TaxHelpdesk- File Taxes & GST Online in India

  Before the advent of the Goods and Services Tax regime, the indirect tax regime comprised of service tax, central excise, VAT and other related taxes. Under the old indirect tax regime, the credit mechanism for service tax and central excise duty was levied by the Union Government and by the State Government under their respective VAT laws. These VAT legislations allowed Input Tax Credit of VAT on inputs and capital goods in transactions within the State, but not on inputs and capital goods coming in the State from outside the State, on which the central tax was paid. CENVAT Credit Rules, 2004 allowed the availing and utilization of credit of duty/tax paid on both goods (capital goods and inputs) and services by the manufacturers and service providers across the country. CENVAT Credit Rules, 2004 integrated the credit across the goods and services, to mitigate the cascading effects of the central levies namely, central excise duty and service tax. However, the credit chain remain...

Goods and Services Tax, commonly known as GST came into on 01 st  July, 2017. However, being a new law, there are various confusions being spread as rumour which makes this law unclear to the common man. Below are the major facts and myths related to GST: MYTH 1:   My business is compulsorily required to have GST Registration and I cannot start my business without the same. FACT 1:  A dealer is required to apply for registration within 30 days when he becomes liable for GST registration. Once he has applied for registration, a provisional GSTIN will be issued and there is no need to wait for final GSTIN number. Therefore, you can very well start your business with provisional GSTIN. MYTH 2:   Once registered for GST, I will have to file three returns. FACT 2:    Once registered for GST, you will have to file only one return, which has three parts. – First part is details of all outward supplies (sales) made in previous month. – Second part is an auto genera...