GST Registration
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About GST

      Simply put GST stands for Goods and Services Tax, which is levied on GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.

Components of GST

There are 3 applicable taxes under GST: CGST, SGST & IGST.

  1. CGST: Collected by the Central Government on an intra-state sale (Eg: Within Maharashtra )
  2. SGST: Collected by the State Government on an intra-state sale (Eg: Within Maharashtra)
  3. IGST: Collected by the Central Government for inter-state salfont-family: 'Comic Sans MS', cursive, sans-serif;e (Eg: Maharashtra to Karnataka)

Benefits of GST

To Trade

Reduction in multiplicity of taxes
Mitigation of cascading/ double taxation
More efficient neutralization of taxes especially for exports
Development of common national market
Simpler tax regime
- Fewer rates and exemptions
-Distinction between Goods & Services no longer required

To Consumers

Simpler Tax system
Reduction in prices of goods & services due to elimination of cascading
Uniform prices throughout the country
Transparency in taxation system
Increase in employment opportunities

Frequently Asked Questions

     GST Registration of a business with the tax authorities implies obtaining a unique, 15-digit Goods and Service Tax Identification Number (GSTIN) from the GST authorities so that all the operations of and the data relating to the business can be collected and correlated. In any tax system this is the most fundamental requirement for identification of the business for tax purposes or for having any compliance verification program.

Registration under Goods and Services Tax (GST) regime will confer the following advantages to a business: Legally recognised as supplier of goods or services. - Proper accounting of taxes paid on the input goods or services which can be utilised for payment of GST due on supply of goods and/or s ervices by the business. Pass on the credit of the taxes paid on the goods and/or services supplied to purchasers or recipients. Authorization to a taxpayer to collect tax on behalf of the Government

    Registration under the GST Act is mandatory if your aggregate annual PAN-based turnover exceeds INR 20,00,000 (Rupees Twenty Lakhs) however the threshold for registration is INR 10,00,000 (Rupees Ten Lakhs) if you have a place of business in Arunachal Pradesh, Assam, Himachal Pradesh, Jammu & Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, or Uttarakhand. Regardless of your turnover, registration is mandatory if - You make Inter-State Supplies - You supply goods through an E-commerce portal - You are a/an o Service Provider o Agent for Registered Principal o Liable to Pay Reverse Charge o Non-resident Taxable Person o Casual Taxable Person o Input Service Distributor o TDS/TCS Deductor o E-commerce Operator o An online data access and retrieval service provider

     Within 30 days from the date when your liability arose. In case of a Casual Taxpayer or Non-resident taxable person, 5 days prior to the commencement of the business

     You will sign your application using a Digital Signature Certificate (DSC) or the Aadhaar-based ESign facility. Please note DSC is mandatory for (i) Public Limited Company, (ii) Private Limited Company, (iii) Unlimited Company; (iv) Foreign Company; (v) LLP; (vi) Foreign LLP; (vii) Public Sector Undertaking.

  1. Having an annual aggregate turnover from operations in the state which is above the threshold limit of Rs. 20 Lakhs (Rs. 10 Lakhs for North-Eastern States)
  2. Agents of a supplier
  3. Input Service Distributor
  4. Required to deduct tax at source
  5. Having operations in multiple states
  6. Making any Inter-State taxable supply
  7. Required to pay tax under Reverse Charge
  8. Having multiple business verticals in one state
  9. Casual taxable persons & Non-resident taxable persons
  10. Supplying goods or services through E-commerce Operator
  11. E-commerce Operator/ Aggregator who supplies goods or services under its brand name
  12. Currently registered under any of the existing indirect tax regimes (VAT, Excise Laws, Service Tax Laws) irrespective of the threshold limit

     No. GST will not be levied on alcohol for human consumption. It will also not be levied for the time being on 5 petroleum products (Crude, Motor Spirit (Petrol), HSD, Aviation fuel & Natural gas),on electricity and on sale and purchase of real estate.

    In general, GST is levied on all supplies of goods or services or both which are made for consideration. In most cases consideration is the payment for sale of manufactured or traded goods.

   GST, in general, will be paid by the supplier. He will collect the same from the recipient of supply (buyer). However, in few cases, the recipient would be liable to pay GST to the Government on reverse charge basis.

     GST follows multi-stage collection mechanism. GST shall be collected at every stage in the supply chain. However, any tax paid at previous stage is available as set-off. In a nutshell, only value addition will be taxed at every stage. For instance, B purchases goods from A for Rs.

     The present threshold prescribed in different State VAT Acts below which VAT is not applicable varies from State to State. The existing threshold of goods under State VAT is Rs. 5 lakhs for a majority of bigger States and a lower threshold for North Eastern States and Special Category States. A uniform State GST threshold across States is desirable and, therefore, the Empowered Committee has recommended that a threshold of gross annual turnover of Rs. 10 lakh both for goods and services for all the States and Union Territories may be adopted with adequate compensation for the States (particularly, the States in North-Eastern Region and Special Category States) where lower threshold had prevailed in the VAT regime. Keeping in view the interest of small traders and small scale industries and to avoid dual control, the States considered that the threshold for Central GST for goods may be kept at Rs.1.5 crore and the threshold for services should also be appropriately high. This raising of threshold will protect the interest of small traders. A Composition scheme for small traders and businesses has also been envisaged under GST as will be detailed in Answer to Question 14. Both these features of GST will adequately protect the interests of small traders and small scale industries.

     The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%. Gold and rough diamonds do not currently fall under GST and will be taxed at 3% and 0.25%

  1. Agriculturists supplying produce out of cultivation land
  2. Persons falling within Threshold Exemption Limit
  3. Persons making Nil-Rated/ Exempt supplies of goods and services
  4. Persons making Non-Taxable/ Non-GST supplies of goods and services
  5. Activities that are neither Supply of Goods nor Services
  6. Persons making only supplies covered under reverse charge

     Registration under Goods and Service Tax (GST) regime will confer following advantages to the business:

  • Legally recognized as supplier of goods or services
  • Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.
  • Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.

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