GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST. GST would apply to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. It would apply to all services barring a few to be specified. With the increase of international trade in services, GST has become a global standard. The proposed tax system will take the form of “dual GST” which is concurrently levied by central and state government. This will comprise of
One can explain the impact of cascading taxes with an example. Say A sells goods to B after charging sales tax, and then B re-sells those goods to C after charging sales tax. In this case while B was computing its sales tax liability, it also included the sales tax paid on previous purchase, which is how it becomes a tax on tax. This is also referred to as taxes on taxes. This is where the need for GST arises to do away with the phenomenon.
Goods and Services Tax better known as GST in India, is a new and comprehensive tax to be levied on sales, manufacturing and consumption of services and goods across the nation. Referred to as one of the biggest tax reforms in the country, GST is expected to bring together state economies and improve overall economic growth of the nation.
Both the Central as well as State governments are set to impose GST on all services and goods produced, manufactured and imported in India. Exports are not subject to GST. As of now, the proposal is for two tax rates at both State and Central levels for the initial two years, which would be merged into a single tax rate in the all third financial year.
What are the Documents required for GST Certificate?
WHATS INCLUDED IN THIS PACKAGE ?
What is the process for GST Registration?
Our Expert will prepare your GST registration application and collect the necessary documents.
Once the application is prepared and documents are collected, we will file your application online and provide you ARN number immediately.
Once the GST registration application and the attached supporting documents are verified by the Officer, GSTIN and GST Registration Certificate is provided.
Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on reverse charge basis.
New registration would be required as partnership firm would have new PAN.
If the person is involved in 100% supply of goods which are not liable for GST, then no registration is required.
Not liable to tax means supplies which is not leviable to tax under the CGST/SGST/IGST Act. Please refer to definition under Section 2(78) of the CGST Act.
SEZs under same PAN in a state require one registration. Please see proviso to rule 8(1) of CGST Rules.
If services are being provided from Nasik then registration is required to be taken only in Maharashtra and IGST to be paid on inter-state supplies.
GST is leviable only if aggregate turnover is more than 20 lacs. (Rs. 10 lacs in 11 special category States). For computing aggregate supplies turnover of all supplies made by you would be added.
A person dealing with 100% exempted supply is not liable to register irrespective of turnover.
There will be only one registration per State for all activities.
There will be no area based exemptions in GST.
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