Hailed as one of the biggest tax reforms of India, GST is one indirect tax for the entire country aiming to integrate State economies and boost overall growth by creating a single, unified Indian market to make the economy stronger. Goods and Services Tax is divided into three categories – Central GST (CGST), State GST (SGST) and Integrated GST (IGST)
Mr. Compliance provides expert services in the field of GST Registration, Advisory and Compliances. We assist in determining whether GST is applicable to your business, impact of GST on your business, assistance in registration, tax payments, returns and various other compliances required under the GST law.
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All You need to know about GST
Any person or entity whose aggregate turnover in a year is more than Rs.20 lakhs is required to obtain GST registration within 30 days of reaching to that level. In special category states (Northern eastern states), the turnover limit has been fixed at Rs.10 lakhs.
- Inter-state Sales or Service
If there is Supply of goods or services to customers in another state then regardless of turnover, GST registration needs to be obtained before commencing any interstate trade.
- Multiple Registrations…?
A person with multiple business verticals in a state may obtain a separate registration for each business vertical (in each state).
- Composition scheme
This scheme is a lucrative option for all SMEs who want lower compliance and lower rates of taxes under GST. A GST taxpayer whose turnover is below Rs 1.5 crore can opt for Composition Scheme.
All existing Central Excise and Service Tax assesses and VAT dealers will be migrated to GST. To migrate to the new tax system, assesses would be provided a Provisional ID and Password by CBEC/State Commercial Tax Departments.
Goods and Services tax allows businesses to claim input credit on the taxes paid on the purchases at the time of paying tax on output, you can reduce the tax you have already paid on inputs. It means that if you are a manufacturer, supplier, agent, e-commerce operator, or aggregator then you are eligible to claim input credit for tax paid by you on your purchases.
Certain goods are kept under NIL or 0% GST rate to benefit the masses. There is a entire list of exempted goods and services which do not fall under the ambit of GST.
A GST Return is a statutory document under the new GST regime of India, which enables the tax administrative authorities to calculate the tax liabilities of the concerned taxpayer. In general, a GST Return contains details of the following:
- outward and inward supplies,
- input tax credits availed,
- the tax paid and payable, etc.
A normal taxpayer will be required to furnish 3 Returns monthly and 1 Annual Return that means any business will require to file 37 Returns in a financial year. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).