GST (Good & Services Tax) as suggested by GST India online is the biggest indirect tax reform of India which has replaced all indirect taxes of India. Further GST india online portal says that The Goods & Services tax was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017 along with the GST council in India. This Tax Law in India is a all-inclusive, multi-dimensional, destination-based tax that is levied on manufacture ,sale and utilization of goods and services sold for domestic consumption at the state and national level as per the gst rates according to the GST registration India online portal. According to GST India online,The business adds the GST to the price of the product, and a customer who buys the product pays the sales price plus GST as per the GST rates in India. The GST fragment is collected by the seller and forwarded to the government. It is also termed as Value-Added Tax (VAT) in some countries and called GST n India online..
It is multi dimensional because products pass through all the steps along supply chain, says the GST registration online in India process experts. Such as-
● Buying of raw materials
● Manufacture of goods
● Selling the goods to wholesaler
● Selling the goods to retailer
● Final sale to consumer
GST online India portal further explains that The producer who makes cakes buys flours, eggs, baking powder etc. At the end the manufacturer sells the cakes to packaging agents who packs large quantities of cakes and labels it. This is addition of value after which the warehouse sells it to the retailer as per the GST rates in india explained by GST registration India online portal.
The retailer packages the cakes in various quantities and spends in the marketing of the cakes which increases its value as per the GST website india.
GST is applied on these monetary value added at each stage to achieve the final sale to the end customer explains online GST portal login experts.
GST is called destination based tax because it can be produced at one place and be sold at other place as per the GST rates in india talked by GST India online portal, since the tax is exacted at the place of consumption, so the entire revenue will go the place where it is finally sold. www.gstgov.in states The taxes which were in the pre-GST regime and which have replaced by gst india online–
● Central Excise Duty
● Service tax
● Central surcharges and indirect cess
● State VAT
● Central Sales Tax
● State surcharges and indirect cess
● Purchase Tax
● Luxury Tax
● Entertainment Tax
● Entry Taxes
● Taxes on advertisements
● Taxes on lotteries, betting, and gambling
The GST registration India Online process experts say that In 2000, the then Prime Minister introduced the concept of GST and formed a committee to formulate a GST model for the country with national GST rates in India explained earlier by GST India online Portal with a GST council in india. In 2003, the Central Government set up a task force on Fiscal Responsibility and Budget Management, which in 2004 suggested GST to replace the current tax tenure by introducing a comprehensive tax on all goods and services reimbursing Central and State level VATs along with unified GST registration India online portal. It prescribed changing all indirect taxes except the customs duty with value added tax with complete set off in all stages of the value chain as stated by GST India online portal.
GST has alleviated ill effects of flooding or double taxation mostly and graveled the way for a common national market with unique online GST application in India and Online GST registration in India.
Difference Between Direct And Indirect Tax to apply for GST number in India by GST Registration in India Online
GST online India portal says, Direct tax is the tax which is paid exclusively by taxpayer directly to the government. Here the responsibility and duty to pay it depends on the same individual. The burden cannot be shifted to another person. These taxed are collected by central and state governments and don’t have national rate slabs like GST rates in India talked by experts of GST India online portal.
● Income Tax: It is direct because the person whose income is taxed upon is responsible to pay tax directly to government and has the onus of tax himself.
● Corporate Tax: Paid by companies and corporations based on their incomes.
● Wealth Tax: Levied on the value of property of individuals.
● Estate Duty: Paid by or charged from an individual, the successor of his or her inherited property.
● Gift Tax: An individual who receives the taxable gift pays tax to the government depending on the value of gift.
● Fringe Benefit Tax: Paid by an employer that grants fringe benefits to employees, and is collected by the state government.
In case of Indirect Tax the onus to pay the tax can be shifted to other person as explained by the GST registration india online portal.
● Excise Duty: Payable by the manufacturer who shifts the tax burden to retailers and wholesalers.
● Sales Tax: This is paid by a shopkeeper or retailer, who transfers the tax burden to customers by charging sales tax on goods and services.
● Custom Duty: the Import duties are charged from the importer of goods from foreign country, ultimately paid by consumers and retailers.
● Entertainment Tax: Liability is on theatre owners, who transfer the burden to cinema goers.
