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The Goods and Services Tax (GST), which went into effect on July 1, 2017, extends to all Indian service providers (including freelancers), retailers, and manufacturers. A number of central taxes, such as Service Tax, Excise Duty, and CST, as well as state taxes, such as Entertainment Tax, Luxury Tax, Octroi, and VAT, have been merged into one tax, GST, which went into effect on July 1, 2017. GST will be levied at any stage of the supply chain, with complete set-off advantages. The GST process is completely online and does not require any human interaction.
A commodity goes through many phases of the supply chain, including buying raw materials, processing, selling to a wholesaler, selling to a manufacturer, and finally selling to the customer. Surprisingly, all three phases would be subject to GST. For example, if a commodity is manufactured in West Bengal but consumed in Uttar Pradesh, the entire revenue would be distributed to Uttar Pradesh. .
Taxpayers with a turnover of less than Rs.1.5 crore can also opt for the composition system, which eliminates time-consuming GST formalities and allows them to pay GST at a set rate of turnover.
GST will have three tax components: a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST), where both the centre and the states will charge GST on both individuals, i.e. when a transaction takes place within a state. Inter-state purchases, i.e. where a trade occurs from one state to another, will be subject to the Integrated Goods and Services Tax (IGST), which will be imposed by the central government.
Import tax credit allows you to exclude the tax you’ve already accrued on inputs and pay the balance as you pay your taxes.
When you buy something from a licenced vendor, you pay taxes on it, and when you sell it, you collect the tax as well. With input allowance, you can offset the taxes collected at the time of payment with the amount of income tax (output tax) and pay the remaining tax obligation, i.e. sales tax minus purchase tax.
GST registration is required for any company or organisation that engages in the buying and sale of goods or services. Companies with a yearly turnover of more than Rs.20 lakhs (for supply of services) and Rs. 40 lakhs (for supply of goods) must apply for GST.
Businesses who make interstate outbound deliveries of commodities must also apply for GST. Businesses who make taxable supplies on behalf of other taxable individuals, such as Agents and Brokers, are subject to the same rules.
E-commerce sellers/aggregators now do not need to file if their gross transactions are less than Rs.20 lakhs, according to a recent notification.
A GST Return is a paper that contains information about your earnings and must be submitted with the tax authorities according to the statute. A taxpayer is required to file two monthly returns and one annual return under the GST rule. Both returns must be submitted electronically. Please keep in mind that there is no choice to revise the returns. Any unreported invoices from the preceding tax year must be included in the present month.
A licenced dealer is required to file GST returns that contain the following information: orders, sales, production, GST (on sales), and input tax credit (GST paid on purchases).
Each GST taxpayer is assigned a unique identification number, or GSTIN. A individual with a GST number may log into the GST portal to validate a GSTIN number.
The GSTN (Goods and Service Tax Network) is a private limited corporation that operates under section 8 (non-profit). GSTN serves as a one-stop shop for all of your indirect tax needs. GSTN is in charge of running the GST Indirect Taxation website, which allows you to prepare, file, correct, and pay your indirect tax liabilities.
The following is a list of documentation available for GST registration for different businesses:
Proprietorship
LLP
Private Limited Company
The following can be shown as proof of address of a director:-
Add on what serves as identity evidence, and you’ve got yourself a winner. A PAN card or an Aadhar card may be used to prove one’s identity. Any of the directors will display their voter ID, passport, telephone bill, power bill, and telephone bill as proof of address.
GST Return Filing
A GST Return Filing is a record that includes information about the taxpayer’s earnings. The GST administrative authority must receive it. The paper is used by tax officials to measure a GST taxpayer’s tax obligation. The following information must be used on a GST return filing form: .
GST Production (On sales)
Profits
Credit for inputs (GST paid on purchases)
Acquisitions
GST compatible sales and purchase invoices must be added before filing a GST return.
