Start Up India

GST Return Filing GST return under the GST regime is crucial as non-compliance and delay will result in penalties and affect your compliance rating and timely refunds. All registered businesses have to file monthly, quarterly and/or annual GST Returns based on the type of business . In this article, we cover the following topics: What is GST Return? Who has to file GST Returns? What are the types of GST Returns? Late Fees for not Filing Return on Time 1. What is GST Return? A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that includes: Purchases Sales Output GST (On sales) Input tax credit (GST paid on purchases) To file GST returns, GST compliant sales and purchase invoices are required. 2. Who has to file GST Returns? In the GST re...

Businesses are required each year to maintain GST compliance. In this article, we look at the list of returns to be filed by various types of businesses under GST along with GST return due dates. How to File GST Returns? GST Returns can be filed online through the GST Common Portal. The proposed GST regime is backed by a technology platform maintained by the GSTN. GSTN has provided GSP Licenses for enabling businesses to file GST returns through various types of accounting software and ERP systems. Hence, GST return can be filed directly on the GST Common Portal or through a GST accounting software with the requisite features. When to File GST Returns? Under GST, a regular taxpayer needs to furnish three monthly returns and one annual return. If a taxpayer is registered under the composition scheme or is a non-resident taxpayer or is a taxpayer registered as an Input Service Distributor, or a person liable to collect TDS or TCS or was granted UIN, then they would have to fil...

ESI Registration Why ? Provides complete medical care to employees Includes employee’s dependants also Mandatory for units with >10 employees Applicability The following establishments employing 10 or more persons attracts ESI coverage: Shops Hotels or restaurants not having any manufacturing activity, but only providing service. Cinemas Roadside Motor Transport Establishments; News paper establishments. Private Educational Institutions and Medical Institutions In some states the minimum employees required for coverage is for 20 or more. A few State Governments have not extended scheme to include Medical & Educational Institutions. Employee State Insurance Corporation Employee State Insurance Corporation or ESIC is a self-financing social security and health insurance scheme which provides medical benefit, sickness benefit, maternity benefit, disablement benefit and various other benefits such as funeral expenses, free supply of physical aids etc....

In the GST Council meeting held on 19th May, 2017, the GST rates and GST exemption list for services was decided. The GST Council approved five broad GST rate categories for services like goods at 0%, 5%, 12%, 18% and 28%. In this article, we look at the GST Exemption List for Services. List of Exempted Services Under GST Services by Government or a local authority excluding the following services: Services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government; Services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport; Transport of goods or passengers; or Any service, other than services covered under clauses (i) to (iii) above, provided to business entities. Services by the Reserve Bank of India Services by a foreign diplomatic mission located in India Services relating to cultivation of plants and rearing of all life forms of a...

MSME Government schemes. As part of culture, Indian Government already has taken many steps to give assistance to MSME sector i.e. purchase price of plant and machinery, administrative support, sales and marketing training instead of term loan . These schemes are varied as per the nature of business. Find below some of the key benefits of this schemes. Marketing Assistance. To assist MSMEs to organise/ participate in exhibition of their products and services in domestic and global markets. ... Credit Linked Capital Subsidy Schemes(CLCSS) ... Coir Udyami Yojana(CUY) ... Micro and Small Enterprise Cluster Development programmes(MSE-CDP) ... Tool Rooms What you need to do is get in touch with myCAfilings expert to get the benefit out of it. For further details, please contact http://msme.gov.in/

Latest Update on GST: Summary of 23rd GST Council Meet "Changes to be made prospectively w.e.f. 15th November" Changes in Composition Scheme: Those supplying goods and services (services not exceeding Rs 5 lakhs in total) eligible for compositions scheme Composition scheme limit to be increased to Rs 1.5 crore (can be extended to Rs 2 crore later). 1 % GST rate for manufacturers & traders Composition tax of 1% on turnover of taxable goods (turnover of exempted goods to be excluded) Composition Returns, GSTR-4  due date extended to 24th December Composition dealers cannot make inter-state sales. Input tax benefit not allowed. Relief in GSTR compliance All businesses to file GSTR-1 and GSTR-3B till March 2018. GSTR-2 and GSTR-3 filing dates for July 2017 to March 2018 will be worked out later by a Committee of Officers Turnover under Rs 1.5 Cr to file quarterly GSTR-1 Turnover above Rs 1.5 Cr to file monthly GSTR-1 All businesses to file GSTR-3B ...