● Service Tax: Imposed on selling services consumers, such as food bill, serving foods in a restaurant.
The main differences between them states by the GST India online portal–
● Direct tax is levied on income and indirect tax is applied on goods and services.
● Direct tax is Imposed and paid by individuals, companies, Hindu undivided Families (HUF), firms, etc. whereas indirect tax is actually paid by the end-consumer.
● The duty of paying tax cannot be transferred in case of direct taxes while burden can be shifted for indirect taxes.
● Direct taxes have better allocative effects as it puts lesser burden over the collection of amount than indirect taxes, where collection is distributed across parties and consumers’ choices of goods is changed from the price fluctuations because of indirect taxes.
● Lack of administration in collection of direct taxes can make tax evasion possible, while indirect taxes like gst india online cannot be evaded as the taxes are charged on goods and services.
● Direct tax decreases inflation, whereas indirect tax may increase inflation.
● Direct taxes help in reducing inequalities, so a progressive one while indirect taxes enhance inequalities, so a regressive one.
● Indirect taxes like GST india online have a wide reach because all the people on earth are taxed through all kinds of sales, while direct taxes are gathered only from people in respective tax boundaries.
● Indirect taxes have lesser management costs due to beneficial and balanced collections, but direct taxes have many exceptions which cause higher administrative costs.
● Indirect taxes are targeted more towards development as they don’t support consumption and increase savings. But Direct taxes reduce savings and dejects investments.
GST REGISTRATION IN INDIA ONLINE- A BRIEF by GST Website India and GST India Online Portal
GST online Registration in India and the need to apply for a GST number in India is when businesses whose profit per year is more than Rs. 40 lakhs (Rs. 10 lakhs for north eastern and hill states) need to register as a normal taxable person. As per the online GST registration process, It is a punishable offense if any organization is carrying on a business without registering under GST Act and not apply for a GST number through online GST registration form india. GST Council of India states that Any offender doing this offense has to pay a penalty of 10% of the tax amount due to a minimum of Rs. 10000. It will be of 100% of the amount due if the taxpayer has deliberately evaded the system. Through online GST registration portal the registration takes time of 2-5 working days to apply for a GST number India
Who needs to register for GST and apply for a GST number In India ?
● Individuals who were enrolled under law previous of GST enactment.
● Casual taxable person(means a person who periodically undertakes negotiations involving supply of goods or services or both in the course or advocacy of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed venue of business)
● Non-resident taxable person( any foreign person or foreign business or organization supplying goods or services to India is a non-resident taxable person )
● Input service distributor and Agents of supplier
Those who are paying tax under reverse charge mechanism( taxes are collected by business proprietors on behalf of the customers and then paid to the government. Reverse charge is when the buyer pays the tax to the government directly. The burden of reverse charge is either totally on the buyer or sometimes, it can be jointly carried away both by the buyer and the seller), explains the GST website india.
● Person who supplies via e-commerce aggregator( in the aggregator model a firm which does not produce or barns any item aggregates information on goods and services from several sources of website. The farm’s efficiency is in his power to form an environment to attract more visitors to the website and organizing a format that will easily match the prices and specifications.)
● Person supplying database access and online information or resurgence services from a foreign place to a person living in India.
DIFFERENT TYPES OF GST in India Explained by GST India online Portal
To determine whether Central Goods & Services Tax (CGST), State Goods & Services Tax (SGST) or Integrated Goods & Services Tax (IGST) will be applicable in a taxable transaction, it is important to know the type of transactions states the Online GST Registration portal India.
● as per the GST India Online portal login, Intra-State supply of goods or services is when the location of the supplier and buyer are in the same state. In Intra-State transactions, a seller has to collect both CGST and SGST from the buyer. The CGST gets deposited with Central Government and SGST gets deposited with State Government.
● as per the online GST India Online portal login, Inter-State supply of goods or services is when the location of the supplier and buyer are in different states. Also, in cases of export or import of goods or services or when the supply is made to or by a SEZ unit, the transaction is estimated to be Inter-State. In an Inter-State transaction, a seller has to collect IGST from the buyer as per the online GST India online portal login.
