GST
GST REGISTRATION
To register for GST (Goods and Services Tax) in India, follow these steps:
Eligibility for GST Registration :
- Your business has an annual turnover exceeding ₹20 lakh (₹10 lakh for special category states).
- You are involved in inter-state supply of goods or services.
- You are an e-commerce operator or supplier.
- You are required to deduct TDS under GST.
- Voluntarily, even if below the threshold, for claiming input tax credit (ITC).
GST FILING
Filing GST returns is an essential compliance requirement for businesses registered under GST in India. Here’s a guide to GST filing:
Types of GST Returns :
The type of return depends on your business and its activities. Below are the main types:
GSTR-1:
- Purpose: Details of outward supplies (sales).
- Due Date: 11th of the following month or 13th if opted for QRMP (Quarterly Return Monthly Payment).
GSTR-3B:
- Purpose: Summary return for sales, ITC (Input Tax Credit), and payment of tax.
- Due Date: 20th of the following month or staggered dates based on the state for QRMP scheme.
GSTR-4:
- Purpose: Annual return for composition scheme taxpayers.
- Due Date: 30th April of the following financial year.
GSTR-5:
- Purpose: For non-resident taxable persons.
- Due Date: 20th of the following month or within 7 days after the expiry of registration.
GSTR-9:
- Purpose: Annual return for regular taxpayers.
- Due Date: 31st December of the following financial year.
Other Returns:
- GSTR-6 (Input Service Distributor)
- GSTR-7 (TDS deductors)
- GSTR-8 (E-commerce operators)
ACCOUNTING
Accounting is a critical aspect of managing a business, as it helps track financial transactions, ensure regulatory compliance, and provide insights into a company’s financial health. Here’s an overview of key accounting concepts and processes:
Key Accounting Concepts :
- Double-Entry System
- Accounting Equation
- Accrual vs. Cash Basis
- Revenue Recognition
- Matching Principle
E-Filing
E-filing, short for electronic filing, refers to the process of submitting documents, forms, or information electronically through an authorized online platform, typically over the internet. It is widely used in various sectors, including:
- Taxation: Submitting tax returns online through government or authorized tax preparation platforms (e.g., the Income Tax Department’s e-filing portal in India).
- Legal Systems: Filing legal documents, such as court petitions or appeals, electronically in a judicial system.
- Business: Filing compliance documents, such as annual returns or reports, with government registries or regulatory bodies.
- Public Records: Submitting applications or documents for licenses, permits, or public records.
Address
No 9/3 ST- 4, Abhi Complex Second floor, Mettupalayam Road, Near Bus Stop, Narashimanaikenpalayam, Coimbatore – 641031