E-Way Bill System: E-Way Bill Becomes Mandatory for Movement of Goods : GST

E-Way Bill System: E-Way Bill Becomes Mandatory : GST

In a bid to bring uniformity across the states for seamless inter-state movement of goods, the government is set to implement the electronic way bill or e-way bill system from February 1. E-way bill is a system generated bill which every transporters, exceptions in some cases, will have to carry to move the goods from one place to another. These electronic bills can be generated from the GSTN portal. The e-way bill system was introduced under the Goods and Services Tax , but couldn’t be implemented earlier as the required IT infrastructure wasn’t in place. Last month, the GST Council decided to implement the e-way bill mechanism throughout the country from February 1.

In a notification released earlier this month, the GSTN informed the transporters that E-way bill would become mandatory for inter-state movements of goods from February 1, 2018. It further said that the nationwide e-way bill system would be ready to be rolled out on a trial basis by January 16

We know, there might be many questions arising in your mind regarding E-Way Bill System, so here we have answered all major questions. If you still feel your query is not answered, then feel free to comment them down.

FAQs

Q-1> Who needs to generate E-way Bill ?

Ans.: The following people are responsible to generate E-Way Bill

Ist – The Supplier

IInd – The Receiver

IIIrd – the registered person if purchase or sale is done from an un-registered person/dealer

Q-2> What type of supply is covered under E-Way Bill ?

Ans.: Almost all type of movements of goods are covered under E-Way Bill, including rejection, sales return , repair and maintenance and daily job work or material sent with a delivery challan. Approx value will be shown on delivery challan of the job work and an E-way Bill will be generated for this Challan.

Q-3> What amount is covered under E-Way Bill ?

Ans.: The material value up to Rs. 50000/= is not cover under E-way Bill whereas, if the total value of material which is loaded in a single vehicle is more than 50000/=, E-way bill will be generated by the transporter.

Q-4> How Many parts are there in E-way Bill ?

Ans.: There are 2 parts of E-way bill, part A and B. in part A ,we fill the detail of goods received , items detail and value of goods. In part B, there is a column of transporter detail ,means transport name, vehicle number and GR number.

Q-5> Is part B of E-Way Bill Mandatory to fill?

Ans.: If the material dispatch range is less than 10 Km i.e. through hand or by rickshaw, part B will not be required.

Q-6> How will goods be identified in Goods in E-way Bill?

Ans.: The Goods will be identified with an HSN Code shown in the E-way Bill.

Q-7> Any printout of E-way bill needed with the Invoice of Goods?

Ans.: No printout is required with the invoice of goods, show only number of E-way bill in front of invoice.

Q-8> What is Consolidated E-way Bill ?

Ans.: Consolidated E-way bill is generated when the transporter is carrying multiple consignments in a single vehicle. Consolidated E-Way allows the transporter to carry a single document, instead of a separate document for each consignment in a conveyance.

Q-9> What is the validity of E-way Bill?

Ans.: The validity of E-way Bill is as follows:

00 to 100 Km. : 01 Days
100 to 300 Km.: 03 Days
300 to 500 Km. : 05 Days
500 to 1000 Km. : 10 Days
More than 10000 km.: 15 Days

Q-10> What is the penalty of non-filling of E-way Bill ?

Ans.: the penalty of non-filling of E-way Bill is 200% of GST value of invoice..

NOTE: there is no editing allowed in E-way bill after final submission.

Q11 > What are the documents required to generate E-Way Bill?

Invoice/ Bill of Supply/ Challan related to the consignment of goods.
Transport by road – Transporter ID or Vehicle number.
Transport by rail, air, or ship – Transporter ID, Transport document number, and date on the document.

Should I Invest In Bitcoin Or Not

Should I Invest in bitcoin: All About Blockchain and Cryptocurrency

Invest in bitcoin -Blockchain is the future of finance. Blockchain is a revolution. Blockchain will disrupt the industries and sectors.
Wow, awesome! But, what is it that is causing such crazy hype?! Is Invest In Bitcoin, Blockchain or Bitcoin safe? Let’s understand the basic terms first. invest in bitcoin

Blockchain is a technology that facilitates the functioning of cryptocurrencies. It is a type of distributed ledger, where records can be stored and organized into blocks. That means there is no central authority maintaining the ledger, and data is maintained by a group of peers.
It is understood that Blockchain can remove the intermediaries and foster an environment of trust and transparency due to distributed ledger mechanism.