Central Goods & Service Tax (CGST) for GST registration India online
GST India online says, as per the Central Goods & Services Tax Act 2016, CGST includes the present central taxes and imposes- Central Sales Tax, Services Tax, Central Excise Duty, Excise Duty under Medical & Toiletries Preparation Act, Additional Custom Duty and other centralized taxations.
CGST is applicable on the supply of goods and services of standard services and commodities which can be revised regularly by an authorized body under the central government says gst registration online India.
Hence-proved that both the Central and the State governments will combine their tolls with an appropriate ratio for distributing revenue between them. However, it is written in Section 8 of the GST Act that the taxes be levied on all Intra-State supplies of goods and/or services will not exceed 14%, each as per online GST registration process.
State Goods & Services Tax (SGST) by GST Registration India Online portal
SGST stands for State Goods & Services Tax say the GST council in India. Various levies and taxations under the state authority are interpolated by SGST. It includes the conglomeration of State Sales Tax, Luxury Tax, Levies on Lottery, Entertainment Tax, Entry Tax, and other taxations related to the movement of commodities and services under state authority as per the GST website india. Each state has their own authorized body to collect SGST says online GST portal login.
An example for CGST and SGST for GST India online :
Let’s suppose Sunil is a dealer in Bihar who sold goods to Arup in Bihar worth Rs. 10,000. The GST rate is 18% comprising of CGST rate of 9% and SGST rate of 9%. In such case, the dealer collects Rs. 1800 of which Rs. 900 will go to the Central Government and Rs. 900 will go to the Bihar Government for gat registration in India online.
Integrated Goods & Services Tax (IGST) by GST Registration India Online portal
IGST stands for Integrated Goods and Services Tax, charged on the supply of commodities and services from one state to another state for by GST Registration India Online portal.
GST website states that Article 269A of the Indian Constitution, the inter-state trade and commerce activities that involve the movement of commodities and services shall be levied with an integrated tax (IGST) under the GST regime. The Government of India will collect the revenue under IGST. Further changes can be made by the Goods and Services Tax Council of India as per GST rates in India.
An example for IGST by GST Registration India Online portal:
Consider that a businessman from Bihar had sold goods to Arup from Gujarat worth Rs. 1,00,000. The GST rate is 18% comprised of 18% IGST. In such case, the dealer has to charge Rs. 18,000 as IGST. This IGST will go to the Centre, says GST registration online india experts.
Union Territory Goods & Services Tax (UTGST) by GST Registration India Online portal
It subsumes the various taxations, duties with one uniform taxation in Union Territories . As per the online GST registration process.
Delhi (National capital region), Chandigarh, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep, Puducherry and Andaman & Nicobar Islands are the union territories in India. UTGST will comprise for all the taxations of these union territories.
What Are GST Rates in India As Explained by GST India online portal
GST Rates in India on Goods by GST India online portal is described given below
The government has advanced a four dimensional tax structure for all goods and services under bars of 5%, 12%, 18% and 28% as per the GST council India. After the recent changes of GST rates, these are the commodities that fall under the four tax slabs along with those that do not beckons any tax , the GST India Online application form in India explained by their experts.
No Tax items as given by GST India Online Portal
● Cereal grains like barley, wheat, oat, rye, etc.
● Bones and horn-cores unworked and waste of these products.
● All types of salt
● Kajal [other than kajal pencil sticks]
● Picture books, colouring books or drawing books for children
● Human hair – dressed, thinned, bleached or otherwise worked
● Sanitary Napkins
● Packed frozen branded vegetables (uncooked/steamed)
● Vegetables preserved using various techniques including brine and other preservatives.
● Music Books/manuscripts
As listed by online GST India Online portal login.
5% Tax Slab as per GST rates in India
● Cashew nuts/cashew nuts in shell
● Ice and snow
● Bio gas
● Braille paper, braille typewriters, braille watches, hearing aids and other appliances to compensate for a disability
● Fly-ash blocks
● Walking sticks
● Natural cork
● Incense sticks
● Coir mats, matting and floor covering
● Atta Chakki
● Postage or revenue stamps, stamp-postmarks, first-day covers, etc.
● Numismatic coins
● Accessories/parts for carriages designed for differently-abled individuals
As listed by online GST portal login.
