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 collecting 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 Goods and Services Tax is governed by a GST Council and its Chairman is the Finance Minister of India. It is a destination based tax on use of goods and services. It is projected to be applicable to all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In short, only value addition will be taxed and burden of tax is to be borne by the final consumer. So apply for new GST registration online.
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Benefits of GST
Components of GST
Types of GST in India:
CGST (Central Goods & Service Tax ):
Collected by the Central Government on an intra-state sale (Eg: Within Maharashtra )
SGST (State Goods & Services Tax):
Collected by the State Government on an intra-state sale (Eg: Within Maharashtra)
IGST (Integrated Goods & Services Tax):
Collected by the Central Government for inter-state salfont-family (Eg: Maharashtra to Karnataka)
GST Return Filing
As a businessman and a taxpayer, you must declare the income that you receive from carrying out business transactions. GST (Goods and Services Tax) returns is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST (Goods and Services Tax) returns, you will need to pay the resulting tax liability (money that you owe the government). You can do GST Filing with us.
Who should file it?
All business men and dealers who have registered under the GST act must do GST return filing according to the nature of their business or transactions.
Frequently asked questions
|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.|
|No. GST will not be levied for alcohol. 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.|
|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.|
|GST Registration is mandatory if your aggregate annual PAN-based turnover exceeds INR 40,00,000. 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.|