Cryptocurrency is a digital currency stored in the blockchain.

Bitcoin is the most popular cryptocurrency for which blockchain technology was invented.
Now the question arises that, should I invest in Bitcoin or not? This article will answer all your questions

Are Blockchain and Bitcoin scams? Is it safe to Invest in Bitcoin?

There are two parts here: Blockchain technology and Bitcoin.

Blockchain technology is amazing. It can change the way the industries work. It is transparent, accurate, distributed, permanent, and cheap. It can have positive applications in banks, financial institutions, voting, the automotive industry, healthcare, etc. However, there are no existing regulations that govern this technology.

The other is Bitcoin. The world is going gaga over Bitcoin and its value. Its price touched around the $17,549 mark. People are buying Bitcoins in a hope that it will surge further. They also don’t want to miss out on an opportunity to make money. So, Bitcoin has become a tradeable instrument offering lucrative returns.

But, let’s not forget, with high returns, come high risks. Stock markets too have witnessed such surges disguised as scams. All the gold rush ends one day. Before you mark Bitcoin safe, let’s walk around some risks attached that might stop you to invest in bitcoin

What looks risky in Bitcoins?

Volatility: Volatilities exist in stock markets too, but are much higher in Bitcoins. Anything that goes up comes down. Someone who bought the majority of Bitcoins since inception will surely dump it to someone. What if you are the one?

Regulations: The stock market can still boast about having regulators (like SEC in the US, SEBI in India, etc.) to protect the interests of consumers, but what does Bitcoin have? If the prices of Bitcoin crash, who will you claim your money from? It is better to wait for the governments to adopt this technology and set some rules and regulations to protect the interests of people trading in this currency.

IT Risk: This is merely a code, and can be hacked. If someone gets access to your public key, you may end up losing your ownership. Again, there is no regulator to protect your interest.

Money Laundering: Owing to the anonymity of these transactions, it is also likely to be used by criminals for money laundering. There are no taxes involved. If the government decides to ban it, its value can crash terribly.

These Bitcoins very much resemble stock markets. Let’s walk around the traits of scams that have rocked the stock market.

What do the scams look like?

The scammers can organize a scam in such a systematic and polished manner that it may be hard to unwrap the truth. The market you the garden of flowers, but little do you know that there is a crematory right under it.

One of the most popular stock schemes is called “pump and dump.” Here’s how it works. invest in bitcoin

A group of crooks buys up a block of stock in a little-known company, preferably one that has a semi-exciting technology name. They advertise it massively and begin flooding cyberspace with false rumors about how this company has some breakthrough technology or just signed a super deal.

They may even develop phony letterhead and send out press releases about the company, and carry out every such thing that lures people into buying that stock.

With more and more people buying the stock, the price of the stock starts increasing and the crooks’ smile starts widening.

After the stock price goes up, the crooks finally decide to dump the stock and book fat profit. When they sell, the price stumbles steeply and all the people they conned into buying lose money heavily.

The game is not over yet. Sometimes crooks themselves short that stock then hops on the Internet and spread lies about how the company is in trouble or about to face some criminal proceeding. When the stock drops, the short-sellers cover their positions for a big profit. Scam happened. Crooks won, gullible people, lost.

Schemes come in various forms to extract money from your pocket. They all have one thing in common: very high returns. The sad truth is that many people fall for these schemes because their greed overcomes their reason. Don’t let this happen to you

Famous Scams in History invest in bitcoin

Jordan Belfort (Stratton Oakmont)
The Wolf of Wall Street. Stratton Oakmont was a typical pump-and-dump firm in the 90s, where brokers would drive up the price of stocks and then Belfort and his partners would cash out causing the stock to plummet in value. He hired hundreds of ambitious brokers to cold call unsuspecting people, selling worthless stocks. In 1998, Belfort was indicted for securities fraud and money laundering.