12% Tax Slab as per GST rates in India
● Preparations of vegetables, fruits, nuts or other parts of plants, including pickle, chutney, jam, jelly
● Ketchups, sauces and mustard sauce but excluding curry paste, mayonnaise and salad dressings, mixed dressings
● Bari made of pulses including mung dal
● Two-way radio (Walkie talkie) used by army, police and paramilitary forces etc.
● Intraocular lens
● Corrective spectacles
● Playing cards, chess board, carom board and other board games, like ludo, etc.
● Debagged/roughly squared cork
● Menthol and menthol crystals, peppermint, dementholised oil and spearmint oil
● All diagnostic kits and reagents
● Plastic beads
● Exercise books and note books
● Glasses for corrective spectacles and flint buttons
● Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs
● Fixed Speed Diesel Engines
● Items manufactured from natural cork
● Agglomerated cork
As listed by GST India online portal login.
18% Tax Slab as per GST rates source from GST Registration India Online portal
● Kajal pencil sticks
● Dental wax
● Plastic Tarpaulin
● All goods, including hooks and eyes
● Rear Tractor tires and rear tractor tyre tubes
● Rear Tractor wheel rim, tractor centre housing, tractor housing transmission, tractor support front axle
● Weighing Machinery other than electric or electronic weighing machinery
● Printers other than multifunction printers
● Ball bearing, Roller Bearings, Parts & related accessories
● Transformers Industrial Electronics
● Electrical Transformer
● School satchels and bags other than of leather or composition leather; toilet cases, Hand bags and shopping bags of artificial plastic material, cotton or jute; Handbags of other materials excluding wicker work or basket work
● Precast Concrete Pipes
● Salt Glazed Stone Ware Pipes
● Aluminum foil
● Static Converters (UPS)
● CCTV including CCTV with video recorders
● Set top Box for TV
● Computer monitors not exceeding 17 inches
● Electrical Filaments or discharge lamps
● Winding Wires, Coaxial cables and Optical Fiber
● Perforating or stapling machines (staplers), pencil sharpening machines
● Baby carriages
● Instruments for measuring length, for use in the hand (for example, measuring rods and tapes, micrometers, vernier callipers)
● Bamboo furniture
● Swimming pools and paddling pools
● Televisions/Monitors (upto 32 inches)
● Power banks powered by Lithium-ion batteries
● Sports goods, games consoles and related items with HS code 9504
● All items with HS code 8483 including gear boxes, transmission cranks and pulleys
● Used or retreaded pneumatic rubber tires
As listed by GST India Online portal login.
28% Tax Slab as per GST rates in India
The goods which are part of this category under GST are sunscreen,pan masala, dishwasher, weighing machine, paint, cement, vacuum cleaner. Other items include automobiles, hair clippers, motorcycles. As listed by online GST portal login.
GST Rates in India on Services as given by GST registration India online.
5% Tax Slab as per GST rates in India
● Railways-Transportation of goods, passengers
● Goods transported in a vessel from outside India
● Renting a motor cab without fuel cost
● Print media ad space
● Transport services in AC contract
● Transport by air (scheduled)/air travel for purpose of pilgrimage via chartered/non-scheduled flights
● Tour operator services
● Leasing of aircrafts
● Working for printing of newspapers
As listed by GST registration India online portal.
12% Tax Slab as per GST rates in India
● Rail transportation of goods in containers from a third party other than Indian Railways
● Air travel
● Movie Tickets less than or equal to Rs. 100
● Food /drinks at restaurants without AC or liquor license
● Renting of accommodation for more than Rs.1000 and less than Rs.2500 per day
● Chit fund services
● Construction of building to sale
As listed by online GST registration India Online portal
18% Tax Slab as per GST rates in India
● Outdoor catering
● Contract for the supply of works Renting for accommodation for more than Rs.2500 but less than Rs.5000 per day
● Supply of food and party arrangement
● Circus, Indian classical, folk, theatre, drama
● Movie Tickets over Rs. 100
As listed by online GST registration process India portal
28% Tax Slab as per GST rates in India
● Entertainment events-amusement facility, water parks, theme parks, joy rides, merry-go-round, race course, go-carting, casinos, ballet, sporting events like IPL
● Accommodation in 5-star hotels or above
● Race club services
● Food/drinks at AC 5-star hotels
As listed by online GST registration process India portal
PROCESS OF GST REGISTRATION IN INDIA ONLINE as explained by the Online GST APPLICATION in India website
