Goods and Service Tax We promise to guide you for all your taxation essentials with highly experienced tax consultants having in-depth knowledge of Indian tax lawsTAX Advisor
Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and compressed them into a single tax. GST (Goods and Services Tax) is charged by the government in slabs. The present slabs being 5%, 12%, 18%, and 28%. GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, 2017.
GST is levied on all types of goods and services except petroleum products, alcoholic drinks, and electricity, on which the taxes are levied by the state governments. It is divided into two parts namely, State Goods and Services Tax (SGST) collected by state governments and Central Goods and Services Tax (CGST) collected by the central government. The share of both governments is equal to GST. For example, if 5% GST is being charged on a product the SGST (2.5%) and CGST (2.5%) will be equal. There is another type of tax Integrated Goods and Services Tax (IGST) that is charged on goods and services supplied inter-state.
The tax was introduced to remove the cascading of taxes, the situation of collecting multiple taxes on every level of production. It is done under GST too, but the manufacturer is refunded back on further levels. It is a destination-based tax, it is collected by the state in which the said good or service is consumed rather than to that state in which the good or service was manufactured.
Goods and Service Tax (GST) is the largest indirect tax reform in the history of India. The reform mandated integration of entire nation’s diverse tax portfolio into a single taxation system. This brought upon a massive complexity in developing an IT platform, to handle not only the diverse tax systems of 36 States/Union Territories & Union Government, but also needed providing a single interface for more than a crore taxpayers’ for their GST compliance functions
About 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.
E-Invoice known as ‘Electronic invoicing’ is a system in which all B2B invoices are electronically uploaded and authenticated by the designated portal. Post successful authentication, a unique Invoice Reference Number (IRN) is generated for each invoice by IRP. Along with IRN, each invoice is digitally signed and added with QR code. This process is collectively called as e-invoicing under GST.
One of the big barriers for small businesses to compete with larger names has been the difficulty in starting and sustaining any business in the Indian context. Be it approvals, compliance, multiple registrations or reporting; GST simplifies the life of a start-up in a variety of ways.
For a business operating in multiple locations, you require value-added tax (VAT) registration in each state as well as a variety of state and local level permits. GST subsumes all these taxes. The entire GST require centralised registrations and the entire process is online which not only is simpler but also leaves an audit trail and makes the process easier. Post-GST, the entry barriers to small businesses is largely reduced.
GST is a destination based taxed. Its main objective is to consolidate all indirect tax levies into a single tax, except customs (excluding SAD) replacing multiple tax levies, overcoming the limitations of existing indirect tax structure, and creating efficiencies in tax administration
Tax Advisor is an expert GST consultant firm and GST advisory law firm in Ghaziabad, India. GST is going to be a new tax for every assess and its compliance will be required with cautious approach. Our experience in GST with industry expertise will help assesses complying and understanding GST and procedures at ease. We are already rendering services as a GST consultant to various corporate of India.
GST requires complying laws at proper time and in perfect manner failing which it will lead to endless litigation. GST Consultant should be aware about what exactly law means and how it can result safeguarding the interest of a business in every possible manner.
Documents Required for GST Registration in India :
Adhar card/ Voter ID / Passport
Bank Account Details/ Cancel Cheque
What is GST Return?
A GST Return is a document that mentions all details related to GST invoices, payments, and receipts for a specific period. A taxpayer is liable to declare all transactions related to the revenue of the business based on which the authorities will calculate the amount of tax to be paid by the business.
Business owners can file GST online on the official portal provided by GSTN.
While filing GST returns, the registered dealer requires the following details for the concerned period.
Output GST (GST paid by customers.)
ITC or Input Tax Credit (GST paid by the business for purchases.
Once filed, a registered dealer can check GST Return filing status online and comply with necessary requirements accordingly
Types of GST Returns
The types of GST Returns filed by regular taxpayers include the following.
|1.||GSTR 1||Carries details of taxable goods or services, or both as well as that of outward supplies.|
|2.||GSTR 2||Carries details of inward supplies related to taxable goods and/or services, along with ITC claim.|
|3.||GSTR 3||Includes details of monthly returns based on finalised detail related to inward and outward supplies.
It also includes details of total tax payable.
|4.||GSTR 4||Carries details related to Quarterly Return filing, specifically for compounded tax liabilities of specific individuals.|
|5.||GSTR 5||Includes details of GST return filing for non-resident foreign individuals.|
|6.||GSTR 6||Serves as the form for Input Service Distributors to file returns.|
|7.||GSTR 7||Serves as the form facilitates Return filing for authorities initiating TDS.|
|8.||GSTR 8||Carries supply details for e-commerce operators along with the tax amount collected as per sub-section 52.|
|9.||GSTR 9||Serves as the form to file Annual Returns.|
|10.||GSTR 9A||Includes details to file Annual Returns relative to Compounding taxable individuals registered u/s 10.|