Charles Ponzi
The term “Ponzi scheme” is named after Charles Ponzi’s famous pyramid scheme. Ponzi infamously promised returns of 50% in 45 days, which were paid with funds from new investors. The scheme eventually failed in 1920 leaving 5 banks and all investors ruined. Charles Ponzi made $20 million through his pyramid scheme, in those days.
Ketan Parekh
Ketan Parekh can best be described as the Pied Piper of Dalal Street. For two years, marketmen followed his every action because all he touched turned to gold. Be it investment firms, mostly controlled by promoters of listed companies, overseas corporate bodies, or cooperative banks, all were ready to hand the money to Parekh, which he used to rig up stock prices by making his interest apparent. In no time, scrips like Visualsoft rose from Rs 625 to Rs 8,448 per share and Sonata Software from Rs 90 to Rs 2,150. But the vicious cycle of fraud did not end with price rigging. The inflated stocks had to be dumped onto someone in the end, for which Parekh used financial institutions like the UTI. But the party ended rather abruptly a day after the Union Budget was presented in February 2001. SEBI investigated, it was evident that bank and promoter funds were used to rig the markets. Parekh was arrested in March that year and was in custody for 53 days. In the aftermath of the scam, many gaping loopholes in the market were plugged.

The surge in Bitcoin value is a coincidence? Maybe or maybe not! You decide. Let’s take Blockchain and Bitcoin value as separate things and just hope that the future of finance will be shaped by BlockChain Technology in a positive dimension.

Disclaimer: Views shared by CA In Delhi are personal. Feel free to act on your understanding.

How to link mobile number to Aadhar Card : [FULL GUIDE]

Aadhar has become an important document not only to establish your identity and avail social security schemes but also for financial matters such as filing income tax returns (ITR), keeping your bank account active, and investing in financial products like mutual funds. This article will guide you how to link mobile number to Aadhar card [AdSense-B]

Earlier on in the year, it was announced that customers had to link their mobile numbers with their Aadhar. There are many advantages of linking the two. For example, you can e-verify your ITR using Aadhar. In this process an OTP is sent to the mobile number linked to your Aadhar. You can even update personal details linked to your Aadhar online using an OTP sent to your registered mobile number. Downloading your e-Aadhar also requires verification via OTP sent to your mobile number.

Also check out: How To Locate Nearest Aadhar Center : [FULL GUIDE]

If you want to link mobile number to Aadhar, there can be two scenarios:

1. You are linking it for the first time;
2. You have changed your phone number and want to update your Aadhar data by replacing the old number with the new one.

How To Link mobile number to Aadhar for the first time:

This needs to be done offline. Most online transactions are OTP (one-time-password) authenticated, i.e., the password is sent to the registered number. Since you are linking your number for the first time, online authentication is not possible. To do this offline you need to follow these steps:

• Visit your nearest Aadhar center (Click here to locate nearest aadhar center) to get the Aadhar Update/Correction Form or
Click here to download form from the UIDAI website. [AdSense-B]
• Fill out the form correctly; submit it to the concerned person at the center and mention on the form that only mobile number is to be updated.
• While submitting the update form, along with photocopy of your Aadhar card you also need to provide photocopy of an Identity proof document such as PAN Card, Passport, Voter ID card (Click here for the complete list of supporting documents). [AdSense-B]
• Following the submission your biometrics will be verified at the enrolment center. Your thumb impression will be verified. While applying for Aadhar your biometrics were recorded and to authenticate the changes, they are verified.
• After verifying the biometrics, you will be given an acknowledgement slip. Usually it takes 2-5 working days for the updation to happen but as per the UIDAI helpline the turnaround time for the updation is 10 days.

Also Check: Documents Required To Update Aadhar Card Online and Offline

Updating your mobile number

You can link mobile number to aadhar card online, but make sure that your existing number linked to your Aadhar, is functional and handy. This is because the OTP to authenticate the updation would be sent to your existing number. You will be able link your new mobile number with Aadha only after submitting the OTP sent on your old number.

• On the UIDAI website, there’s an option under the Aadhar Update tab that will redirect the user to the Aadhar Self-Service portal.
(Click here to go to the portal directly) [AdSense-B]
• Enter your Aadhar number, and the Captcha text and request for OTP.
• The OPT will be sent to your existing mobile number, and after submitting it you’ll be redirected to a new page, where you can update the desired details.
• Under ‘Select field(s) to update’, select ‘Mobile Number’
• Now enter your new mobile number that you want to record in the database and submit.

