How do I file GST return for petrol bunk?
HOW TO FILE GST RETURN AND MAINTAIN ACCOUNTS OF PETROL PUMP
- ACCOUNTING. …
- Petrol and Diesel – Maintain a daily stock register for the sale of petrol and diesel separately. …
- Lubricants, Servicing,etc – For sale of lubricants you can write it in separate register and pass the entry after every 10-15 days. …
Is GST applicable on petrol pump?
The first one being the applicability of GST Audit to petrol pumps. … But as the sale of petrol and diesel is not part of aggregate turnover thus the petrol pumps are also not required to get registered under GST act if other turnover is less than 20 or 40 lacs.
Is VAT number required for petrol pump?
Therefore, Petrol pump dealer has to take VAT as well as GST registration and required to file both VAT and GST returns within prescribed time limits.
How do I file a GST return step by step?
Summary of GSTR Return Filing
- Step 1- Log in to the GST portal.
- Step 2- In the “Services” menu, click on the “Returns Dashboard”
- Step 3- Select the “Financial Year” and the “Return Filing Period”
- Step 4- Then, select the GST return type from the oprions available on the screen.
Why is there no GST on petrol?
The prices were last reduced on March 16, 2020. “It is not possible to bring petrol and diesel under GST regime in the next eight to 10 years because states would not be ready for an annual revenue loss of Rs 2 lakh crore (collectively by all states),” Modi told the house.
Is petrol exempt from GST?
Petrol is non-taxable good since it is excluded from levy of tax for the time being.
How much we can earn from petrol pump?
How to Start a Petrol Pump Business? On average, a petrol bunk business owner or dealer earns a profit margin of Rs. 1.2 for every litre of petrol sold, whereas he earns Rs 1.8 for every litre of diesel. So, a petrol pump is a low-margin business, where you can generate good revenue and become profitable.
How do I submit a VAT return?
How to File VAT Return Online?
- Step 1: Log in. Log in to the online portal of the Directorate of Commercial Taxes for your state. …
- Step 2: Password Change. …
- Step 3: Form 14D. …
- Step 4: Complete the Form. …
- Step 5:Generating XML. …
- Step 6:Upload. …
- Step 7:Correct Mistakes If Any. …
- Step 8: Acknowledgement.
What documents are required for VAT registration?
What documents are needed to register for VAT?
- Copy of Certificate of Incorporation.
- Copy of Trust Deed And Authority Letter.
- Copy of Original ID.
- Original banking statements (going back three months)
- Original letter from your banker / Original stamped statement from the bank.
- Latest month invoices as proof of trading.
How do I start a petrol bunk business?
To open a petrol pump business, you must have a good investment capacity to start with. There are two types of charges for opening petrol pumps in India: Rs 12 lakhs for ROs for rural areas and Rs 25 lakhs for ROs in urban areas, though the amount may vary from company to company.
Can I fill GST return myself?
Under the new GST regime, filing tax returns has become automated. GST returns can be filed online using the software or apps provided by Goods and Service Tax Network (GSTN) which will auto-populate the details on each GSTR forms.
Do we need to file GST every month?
Every normal registered taxpayer under GST is required to file GSTR-1 each month.
Is Gstr 3B monthly or quarterly?
5 Crores can opt for Quarterly Return Monthly Payment (‘QRMP’) scheme and file Form GSTR 3B on a quarterly basis. However, if such taxpayers do not opt for the QRMP scheme, they are required to file the return on monthly basis.