What is a Goods and Service Tax (GST)?
GST is one indirect tax for the whole nation, which will make India one unified common market.GST registration online is a single tax on the supply of goods and services,right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition,which makes GST essentially a tax only on value addition at each stage.The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Our goal at Proworktree is to get your Online GST Registration done in Effective, Efficient and Economical way. So do Goods & service tax (GST) Online registration now!!
GST is applicable to only those business or personal, whose turnover is more than Rs. 20 lakhs(For North Eastern States limit is 1o lakhs, the earlier limit was 5 lakhs).
GST Registration Online is PAN and State specific registration system. Supplier of goods/services should apply for registration from the place where business is carried out. The following are the eligible criteria wherein GST registration can be applied:
E-commerce Operator / Aggregator who supplies goods or services under his brand name (e.g. Amazon, Ola, Uber, Flipkart etc.,).
Supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.
Casual Registration – temporary period registration
Composition Dealer having turnover upto Rs. 1 Crore
GST registration is the key to, unlock the many benefits which come under the GST rules. One of those benefits is avail seamless input credit. As GST covers all the taxes, so tax calculation will become easier and chances of loop-holes will be less.
GSTIN means GST Identification Number. As per resource analysis, it is expected that 8-9 million current taxpayers will be the shift from other tax platforms into GST. Furthermore, one unique Goods and Services Tax(GST) Identification Number will be assigned to all corporate institutions.
GST portal is the website which is the official site of government of India to manage GST Registration Online.
A business whose supplies takes place in GST applicable area but the market is not fixed, in the other word they eventually do supply in GST applicable area. Those people will call as a casual taxable person as per GST.
Example: A person who has a place of business in Hyderabad supplies taxable consulting services in Chennai where he has no place of business would be treated as a casual taxable person in Chennai.
Composition scheme is a big relaxation for small business and taxpayer, who has a turnover less than Rs. 1 Crore. where they have to pay just very nominal rate of 1% or 2.50%.(for manufacturers) Central-GST and State-GST.
Furthermore, they have to do very few documentation, instead of filling monthly return, they have to file return quarterly once. At the same Composition scheme will bring some demerits for small such as:
All current taxpayer such as Central Excise and Service Tax assessees and VAT(Value Added Tax) dealers will shift to GST. Before shifting they will get Provisional ID and Password by CBEC/State Commercial Tax Departments.
Only those taxpayer will get Provisional IDs, who have registration with valid PAN. In the following case, an assessee will not get Provisional ID.
10% of tax amount but the minimum of Rs. 10000 penalty will be charged in case of not paying tax or short payment. The penalty may reach 100% of tax amount if offenders have been caught in the case of serious fraud.
Single and transparent tax proportionate to the value of goods and services.
Usually, GST Registration done within 3-7 days from the date of submission of application. Subject to availability of required list of documents.
Type of GST
1. CGST – Central GST
2. SGST – State GST
3. IGST – Integrated GST
4. UGST – Union Territory GST
In general, the supply of Goods or Services are taxable under GST rule and if whose turnover will exceed the limit Rs. 20Lakh/10Lakh then it will be required to register as a normal taxable citizen. Finally, this process called as GST registration or GST registration process.
Note: The registered office can be at residence, too.
After getting GST registration Online, the business will be required to file GST returns at frequent period. Failure to file GST returns will attract late fees, Interest and penalty. Business with an annual turnover of more than Rs.1.5 crores (INR 15 Million) are required to file monthly GST returns. The 3 returns to be filed by normal taxpayers are GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 20th of each month. The reduce the compliance burden on small businesses with a turnover of less than Rs.1.5 crores, quarterly returns are to be filed commencing from the quarter starting in October 2017 – December 2017. However GSTR-3B is to be filed monthly by all registered taxpayers (except under Composition scheme) until March, 2018 as annouced by GST council in its 23rd Council Meeting.