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Goods and Service Tax
Goods and Service Tax is a process many People imagine to be difficult but that is not the case at all. All you need to do is follow this article and you will find it easy, as long as you have any questions then you can connect with the Chartered Accountant directly. The Goods and Service Tax Act, which was approved in Parliament on March 29, 2017, came into effect on July 1, 2017. India has adopted a Double GST Model where both Central and State Government impose tax on goods and services.
There are three types of GST implemented in India:
- CGST: Imposeed by Central Government. SGST: Imposed by State Government.
- IGST: Imposeed by Central & State Government together, composed by Central Government.
Tax will be charged at every point of sale, State Tax & Central
Tax will apply in case of intra-state sale, while incorporated GST will be levied for inter-state sales. Goods imported will come under IGST as they are regarded as inter- state supply.
- Upon Reaching a Turnover of 20 Lakh: If your current supply of goods or services is over Rs. 20 lakhs, you need to obtain GST Registration (if your business operates exclusively in the North Eastern states, Rs. 10 lakhs).
Inter-State Sales or Service Provider: Anyone supplying goods or services to another state must apply for GST regardless of turnover. Even online service providers serving customers in another State will instantly attract GST registration.
E-commerce operator: Who owns, operates or manages digital platforms for e-commerce. Eg: Flipkart, Amazon etc.
Vendors selling through E-commerce Portals: Persons who supply goods or services through e-commerce
Non- Residents & Importers: Any Non-resident person or company supplying goods or services in India need to take the registration regardless of turnover.
Supplier of Online Information: Any person supplying online information and database services from outside India to a person in India needs to register irrespective of turnover.
Documents Required for GST Registration:
Pvt. Ltd. /Public Ltd./OPC
Company PAN card
MOA, AOA & Incorporation Certificate
Company Address Proof
LLP & Partnership Firm
Firm PAN card
LLP Agreement/ Partnership deed
Firm Address Proof
Proprietor’s PAN card
Shop Act / Ghumasta License
Address proof of Firm
Benefits of GST Registration:
There are several benefits of registering for the Goods and Services Tax (GST) in many countries, including:
Legality: Registering for GST ensures that your business is operating legally and can avoid penalties and fines associated with non-registration.
Input Tax Credit: Registered businesses can claim input tax credit on the GST paid on their purchases. This can help reduce the overall tax liability and increase profitability.
Competitive Advantage: Businesses registered for GST can enjoy a competitive advantage over those that are not registered, as many customers prefer to deal with registered businesses.
Expansion Opportunities: Registering for GST can enable businesses to expand their operations, especially if they plan to sell their products or services in other states or countries.
Compliance: GST registration ensures that businesses are aware of their tax obligations and are compliant with tax laws, reducing the risk of legal and financial consequences.
Increased Credibility: Being registered for GST can enhance a business’s credibility and make it appear more trustworthy to potential customers, suppliers, and investors.
Access to Government Benefits: Some governments offer various benefits, including financial incentives and subsidies, to registered GST businesses.
Overall, registering for GST can provide numerous benefits to businesses and help them operate more efficiently and effectively.
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