What is GST?

The Goods and Service Tax or GST is a taxation system wherever there's one tax within the economy for goods and services. This taxation system is supposed to make one taxation system within the entire country for all product and services.

The introduction of the Goods and Service Tax (GST) can please most Indian businesses. It hugely simplifies issues for near to any business that needs to cope with VAT, CST, Octroi, Service Tax and even a couple of alternative taxes (pretty a lot of all Indian businesses).The Goods and Service Tax will be a new taxation system which will, cover the whole indirect taxes that were being levied by the government.

GST will be imposed during the consumption, and also the net tax will be calculated when accounting for all the taxes paid on input, even as within the case of VAT. The idea behind Goods and Service Tax (GST) is to bring all businesses, freelancers and consultants beneath one legal system, whether or not they sell any product or services.

See Also :- GST Bill: How it will change India



Is GST Required for your Business?

Goods and Service Tax a destination based tax on consumption of goods and services. It is proposed to be levied at all stages rightfrom manufacture up to final consumption with creditof taxes paid at previous stages available as setoff. In anutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.

Goods and Service Tax Articles

Place of Supply Which Does Not Involve Movement

Place of Supply Which Does Not Invo

In GST, the ideas of place of supply have been made pertinent addition for exchange in products alongside exchange of services. Further, which tax is to be levied (IGST or CGST and SGST/UTGST) will rely on upon whether a specific exchange is Inter-

By Registrationwala

E-way bill under GST

E-way bill under GST

E-way bill i.e. Electronic Way Bill is a bill which is generated by GST-Network (GSTN) website when goods worth more than Rs 50,000 are moving (even if such movement is not a supply).  Under GST, prior online registration of the consignment i

By Registrationwala

Understanding Mixed and Composite Supply in GST

Understanding Mixed and Composite S

Taking a gander at the market today, one will see regularly, at least two products, or a mix of merchandise and ventures, are provided together. This could be because of both of the accompanying reasons:

• A deals technique – to pul

By Registrationwala

HSN Codes for Goods & Service Tax

GST Impact on Different Sectors

Impact of GST on the insurance industry

Goods and Services Tax (GST) is an important milepost in the indirect tax regime prevalent in India. What it does is subsume all the different taxes into one single tax. It will impact many an industry, with insurance being one of the important on

Impact of GST on the aviation industry

Good and Services Tax (GST) will see all the prevalent taxes in the country subsume into one tax, thus greatly simplifying the hassles and the confusion that multiple taxes on your bill bring. Some industries are also expected to benefit from it,

Impact of GST on media and entertainment industry

Goods and Services Tax (GST) in India will soon be a reality, with the maze of different taxes and the compliance difficulties set to leave us for good. All the existing indirect taxes will be merged together and charged in our bills as one tax, w

Frequently Asked Questions

Who are exempted from GST Registration?

The following shall not be required to obtain registration, and will be allotted a UIN (Unique Identification Number) instead. They can receive refund of taxes on notified supplies of goods/services received by them: 

  • Any specialised agency of UNO (United Nations Organisation) or any multilateral financial institution and organisation notified under the United Nations Act, 1947 
  • Consulate or Embassy of foreign countries
  • Any other person notified by the Board/Commissioner
  • The central government or state government may, based on the recommendation of the  GST council, notify exemption from registration to specific persons.

For login to the GST Common Portal, can I use the username and password which I use to login as State Registrant?

No, you cannot use the username or password that you use to login to the State VAT Portal. For the first time login to the GST Common Portal, you need to provide the username and password that you received from the State VAT or Centre Tax Department. For subsequent login, you need to create a username and password during enrolment at the GST Common Portal. You can then use the username and password that you created to login at the GST Common Portal.

Who are GST Suvidha Provider or GSP?

GSTN has developed a robust platform for taxpayers to access the GST Systems, however, that would not be the only way for interacting with the GST system as the taxpayer via his choice of third party applications, which will provide all user interfaces and convenience via desktop, mobile, other interfaces, will be able to interact with the GST system. The third party applications will connect with GST system via secure GST system APIs. All such applications are expected to be developed by third party service providers who have been given a generic name, GST Suvidha Provider or GSP.

How will business returns be filed under GST Law?

Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme and a taxpayer registered as an Input Service Distributor.

How long will take to get refund of GST?

If application for refund of CGST, IGST or SGST is in order with supporting documents, amount of refund of GST is granted within 90 days from the date of application for refund.

What is GSTIN?

Goods and Services Tax Identification Number (GSTIN) is a 15 digits state-wise PAN-based number to be used to identify businesses registered under GST.

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