Documents Required To Update Aadhar Card : [FULL GUIDE]

Whether you are enrolling for Aadhar for the first time, or are getting information updated, you will need to submit required documents that support your claims. Generally speaking, the documentation that is required for registering with aadhar are simpler that many other services that require documentation. It is also divided into four categories that range from identity and address to date of birth and relationship. There are some documents that can even serve as proof of more than one thing. These documents will be needed when you apply for a new aadhar card or when you request for any changes to be made to your existing card. This article will cover all the documents required to update Aadhar card [AdSense-B]

Documents Required to update Aadhar Card Address

The list of documents required for changing address, name, number, date of birth on Aadhar Card are as follows:

Proof of Identity (PoI) – The document must contain your name and photo. You can submit any of the following documents as identity proof:

-Passport.
-Ration Card or PDS Photo Card.
-PAN Card.
-Driving License.
-Voter ID.
-NREGS Job Card.
-Government Photo ID Cards or PSU Issued Service Photo Identity Card.
-Arms License. [AdSense-B]
-Photo ID Issued by a Recognized Educational Institution.
-Photo Credit Card.
-Photo Bank ATM Card.
-Kissan Photo Passbook.
-Pensioner Photo Card.
-Freedom Fighter Photo Card.
-ECHS/ CGHS Photo Card.
–Certificate of Identity that has photo issued by Gazetted Officer or Tehsildar on a letterhead.
-Address Card that has name and photo issued by the Department of Posts.
-Disability ID Card or handicapped medical certificate that is issued by the respective State or Union Territory Government or Administrators.
-Marriage Certificate.
-Gazette Notification.
-Proof of Marriage document that has been issued by the Registrar.

Also Check Out: How To Link Mobile Number To Aadhar

Proof of Address (PoA) – The document must contain your name and address. You can submit any of the following documents as address proof: [AdSense-B]

-Bank Statement or Passbook.
-Ration Card.
-Passport.
-Post Office Statement or Passbook.
-Voter ID.
-Government Photo ID Cards or PSU Issued Service Photo Identity Card.
-Driving License.
-Water Bill (It should not be more than 3 months old).
-Electricity Bill (It should not be more than 3 months old).
-Property Tax Receipt (It should not be more than 1 year old).
-Landline Telephone Bill (It should not be more than 3 months old).
-Credit Card Statement (It should not be more than 3 months old).
-Signed Letter that has Photo from the Bank on a letterhead.
-Insurance Policy.
-Signed Letter that has Photo and is issued by a Recognized Educational Institution on a letterhead.
-Signed Letter that has Photo and is issued by a registered Company on a letterhead.
-Arms License.
-NREGS Job Card.
-Pensioner Card.
-Kissan Passbook.
-Freedom Fighter Card.
-Income Tax Assessment Order.
-ECHS/ CGHS Card.
-Certificate of Address that issued by the head of Village Panchayat or an equivalent authority (for rural areas).
-Certificate of Address that has photo and is issued by a MLA or MP or Tehsildar or Gazetted Officer on a letterhead.
-Vehicle Registration Certificate.
-Registered Lease/ Sale/ Rent Agreement.
-Caste and Domicile Certificate that has photo and is issued by the State Government.
-Address Card that has photo and is issued by the Department of Posts.
-Gas Connection Bill (It should not be more than 3 months old).
-Disability ID Card or handicapped medical certificate that is issued by the respective State or Union Territory Government or Administrators.
-Passport of Parents (in case of minors).
-Passport of Spouse.

Also Check: How To Locate Nearest Aadhar Center

Proof of Date of Birth (DoB) – You can submit any of the following documents as proof of Date of Birth:

-SSLC Certificate or Book.
-Birth Certificate.
-Passport.

Supported Proof of Identity (PoI) Documents Required for New aadhar Card

These are documents that establish that you are who you claim to be as seen on documents issued by various government bodies. The one common theme in all these documents is that they all need to be photo identity cards. The document must contain your name and photo. You can submit any of the following documents as identity proof and also used as KYC documents for Aadhar Card .

Passport.
Ration Card or PDS Photo Card.
PAN Card.
Driving License.
Voter ID.
NREGS Job Card.
Government Photo ID Cards or PSU
Issued Service Photo Identity Card.
Arms License.
Photo ID Issued by a Recognized Educational Institution.
Photo Credit Card.
Photo Bank ATM Card.
Kissan Photo Passbook.
Pensioner Photo Card.
Freedom Fighter Photo Card.
ECHS/ CGHS Photo Card.
Certificate of Identity that has photo issued by Gazetted Officer or Tehsildar on a letterhead.
Address Card that has name and photo issued by the Department of Posts.
Disability ID Card or handicapped medical certificate that is issued by the respective State or Union Territory Government or Administrators.