Step 1: Go to the GST Portal
1. Access the GST Portal ->https://www.gst.gov.in/
2. Click on Services -> Registration > New Registration option.
Step 2: Generate a TRN by Completing OTP Validation
The new GST registration page is presented. Select the New Registration option, then
1. In the drop down list, select the Taxpayer type from the options provided.
2. In the State/UT and District drop down list, select the state and district name in which GST registration is needed.
3. In the Legal Name of the Business (As mentioned in PAN) field, enter the legal name of business as mentioned in the PAN.
4. In the Permanent Account Number (PAN) field, enter PAN of your business or PAN of the Proprietor. Hence, in case of company or LLP, enter their PAN.
5. In the Email Address field, write the email address of the Primary Authorized Signatory.
6. In the Mobile Number field, enter the valid Indian mobile number of the Primary Authorized Signatory.
7. Click the PROCEED button.
Step 3: OTP Verification & TRN Generation
On pressing the proceed button, the OTP Verification page is displayed.
● In the Mobile OTP field, enter the OTP received on mobile number.
● In the Email OTP field, enter the OTP received on email address.
Step 4: TRN Generated
On finishing OTP verification, a TRN(temporary reference number) will be generated. TRN is to complete the GST registration application form India.
Step 5: Login with TRN
After the TRN is procreated, online GST registration process can be initiated. In the TRN field on the GST Portal, enter the TRN generated and the “captcha” text as provided on the screen. Complete the process of OTP verification on mobile and email for completing the online GST registration process by online GST application in India.
Step 6: Submit Business Information
● In the Trade Name field, enter the trade name of your business.
● Put the Constitution of the Business from the drop-down list.
● Enter the District and Sector/ Circle / Ward / Charge/ Unit from the drop-down list.
● In the Commissionerate Code, Division Code and Range Code drop-down list, select the appropriate choice.
● Input the date of commencement of business.
● Select the Date when liability to register arises. This is the day the business crossed the aggregate turnover threshold for online GST registration in India.
Step 7: Submit Promoter Information
In the next slide, promoters’ details have to be submitted. In case of a company, the directors’ information must be submitted. In case of proprietorship, the proprietors’ information is to be submitted. Details of up to 10 promoters or partners can be submitted in an online GST registration application in India.
● Personal details of the stakeholder like name, date of birth, address, mobile number, email address and gender.
● Designation of promoter.
● DIN of the Promoter, only for the following types of applicants:
o Private Limited Company
o Public Limited Company
o Public Sector Undertaking
o Unlimited Company
o Foreign Company registered in India
● Details of citizenship
● PAN & Aadhar number
Step 8: Principal Place of Business for online GST application form in India
In this section, the details of principal place of business must be provided by the applicant who is going to apply for a GST number in India by the GST India Online portal form. The Principal Place of Business is the primary location within the State where a taxpayer’s business is performed to pay GST India online . The principal place of business is generally the address where the business’s books of accounts and records are kept and is often where the head of the firm or at least top management is located for the process of paying GST India online. Hence, in case of company or LLP, the principal place of business would be the registered office for GST registration India online.
The GST registration India online portal explains that For the principal place of business enter the following:
● Enter the address details of the principal place of business.
● Enter the official contact details like Email address, telephone number (with STD Code), mobile number field and fax number (with STD Code).
● Select the nature of possession of the premises.
If the principal place of business is located in SEZ or the applicant is SEZ developer, necessary documents/ certificates issued by Government of India are required to be uploaded by choosing ‘Others’ value in Nature of possession of premises drop-down and upload the document.
by GST Registration India Online portal further states that in this section you will have to upload documents to provide proof of ownership or occupancy of the property as follows:
● For Own premises – Any document in support of the ownership of the premises like Latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill.
● For Rented or Leased premises – A copy of the valid Rent / Lease Agreement with any document in support of the ownership of the premises of the Lessor like Latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill.
