GST Guide : Introduction, Compliance, Updates and More..
Updated on: Jun 21st, 2022
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7 min read
Introduction to GST
On July 1st, 2017, India moved to a new tax system – one that aims at converting the entire nation into a single market. If you are new to GST and keen to know how this new tax will affect you and your business, this section will help you understand the basics of the ‘Good and Simple Tax’.
- What is the Goods and Services Tax (GST)?
- Indirect taxes replaced by GST
- Advantages and disadvantages of GST
- CGST, SGST, IGST
- Taxable person under GST
- Basics about GST registration
- GSTIN
- GST-compliant invoice/bill
- Reverse Charge
- What happens to mixed supply and composite supply under GST?
- Continuous supply
- GST compliance rating
GST Returns
Filing tax returns on time is an important part of being GST-compliant. Learn more about which returns your business needs to file, and how to file them on time.
- What are the different types of GST returns?
- Which returns should your business file?
- Details about GST Returns:
GST Invoicing/Billing
The first step to becoming GST-compliant is creating correct invoices. However, not everyone knows what a GST-compliant actually is. Our experts answer the most common questions about GST invoices and how to go about creating one.
- GST-compliant invoices/bills
- Details to be mentioned in a GST-compliant invoice
- Different kinds of GST invoices and when are they issued?
- Customize GST invoices created online
- Revise invoices issued before GST
- How many copies of invoices should one issue?
- Important rules to remember when creating an E-way Bill
- How to create GST invoices offline – without internet
- Which GST-compliant software to use for invoicing?
- What is the time limit for issuing invoices and other documents?
- FAQs about GST invoices
Time, Place & Value of Supply
The point of taxation, type of tax, and amount of tax depends on the time, place, and value of supply. It is necessary to understand how these rules apply in case of inter-state and intra-state transactions so that you charge the correct tax every time.
- What are Time, Place and Value of Supply?
- Time of Supply
- Place of supply
- Value of Supply
GST Accounting & Records
With GST, the Indian economy has gone digital. And so has our record-keeping process. Understand how to maintain your online records and accounts under GST, pass accounting entries, and much more.
e-Way Bill
Electronic Way Bill (e-Way Bill) is a document required to be carried by the person in-charge of conveyance for movement of goods. It is generated either by the supplier, consignor, transporter, or, at times, the recipient of goods on the nation-wide e-Way Bill common portal. As our nation prepares for its full-fledged enactment, know more about the process and nitty-gritties of the system…
- e-Way Bill : Rules around its compliance
- How to register on the e-Way Bill portal for all?
- Steps to generate e-Way Bills online
- How to create e-Way Bills via SMS?
- What is consolidated e-Way Bill and how to generate it?
- How does the bulk-generation facility of e-Way Bill work?
- Format of EWB-01 e-Way Bill explained
- Format of EWB-02 Consolidated e-Way Bill explained
- When & How to update vehicle Number on e-Way Bill?
- When & How to cancel e-Way Bills?
- What is the procedure to reject the e-Way Bills?
- Status of implementation across India
- Transporter ID & Responsibility of Transporters
- What are ‘masters’ on the portal and its relevance?
- What is meant by ‘sub-user’ & How to create/remove one?
GST Procedure
The GST law has laid down stringent procedures for proper assessment of taxes, self-audit, and audit by officers. Wondering how it works? Read on to know more.
ClearTax GST Software Guide
ClearTax GST is a one-stop software that addresses all your compliance needs and is the only GST software you’ll ever need. Learn how to use ClearTax GST like a pro with our helpful, step-by-step guides.
- Create Purchase invoices on ClearTax GST Software
- Sales invoices on ClearTax GST Software
- Bill of Supply on ClearTax GST Software?
- Delivery Challans on ClearTax GST Software
- GST-compliant invoices without internet on ClearTax GST Offline
- File GST Returns on ClearTax GST Software
- How to import data to ClearTax GST Software?
GST Rates & HSN Codes
The HSN Code is a universal system of product/service nomenclature that has been used since 1988. It is important to use the correct HSN codes for your product and tax it at the correct rate. Read more if you wish to know your product’s HSN codes and GST rate.
GST Registration
We all know that registering for GST is mandatory, but does your business even need a GST registration? What would be the pros and cons of obtaining a GST registration and how does one obtain it? This section gives you a clear understanding of the registration process and how to go about it.
- What is GST Registration?
- Who should get registered under GST?
- Which businesses have to register under GST irrespective of their turnover?
- Documents/details required to register under GST
- GST registration process
- Fees for registering under GST
- Penalty for not registering under GST
- What is a GSTIN?
- Multiple GST Registrations
- Composition Scheme and when to opt for it?
- Voluntary Registration and why to opt for it?
- Cancellation of GST Registration
Composition Scheme
The Composition Scheme is a lucrative option for all SMEs who want lower compliance and lower rates of taxes under GST. Can a business register under the normal scheme change over to the Composition Scheme if it wishe
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