Hi-Edge Accounting

What is GST Registration In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply. GST registration usually takes between 2-6 working days. We’ll help you to register for GST in 3 easy steps. *CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification come into effect from 1st April 2019. Who Should Register for GST? ·         Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.) ·         Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern ...

Types of GST There are four different types of  GST  as listed below:        The Central Goods and Services Tax (CGST)         The State Goods and Services Tax (SGST)         The Union Territory Goods and Services Tax (UTGST)         The Integrated Goods and Services Tax (IGST) 1. The State Goods and Services Tax (SGST) SGST is defined as one of the two taxes imposed on transactions of goods and services of every state. Levied by State Government of every state, SGST replaces every kind of existing state tax that include Sales Tax, Entertainment Tax, VAT, Entry Tax, etc. Under SGST, the State Government can claim the earned revenue. 2. The Central Goods and Services Tax (CGST) CGST is referred as the Central Tax levied on transactions of goods and services which take place within a state. Imposed by the Central Government, CGST ensures to replace all other Central taxes inclusive ...

Goods and Services Tax (GST) What Is the Goods and Services Tax (GST)? The goods and services tax (GST) is a value-added tax levied on most goods and services sold for  domestic consumption . The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. KEY TAKEAWAYS The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is a common tax used by the majority of countries globally. The GST is usually taxed as a single rate across a nation. Understanding the Goods and Services Tax (GST)   The goods and services tax (GST) is an  indirect federal sales tax  that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the pro...

  What is Virtual Accounting? Virtual accounting is a system in which a qualified professional provides accounting services virtually, rather than physically working at the client’s office. Virtual accounting offers all of the same benefits of hiring an accountant for your business, but because the accountant telecommutes and is a contractor, the cost is often less expensive. These services allow for more flexibility for the business and the accounting professional.   How Virtual Accounting Services Can Help Your Business Virtual accounting services allow companies to handle all of their accounting needs via a qualified accounting professional without having to hire another full-time staff member. This helps cut costs by ensuring that businesses only pay for the accounting work they need. This is a great accounting solution for small businesses who need help with their accounting but do not have the budget for another full-time employee. Virtual accounting servic...