Goods & Services Tax (GST) was launched on 1 July, 2017; it applies to all Indian Services providers like traders, manufacturers. GST is to be charged at every step of the supply chain, with full set-off benefits available.
Parts of GST:
-State Goods and Services Tax or SGST
–Integrated Goods and Services Tax or IGST (For Inter-State Transactions), to be levied by the Center i.e. when a transaction happens from one state to other.
Eligibility for GST :
Every Business or corporation which is involved in the buying and selling and good of services has to register for GST Mandatory:
Documents required for GST Registration:
GST Registration Procedure:
Note: Information that will be required while filling the form online:
GSTIN is a 15 digit PAN based unique identification number allotted to every registered GST taxpayer. One can login through this no. on GST portal.
GST Registration Certificate:
The GST Registration certificate and GSTIN will be issued upon verification of GST application and other mandatory documents by the GST officer, The Registration Certificate can be downloaded from the GST Portal.
GST Return filing is a return document that contains details of the income of the taxpayer. It has to be filed with the GST administrative authority. The document is used by tax authorities to calculate the tax liability of a GST taxpayer.
GST Return filing form has to include the following details:
For filing a GST Return, one needs to have GST complaint sales and purchase invoices attached.
Rates of GST
https://cbic-gst.gov.in/gst-goods-services-rates.html(For Rates of GST on various goods and services)
Reverse –Charge Mechanism:
It is mandatory for a person undertaking reverse charge transactions to register for GST. Reverse – charge mechanism is a provision where the liability of the tax is on the receiver of goods, and not on the supplier. This is done on specific anf other notified supplies.
Registration for Multiple Branches:
Note that Separate GST Registration has to be obtained from each state and each branch hen planning to open multiple branches and in case of different verticals in business, separate registration has to be obtained for each vertical.
Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION.
Author- CS Aakansha Negi and can be contacted at [email protected]