List of Supported Proof of Address (PoA) Documents Required For Aadhar Card [AdSense-B]

These are documents that prove that you are residing at the address that you have provided. This is a particularly import piece of information and should always be correct since the Aadhar card will be sent to this address. This means that if you make a mistake in the address, or fail to correct/update it in time, you will have trouble receiving the Aadhar card since it is only sent to the address mentioned on the application form. Your address proof must have your name and address. The following documents are accepted by the UIDAI as identity proof:

Supported Proof of Date of Birth (DoB) Documents Required for Aadhar Card

To prove the date of birth mentioned by you is accurate, the following required documents can be submitted at the time of Aadhar registration.

-SSLC Certificate or Book.
-Birth Certificate.
-Passport.
-PAN Card.
-Certificate of Date of Birth that is issued by Group A Gazetted Officer on a letterhead.
-Government Photo ID Cards or PSU Issued Photo Identity Card that contains the DoB.
-Mark sheet that has been issued by any Government University or Board.
-Central Government Health Service Scheme Photo Card or Ex-Servicemen Contributory Health Scheme Photo Card.
-State or Central Pension Payment Order.

Supported Proof of Relationship (PoR) Documents Required For Aadhar Card Enrollment

Your proof of relationship must be a document that contains details about your relationship with the Head of Family. The following documents are accepted by the UIDAI as PoR:

-Passport.
-MNREGA Job Card.
-PDS Card.
-Pension Card.
-CGHS/ECHS/State Government/ESIC Medical Card.
-Army Canteen Card.
-Marriage Certificate Issued by the Government.
-Birth Certificate issued by the Registrar of Birth, Municipal Corporation and other notified local government bodies such as Tehsil, Taluk, etc.
-Any other State or Central government issued family entitlement document. [AdSense-B]

Documents Required for aadhar Card for Child

For children below 5 years old, UIDAI does not require biometrics. The UID for these children will be processed based on their facial photograph and demographic details that is linked with the UID of their parents. Once these children turn 5 years old, they have to be re-enrolled. During this re-enrollment process, their biometrics will be collected by UIDAI. Their biometrics will be updated again when they turn 15 years old.

The documents required to aadhar card registration for child are as follows:

-Proof of date of birth.
-Identity and address proof.
-aadhar card of any one of the parents.

The following documents are accepted as proof of identity:

-Passport.
-PAN Card.
-Voter ID Card.
-Driving License.

The following documents are accepted as proof of address:

-Passport of Spouse.
-Passport.
-Driving License.
-Voter ID Card.
-Ration Card.
-Credit Card Statement (within 3 months).
-Bank statement/ Passbook.
-Water Bill (within 3 months).
-Electricity Bill (within 3 months).
-Insurance Policy.
-Landline Telephone Bill (within 3 months).

How To Locate Nearest Aadhar Center : [FULL GUIDE]

The Aadhar Card is one of the important documents in India, which can be used for availing benefits from different government schemes and for other purposes such as opening a bank account, applying for gas connection, etc. To make it easy for the Indian citizens to apply for Aadhar cards , the UIDAI has opened several Aadhar Card Enrolment Centres in the country. These centers are present in almost all the regions and are run by registrars appointed by the UIDAI. This article will guide you ‘how to locate nearest aadhar center ‘ [AdSense-B]

How to locate Aadhar Card Enrolment Centre near you

The UIDAI has now updated the list of addresses for all the Aadhar Card Enrolment centers on its official website. The updated portal helps people in finding the nearest Aadhar center.

Given below are the steps to find the nearest Aadhar enrolment centre for you.

Firstly click here to visit the official UIDAI portal online. [AdSense-B]
You can choose to search either through state, pin code, or search box. Select one option out of three.
To search through ‘State’ follow the steps given below:
- Select the state in which you are living at.
- Select your district in the state.
- There is an additional option called “Sub district” which helps you in narrowing down your search. for instance, if you are selecting the bangalore as the state, you can either choose bangalore south or bangalore north as your sub-district.
- Finally select the correct VTC (Village Town City), and if you are a permanent resident, then tick the square box, if not ignore it.
- Finally you will have to type in the verification code for security purpose and click on “search” button. [AdSense-B]
To search through ‘Pin Code’ type the pin code of your location, check the box before ‘Only permanent centers’ if you are looking only for permanent centers. After that enter the Verification Code and click on the search button. [AdSense-B]
To search through ‘Search Box’ type the search box number and check the box before ‘Only permanent centers’ if you are looking only for permanent centers. After that enter the Verification Code and click on the search button.

