GST ( Goods & Service Tax )

GST 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. GST, or Goods and Services Tax, is an indirect tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes, etc. Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes.

GST Number

GSTIN, short for Goods and Services Tax Identification Number is a unique 15 digit identification number assigned to every taxpayer ( primarily dealer or supplier or any business entity) registered under the GST regime. Obtaining GSTIN and registering for GST is absolutely free of cost. It is based on the “Destination principle.” GST is applied on goods and services at the place where final/actual consumption happens. GST is collected on value-added goods and services at each stage of sale or purchase in the supply chain.

Objectives Of GST

To achieve the ideology of 'One Nation, One Tax'.
To subsume a majority of the indirect taxes in India.
To eliminate the cascading effect of taxes.
To curb tax evasion.
To increase the taxpayer base.
Online procedures for ease of doing business.
An improved logistics and distribution system.

Advantages of GST

GST has reduced taxes on certain goods by 2% and others by 7.5%, such as smartphones and cars. GST brings uniformity in the taxation process and allows centralised registration. This gives a chance to small businesses to file their tax returns every quarter via an easy online mechanism.

GST Based on

(i)GST is applicable on 'supply' of goods or services as against the present concept on the manufacture of goods or on sale of goods or on provision of services.

(ii) GST is based on the principle of destination-based consumption taxation as against the present principle of origin-based taxation.

In simple words, GST is a tax applicable to the value added to goods and services at each stage in the supply chain. There are four types of GST, namely, CGST, SGST, IGST, and UTGST. Each type features different taxation rates applicable at the buyer's end.

GST SLABS

The primary GST slabs for any regular taxpayers are presently pegged at 0% (nil-rated), 5%, 12%, 18% & 28%. There are a few lesser-used GST rates such as 3% and 0.25%. Also, the composition taxable persons must pay GST at lower or nominal rates such as 1.5% or 5% or 6% on their turnover.

In general, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism.

Who Can Apply GST Number

Any business that has a turnover of over 20 lakh INR is required to register for GST. If you are a supplier of goods to more than one state, you are required to register for GST in all the states you supply goods. Every person has to apply for registration in every State in which he is liable, within thirty days from the date on which he becomes liable to registration. Casual / non-resident taxable persons should apply at least five days before their commencement of business. GST Registration must be completed by the following individuals and businesses: Individuals who have registered under the tax services before the GST law came into effect. Non-Resident Taxable Person and Casual Taxable Person. Individuals who pay tax under the reverse charge mechanism.
1. Individuals
2. LLP
3. OPC Private Limited Company
4. Private Limited company
5. Public imited Company
6. NGO
7. NPO can apply for gst as per need

Documents Required for Gst Number

The main documents for GST registration include a PAN card, proof of business registration, identity, photographs and address proof of persons in charge, the business' address proof, and bank account statements.etc .

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Gst Registration

GST ( Goods & Service Tax )