• Goods & Services Tax

Goods & Services Tax-One Nation One Tax

GST Registration :

Looking for GST Registration in India? With easy steps here you find it. GST, Goods and Services Tax is applicable on supply of Goods & Services. It is a Destination based tax, where the ultimate consumption of goods /services are made. GST subsumed Several Taxes in India such as excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. GST has removed the cascading effects on sale of goods & Services. Removing of cascading effect has decreased the Cost of goods. GST helps in Price Reduction.

Some Important concepts of GST:

1. Input Tax Credit( ITC):- Input tax credit lets you reduce your tax you have already paid on inputs and pay the remaining amount at the time of paying tax. Input Tax Credit means claiming the credit of the GST paid on purchase of Goods and Services which are used for the furtherance of business. The Mechanism of Input Tax Credit is the backbone of GST and is one of the most important reasons for the introduction of GST. This helps you to reduce the Tax Liability.

2. Reverse Charge Mechanism:- Under RCM Liability to pay tax shifts from Suppliers to Recipients. This is unlike the usual regulation under GST where the supplier of goods and services is obligated to pay GST for the supplies made.

3. Composite Supply & Mixed Supply:- Composite Supply is supplies which are naturally bundled in the ordinary course of Business. One product is the Principal Supply. Rate under Composite Supply applies on rate of principal supply. Mixed Supply includes two or more individual supply & is not a Composite Supply. Rate applicable for mixed Supply will be the highest rate of product which are been provided in mixed supply.

4. Place of Supply under GST :- Place of Supply is nothing but the place of delivery of goods or consumption of service. In other words, it is the registered location of recipient of a good or service. Under GST, place of supply is divided into following categories: Place of Supply of Goods , Place of Supply of Services (within India) and Place of supply of Services (Outside India).

Components of GST:

CGST: - Central Goods and Services Tax is a tax levied and collected by the Central Government on the intra-state supplies (Supplies made within the same state.)
SGST: - State Goods and Services Tax is a tax levied and collected by the State Government on the intra-state supplies (Supplies made within the same state.)
UTGST: - Union Territory Goods and Services Tax is a tax levied and collected by the Union Territory on the intra-state supplies (Supplies made within the same Territory.)
IGST: - Integrated Goods and Services Tax is a tax levied and collected by the Central Government on the inter-state supplies(Supplies made between different state).

What is an EWay Bill?

EWay Bill is an Electronic Way bill for movement of goods to be generated on the EWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in.Alternatively, Eway bill can also be generated or cancelled through SMS, Android App and by site-to-site integration through API. When an Eway bill is generated, a unique Eway Bill Number (EBN) is allocated and is available to the supplier, recipient, and the transporter.

Documents Required for GST Registration:

PAN Card
Photo
Registration Proof
Address Proof
Other documents-Bank Statement, Authorization form & Board Resolution.

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Steps for GST Registration In India:

Documents Required for GST Registration:

Submission of Documents.
Verification of Documents.
Filing in the online Application.
Submitting the Application.
Processing of Documents.
Issue of GST Registration.

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Starting from 999/-(inclusive of all taxes & fees)

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