After you click on the “search” button, you will get a list of centres in your locality along with the address and phone number. You will also get details of contact person in your search. The start and closing date will also be mentioned in the results. Through the UIDAI portal, people can also book appointments for UID enrolment. When you visit the centre to apply for the card, do not forget to carry all the required documents that includes address proof, id proof, etc. [AdSense-B]

Also Check : How to link mobile number to Aadhar Card : [FULL GUIDE]

States/UT under NPR:

Assam
Arunachal Pradesh
Dadra and Nagar Haveli
Manipur
Lakshadweep
Jammu & Kashmir
Mizoram
Meghalaya
Orissa
Nagaland
West Bengal
Tamil Nadu

Changes In GST : Rates, Due Dates, Return Filing

Changes in GST that will impact your business

In a major overhaul under the GST, there are changes in GST that will impact your business. It’s important for you to remain updated with them so that you don’t do lose out anything or do any wrong for your business as well as customers.

Bringing smiles for consumers, as many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both air- conditioned and non-AC.

Other compliance changes are:

Revision in Late fee

1) For nil return from 200 Rs per day to Rs 20 per day
2) For others , The late fees Has been revised from Rs 200 to Rs 50 Per day

Revision in Timelines for filling return

GSTR 2 & 3 is abolished till March 2018

For Asseses having Turnover upto Rs 1.5 Cr will file
1- GSTR 3B monthly
2- GSTR 1 – Quarterly

For assesses having Turnover more than 1.5 Cr will file
GSTR 3B- Monthly filling by 20th of the following month.
GSTR 1- Monthly

Revision in overall due dates

Invoices for Nov, 2017 to be filed by Jan 10, 2018

Similarly, Invoices for Dec, 2017 needs to be filed by Feb 10, 2018

Invoices for Jan 2018 to be filed by March 10, 2018

GSTR 4 shall have to file there return 24th December 2017. Form for GSTR 4 is already available online

GSTR 5- 11th Dec 2017
Trans 1 – 31st December 2017

Changes in Composition Scheme

COMPOSITION dealer shall have uniform rate of 1% for manufacturer and traders.

COMPOSITION SCHEME will cover services of up to Rs 5 Lakhs in addition to the goods.

Threshold limit for COMPOSITION SCHEME will increase to 2 Cr (Necessary amendments will be made in act).

The aggregate turnover will only cover the taxabale supplies and not exempt supplies for the purpose of computing tax @1%/5%.

ALSO READ : Imprisonment under GST: Offences That May Land You in Jail

* In the current year, all taxpayers will have to file only GSTR-1.

* New GST rates will come into effect from November 15

* Nobody can charge tax over and above MRP

* Taxpayers with annual aggregate turnover more thanRs. 1.5 croreneed to file GSTR-1 on monthly basis as per following frequency:

Due dates for furnishing forms

File GST Return : Know all about GST Return [Complete Guide]

1. What is a 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 return , GST compliant sales and purchase invoices are required. You can generate GST compliant invoices for free on CA In Delhi

2. Who has to file GST Returns?

In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
There are separate returns required to be filed by special cases such as composition dealers.

3. What are the types of GST Returns?

3.1. Any regular business:

Return Form	Particulars	Interval	Due Date
GSTR-1	Details of outward supplies of taxable goods and/or services effected	Monthly*	10th of the next month
GSTR-2	Details of inward supplies of taxable goods and/or services effected claiming input tax credit.	Monthly*	15th of the next month
GSTR-3	Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.	Monthly*	20th of the next month
GSTR-9	Annual Return	Annually	31st December of next financial year
GSTR-3B	Provisional return for the months of July to December 2017	Monthly	20th of the next month

3.2. A dealer opting for composition scheme :

A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:

Return Form	Particulars	Interval	Due Date
GSTR-4	Return for compounding taxable person	Quarterly	18th of the month succeeding quarter**
GSTR-9A	Annual Return	Monthly	31st December of next financial year

4. Late Fees for not Filing Return on Time

If GST Returns are not filed within time, you will be liable to pay interest and a late fee.

Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing (26th/ 29th Aug) to the date of payment.

Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.

5. Who Can Help Me To File GST Return

You can find a list of professional Chartered Accountants in Delhi at CA In Delhi‘s home page. You can choose from a list of available CA’s and get your GST return filed with ease. So don’t worry and navigate to home page and connect with chartered accountants to file GST return.

