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

Moving to GST: Composition dealers

Taxation laws in the last couple of years have come a long way to lay down the taxes applicable on composition dealers switching to a regular dealer. A composition dealer is not liable to collect tax from customers, and hence he/she can’t iss

By Registrationwala

Consequences of Non-compliance unde

As the GST Amendment bill has been passed in the Parliament and will be implemented effectively from the 1st of July 2017, a lot of terms and conditions have been set according to that.

In order to check non-compliance under GST, different str

By Registrationwala

What is Union Territory GST (UTGST)

Even ‘State’ as per clause 26B of the Indian Constitution, for the purposes of GST, includes a Union territory with Legislature but technically SGST cannot be levied in a Union Territory without legislature.To plug this loophole, GST C

By Registrationwala

HSN Codes for Goods & Service Tax

GST Impact on Different Sectors

Impact of GST on Telecom Sector

The launch of Reliance free 4G Jio voice and data calls service a few months prior to GST implementation and other telecom companies also aping the same scheme for customers in modified form, the connection between GST and telecom sector has invit

Impact of GST on Indian Startups

Goods and Services will usher in the biggest tax reform since 1947. It attempts at integrating all of India economically. And since it is being passed at a time where India has become a hub for budding entrepreneurs, exploring the effects of GST o

Impact of GST on e-Commerce Sector

Goods and Services Tax is a revolutionary step taken by the Indian government. It is a bill that will have far reaching impact on the economy and that impact will be a sum total on its impact on many of the live sectors in India, a country only se

Frequently Asked Questions

What is the minimum rate of tax prescribed for composition scheme?

1% is the minimum rate of tax prescribed for composition scheme.

Can composition tax be collected from customers?

No, the taxable person under composition scheme is restricted from collecting tax. It means that a composition scheme supplier cannot issue a tax invoice.

 

Can composition scheme be availed if the taxable person effects inter-State supplies?

No, composition scheme is applicable subject to the condition that the taxable person does not affect interstate supplies.

How will exports be treated under GST?

Exports will be treated as zero-rated supplies. No tax will be payable on exports of goods or services, however credit of input tax credit will be available and same will be available as refund to the exporters.

 

How will imports be taxed under GST?

Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed. Full and complete set-off will be available on the GST paid on import on goods and Services.

How will the goods and services be classified under GST regime?

HSN (Harmonised System of Nomenclature) code will be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2 digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4 digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices. Services will be classified as per the Services Accounting Code (SAC)

Who will decide rates for levy of GST?

The CGST and SGST would be imposed at rates to be mutually chosen by the Center and States. The rates would be advised on the suggestions of the GST Council.

What is the requirement of dual GST?

India is a government nation where both the Center and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have particular duties to perform as per the division of forces endorsed in the Constitution for which they have to raise assets. A double GST will, in this manner, be with regards to the Constitutional the necessity of monetary federalism.

GST Services

GST Registration

GST Registration for Individuals, Company and Business entity. All Inc of Government Fees and Taxes.

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GST Filing

One GST return filing will less than 25 transactions. Inclusive of service tax.              

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