GST FOR DROPSHIPPING

GST FOR DROPSHIPPING

What is Dropshipping? Dropshipping is an extremely popular E-business model that works as intermediaries (merchant) between the supplier and the end consumer. In the dropshipping business, the dropshippers receive the order from the consumers and transfer it to the manufacturer/supplier. Now, the supplier directly delivers the order to the consumers. These merchants earn commission by selling the products of manufacturers. The benefit of dropshipping business is that the merchant doesn’t have to handle the product directly and does not require to maintain his/her own stock. While operating the Dropshipping business, you need to pay two types of taxes: • Goods and Service Tax (GST) • Income Tax GST Applicability & Rate For Dropshipping : Dropshipping can be international, domestic, or both, depending on the supplier and the consumers' location. Case I: Supplier: Outside India (Say US) Consumer: Indian customers Business Registration: India GST Implication: A business registered in India is...
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GST on Coaching Classes

GST on Coaching Classes

How GST applicable on services? The government has imposed GST on the services in the same rate structure as levied on the goods. GST on services comprises of 5%, 12%, 18%, and 28%. However, some of the services are also categorized under the NIL rate of GST. Sr. No. 66 of exemption notification No. 12/2017 – Central tax provides that the educational institute’s services are exempt from GST. Hence, GST on educational institutes will be taxed at “NIL” rate under GST. Meaning of educational institute as per GST As per GST, “educational institution” is defined as an institution that provides services by way of: • Pre-school and education up to higher secondary school or equivalent; • Education as a part of a curriculum for obtaining a qualification recognized by any law as in force; • Education institute includes an approved vocational education course; Threshold of GST on services The GST...
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GST Return Late Fee Waived

GST Return Late Fee Waived

What is GST council? The government of India introduced the GST council to regulate the GST in India. GST Council is established governing body to make recommendations to states on GST.The Union Minister directs the GST council meetings along with other revenue and finance ministers. Key decisions: The FM Nirmala Sitharaman met for the 40th GST Council meeting 2020 after the corona pandemic lockdown. For providing the relief to the taxpayers, the key decisions taken in the council are as below: For the taxpayers having turnover up to Rs. 5 crores: • The interest rate on late submission of returns (February, March and April) has reduced from 18% to 9% p.a. till September 30, 2020. • Late fee waived off from July 2017 to January 2020 on filing GSTR 3B returns with No liability or NIL Returns will attract NO GST • For the taxpayer with liability, the maximum late...
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File Nil GSTR3B by SMS

File Nil GSTR3B by SMS

Intro The Indian government has recently rolled out another privilege for the registered taxpayer, where one can file nil GST return by SMS. GST 3B is the monthly summary of monthly return filed by the taxpayer while in GSTR1, they disclose all their outward supplies and submit invoice wise details for the whole month. The new SMS system is for GSTR 3B with nil liability. The GSTR 3B form can be submitted via SMS, which would take away the pain of logging into the account every month. This will make things easy for 22 lakh taxpayers. The system will also put India in a better position as far as ease in tax filing is concerned. The country currently stands at position 115 out of 190 countries. This is undoubtedly a great move with traders concentrating on revamping their businesses after lockdown. They will now have less hazard while filing GST...
Swagat W. GST
All about GSTR3B

All about GSTR3B

GST - The Intro: Most Indian businesses have started complying with GST after 1st July 2017. Tax authorities had introduced a simple return form called as GSTR 3B. Filing GSTR 3B form is mandatory for all those who have registered for the Goods and Services Tax (GST). The GSTR 3B is a simple tax return form introduced by the Central Board of Excise and Customs (CBEC) for the month of July and August.  It is must that you have a separate GSTR 3B file for each Goods and Services Tax Identification Number (GSTIN) you have. You can mention only total values for each field in this form however invoice level information is not required for this form. However we help you file all GST Returns PAN India, still if you are new and you want a grip on how our services are, you can always ask your Pune branch to...
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GST RETURNS

GST RETURNS

Introduction: GST, as you all know, is Goods & Service Tax. From July 2017, it has been implemented in India and is to be followed by every business person registered under the act. It is an indirect tax and should be applied and filed by businessmen only on th purchase and sales they make. Essential Features of GST: GST return filing and payment is a fully online process, and every it includes punching of sales, purchase, credit notes, debit notes transactions, and involves paying of tax, return filling, claiming an input tax credit, and much more. The underlying motive is to able a taxpayer to file all his returns showing all sale purchases and related transactions of a business. A GST registered taxpayer needs to file monthly, however annual returns.  Every GST payer has to file different returns designated to his category of registration in GST. GST council to make...
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