How To Claim GST Input Credit : Conditions To Be Satisfied

What Is GST Input Credit? [AdSense-B]

First of all, let us know what is GST Input Credit. Well, GST Input credit is nothing but a balance of the amount of tax you paid at the time of purchasing goods that is kept safe until you pay your tax for your output. Now, when you pay your tax of output, automatically the previous balance amount kept safe for you will automatically be used and your total tax to be paid will get reduced. We will also discuss how to claim GST input credit but before that, let’s understand by an example how this thing actually works

Example: Suppose X bought goods for Rs 100 and paid Rs 18 additional as GST(Total: Rs 118). Now X sold goods to Y for Rs 200 and charged GST of Rs 36(Total : Rs 236). Now, X can claim GST input credit of Rs 18 that he paid at the time of purchases while paying tax to the government. (i.e net GST, X need to pay is only Rs 18).

How To Claim GST Input Credit [AdSense-B]

To claim GST input credit –

You must have a tax invoice(of purchase) or debit note issued by registered dealer
Note: Where goods are received in lots/installments, credit will be available against the tax invoice upon receipt of last lot or installment.
You should have received the goods/services
Note: Where recipient does not pay the value of service or tax thereon within 3 months of issue of invoice and he has already availed input credit based on the invoice, the said credit will be added to his output tax liability along with interest.
The tax charged on your purchases has been deposited/paid to the government by the supplier in cash or via claiming input credit
Supplier has filed GST returns
Possibly the most path breaking reform of GST is that input credit is ONLY allowed if your supplier has deposited the tax he collected from you. So every input credit you are claiming shall be matched and validated before you can claim it.
Therefore, to allow you to claim input credit on purchases, all your suppliers must be GST compliant as well.

There’s more you should know about input credit –

It is possible to have unclaimed input credit. Due to tax on purchases being higher than tax on sale. In such a case, you are allowed to carry forward or claim a refund.
If tax on inputs > tax on output –> carry forward input tax or claim refund
If tax on output > tax on inputs –> pay balance
No interest is paid on input tax balance by the government
Input tax credit cannot be taken on purchase invoices which are more than one year old. Period is calculated from the date of the tax invoice.
Since GST is charged on both goods and services, input credit can be availed on both goods and services (except those which are on the exempted/negative list).
Input tax credit is allowed on capital goods.
Input tax is not allowed for goods and services for personal use.
No input tax credit shall be allowed after GST return has been filed for September following the end of the financial year to which such invoice pertains or filing of relevant annual return, whichever is earlier.

Conditions for claiming Input Tax Credit [AdSense-B]

You must be registered under GST
Supplier of goods/service must be registered under GST
Supplier has issued ‘Tax Invoice’ to you
Supplier has actually deposited the tax to the government.
Supplier has furnished the GST return and has credited your GSTIN by amount of GST paid by you to him
If the inputs are received in installments, you will be able to get credit only when last installment is received.
Payment must be within 180 days of the date of issue of invoice. In case you have not made the payment within 180 days, credit availed by you will be reversed. However, you will be able to claim credit once you make the payment again.
In case of part payment, proportionate credit will be allowed. [AdSense-B]

Also check : 1) GST Do’s and Dont’s

2) Impact Of GST on Households

3) GST Invoice Formats

Complete Guide : Will I Get The GST Input Credit Or Not?

Complete Guide : Will I Get The GST Input Credit Or Not? [AdSense-B]

GST has been welcomed with all the pomp and show, and deservingly so. It has inherent advantages. We all know that amount paid as GST on purchases or even expenses can be claimed as GST input credit. This was not possible in the earlier regime of VAT and Service Tax.

Example: If you were dealing in sale of goods where VAT was chargeable and had paid service tax for availing service of Chartered Accountant, you could not avail the credit of service tax paid to your CA against payment of VAT. This is now possible under GST since there is no difference in tax on goods or services. Now, if your VAT payable on goods sold is Rs 30,000, and if you availed services of a CA and paid GST of say, Rs 18,000, then you will get a GST input credit of Rs 18,000 against payment of Rs 30,000 GST payable. Hence, you net GST payable will be Rs 12,000 only.

Woaahh, what a relief to an entrepreneur. But, but, but, there is little sad news, just little.

There are certain expenses, on which credit will not be allowed.

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