GST REGISTRATION ONLINE
GST REGISTRATION ONLINE
The name ‘GST’ (Goods & Service Tax) itself
describes that this is a tax levied on Goods and Services. GST is an Indirect
Tax (Consumption based) which is levied at all stages from manufacturing till
consumption. GST was introduced on 1st July, 2017 with the motto “ONE NATION, ONE TAX” through the implementation of One Hundred and First
Amendment of the Constitution of India by the Indian government. It has
subsumed various previously applicable Central and State taxes such as VAT,
Central Sales Tax, Purchase tax, Octroi, Luxury Tax, Entry Tax, Entertainment
Tax, Central Excise Duty, and Service Tax etc. GST is levied on Supply of goods or services. Currently, GST is not levied supply of
alcoholic liquor for human consumption and 5 Petroleum Products [petroleum
crude, high speed diesel, motor spirit (commonly known as petrol), natural gas
and aviation turbine fuel].
Every supplier shall be required to get itself registered if his annual turnover in a financial year exceeds rupees 40 Lakh (Rupees 10 Lakh in case of Special category States). However, there are certain suppliers which have to be registered under GST irrespective of their turnover. The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of centre and all the states.
At VyaapaarSalahkaar, GST Registrations can be done with the help of our experts in hassle free manner with proper guidance.
Every supplier shall be required to get itself registered if his annual turnover in a financial year exceeds rupees 40 Lakh (Rupees 10 Lakh in case of Special category States). However, there are certain suppliers which have to be registered under GST irrespective of their turnover. The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of centre and all the states.
At VyaapaarSalahkaar, GST Registrations can be done with the help of our experts in hassle free manner with proper guidance.
Concepts introduced in GST:
‘One Nation-One Tax’: GST is based on ‘One Nation-One Tax’. GST
was introduced with a view to consolidate all the indirect taxes and only one
tax should be applicable in whole of the country. Due to leviability of
different taxes, prices were inconsistent in different states which ultimately
affected the end consumers. This was done to streamline the prices of products
all over the country.
Apply for GST Registration online , get GST number and submit your Business GST Question at most minimal and reasonable charges by .At VyaapaarSalahkaar, GST Registrations can be done with the help of our experts in hassle free manner with proper guidance.
Replacement of existing Indirect Taxes’: Various Central and State level taxes were subsumed in GST like VAT, Service Tax, Entry Tax, Entertainment tax, Luxury Tax etc. The idea is to have a single tax for most of the existing indirect taxes.
‘Tax on Supply’; Earlier taxable events were different in different taxes, like in case of VAT, taxable event was ‘Sale’, in case of service tax taxable event was ‘Provision of service’ and in case of excise, taxable event was ‘Manufacture’. With the introduction of GST, there is only one taxable event that is ‘SUPPLY’.
‘Invoice Matching System’: The GST allows seamless flow of ITC across supply chain. Every registered person is required to issue invoice which is required to be uploaded on the GSTN Portal. On the GSTN portal, ITC flows seamlessly through Invoice matching system.
Compliance Rating System’: It is a unique form to rate whether a taxable person in India has been compliant. In this system, every taxable person will have a rating based on his/her record of tax compliance. Once the system is implemented, the score will be updated at periodic intervals and will be placed in the public domain to ensure transparency.
GST Rates’: GST Council has introduced 4 rates presently in which GST is to be levied which are 5, 12, 18, and 28. These rates are applicable on products and services throughout the country.
Replacement of existing Indirect Taxes’: Various Central and State level taxes were subsumed in GST like VAT, Service Tax, Entry Tax, Entertainment tax, Luxury Tax etc. The idea is to have a single tax for most of the existing indirect taxes.
‘Tax on Supply’; Earlier taxable events were different in different taxes, like in case of VAT, taxable event was ‘Sale’, in case of service tax taxable event was ‘Provision of service’ and in case of excise, taxable event was ‘Manufacture’. With the introduction of GST, there is only one taxable event that is ‘SUPPLY’.
‘Invoice Matching System’: The GST allows seamless flow of ITC across supply chain. Every registered person is required to issue invoice which is required to be uploaded on the GSTN Portal. On the GSTN portal, ITC flows seamlessly through Invoice matching system.
Compliance Rating System’: It is a unique form to rate whether a taxable person in India has been compliant. In this system, every taxable person will have a rating based on his/her record of tax compliance. Once the system is implemented, the score will be updated at periodic intervals and will be placed in the public domain to ensure transparency.
GST Rates’: GST Council has introduced 4 rates presently in which GST is to be levied which are 5, 12, 18, and 28. These rates are applicable on products and services throughout the country.
Benefits of GST Registration:
1. GST eliminates the
cascading effect of taxes. Cascading effect is tax on tax situation where tax
is levied on the tax amount at subsequent level of movement of goods.
2. Composition scheme for small businesses is also available in GST.
3. Threshold for registration has been increased in GST.
4. Number of compliances is lesser as most of the indirect taxes have been replaced and requirements of only one tax are to be complied with.
5. Easy and simple procedure of registration and return filing in GST.
6. Registered businesses can get GST credits for the GST which they have paid on the goods or services used in the business.
2. Composition scheme for small businesses is also available in GST.
3. Threshold for registration has been increased in GST.
4. Number of compliances is lesser as most of the indirect taxes have been replaced and requirements of only one tax are to be complied with.
5. Easy and simple procedure of registration and return filing in GST.
6. Registered businesses can get GST credits for the GST which they have paid on the goods or services used in the business.
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