form. However, the documents which you would need to make the payment can be confusing. This is why you would need a system which will be able to help you make the documentation proper.

GSTR 1

What is GSTR 1? Many taxpayers don’t have any idea about GSTR 1. This is one of the returns which the taxpayers need to file every month. This form has the details of the outward supply.

GSTR 3B

This return form is introduced by CBEC which needs to be filed separately for each single GSTIN. It is important to remember that GSTR 3B does not require any invoice level information.

GSTIN

Before the implementation of GST, the dealers used to register for VAT number. Likewise all the businesses need to register under GST as well. Upon registering the businesses will be provided GST identification number or GSTIN.

GST Invoice

Invoice is nothing but list of items or services along with the prices. Those who are registered under GST must provide GST invoices to the clients for each transaction. To create this invoice you will have to provide some mandatory information. The long list of required information you can find here.

GST Accounting

Accounting has turned complex after the implementation of GST. Even though the system offers a common tax system throughout the nation, the multiple slabs of GST perplex a lot of small and mid-sized businesses. This is why help is essential when it comes to taking care of the accounting of the organization.

Reverse Charge

In normal cases the suppliers pay the tax. However, when it comes to the reverse charge, it is the receivers who pay the tax. In this case, the chargeability gets reversed.

GST Payment

GST payment can be made online. You need to make all the adjustments and take Input Tax Credit which is available to the tax payers before making the payment online.

Procedure of GST Payment

All the registered person need to make GST payment. The tax liability needs to be made on monthly basis. In case, there is any unpaid tax liability, it should be paid back to the government.

Penalties of GST

To avoid tax evasion, the government saw the need to implement penalties and arrest for the GST offenders. The GST penalties fall under section 8. The taxpayer might get punished for submitting fake or wrong invoices. Getting refunds wrong way can lead to penalty as well. Tax evasion is serious offense and it might lead to prison time up to 5 years along with fine. However, the penalty depends on the seriousness of the offense.

GST Exemption

There are some goods which will not attract GST as per the order of the GST council. Meat, edible vegetable, fish and other such goods get GST exemption.

GST Transaction

GST is one tax which subsumes almost all the state and central implemented taxes. Under the unified tax, VAT, excise and service tax get nullified. The traders will have to maintain input and output CGST, input and output SGST, input and output IGST and cash ledger that must be maintained on the GST portal.

GST Return

The return is the document which contains the income details of the taxpayers. The document is used by the GST authority to calculate the liability of tax. The traders will have to file forms in the GST portal that include details of sales, purchase, input tax credit and output GST.

Input Tax Credit

Input credit refers to the reduction of tax amount on input at the time of output tax paying. To claim this credit, you must have detailed tax invoice or detailed debit note.

GST registration5

To register for GST, you would have to fill out an online application form. Once the form is filled out and submitted ,you would get the machine generated GST identification number,which is known as GSTIN.