● For premises not covered above – A copy of the Consent Letter with any document in support of the ownership of the premises of the Consenter like Municipal Khata copy or Electricity Bill copy. For shared properties also, the same documents may be uploaded.
Step 9: Details of Goods and Services as per online GST portal login
The taxpayer must provide details of top 5 goods and services supplied by the applicant. This is just an indicative list .
For goods supplied, the HSN code and for services, SAC code have to be provided. In case, you have more than 5 goods or services, you can add those even.
Step 10: Details of Bank Account as per online GST portal login
Online GST application in India website explains that In this section, enter the number of bank accounts held by the applicant. If there are 5 accounts, enter 5. Then provide details of the bank account like account number, IFSC code and type of account. Finally, upload a copy of the bank statement or passbook in the place provided for online GST application in India.
Step 11: Verification of Application as per online GST portal login
Online GST application in India website explains that In this step the details submitted in the application are verified before submission. Once verification is done, select the verification checkbox. In the Name of Authorized Signatory drop-down list, select the name of authorized signatory. Enter the place from where the form is filled. Finally, digitally sign the application using Digital Signature Certificate (DSC)/ E-Signature or EVC.DSC is mandatory for LLP and Companies.
Step 12: ARN Generated as per online GST portal login
Online GST application in India website explains that on signing the application, the success message is displayed. You will receive the acknowledgement in next 15 minutes on registered e-mail address and mobile phone number. Application Reference Number (ARN) receipt is sent on provided e-mail address and mobile phone number. Using the GST ARN Number, one can track the status of your GST registration application used to apply for GST number in India.
Benefits Of GST registration in India by GST India online portal explains
1. Erases the cascading effect of taxes because of unified gst rates in India.
2. Provides input tax credit to customers and businessman can issue taxable invoices through GST website in india. This expands the customer base and makes the market more competitive as per the GST council in India.
3. It is easier for a registered business to get bank loans, renting premises after online GST registration in India.
4. Strategical enrichment of efficiency after GST Registration India Online portal.
5. Registered businesses can make interstate sales without huge restrictions. It widens the potential market for SMEs(small & medium enterprises) after online GST registration in India.
6. Reduces complexity and less compliance because the registration ensures the business is scalable without any barrier of future registration. The compliance rating can attract additional business after GST Registration India Online portal.
7. Businesses registered under GST can take input credit on their own purchases and input services like legal fees ,consultation fees etc. this increases business margin and profitability after GST Registration India Online portal.
8. Regulates unorganized sector easily through GST online registration in India.
9. Enacts Composition scheme for the small and medium enterprises because of GST Registration India Online portal.
10. Increases threshold for online GST registration purpose.
11. Well defines treatment of e-commerce transactions for online GST registration purpose.
DOCUMENTS REQUIRED FOR GST REGISTRATION IN INDIA ONLINE required by online GST registration application form in India
● PAN Card of the business & authorized signatories or applicant (directors, partners, proprietor)
● Aadhar card or voter card
● Valid Indian phoned number and email address of the primary authorized signatory.
● Proof of Business registration or incorporation certificate (for company).
● Identity and address proof of the venue of business within the state where the books of accounts and records are kept.
✔ Any document supporting the ownership of the premises such as the Latest Property Tax Receipt or Municipal Khata copy of Electricity bill.
✔ Copy of valid rent or lease agreement.
✔ If the principal place of business is located in an SEZ or the applicant is an SEZ developer ,necessary documents issued the government of India are required to be uploaded.
✔ Proof of every additional place of business if present any.
● Valid bank account number with the Indian Financial System Code (IFSC) number of the same account need to be mentioned. Details of maximum 10 such accounts can be mentioned.
● Authorized signatories’ photo (soft copy)
● For companies and limited liability partnerships, it’s important to have digital scanned copy of signature
● Letter of authorization or copy of board resolution
● Other regulatory registration details such as Professional tax, State Excise License details if applicable need to be mentioned.
As explained by GST online registration portal India.
VARIOUS ADVANTAGE OF GETTING A GST REGISTRATION CERTIFICATE By GST INDIA ONLINE Portal
● Supplier of goods or services gets legally recognized because of online GST registration in India.
● Proper accounting of taxes paid on the input goods or services for utilization of payment of GST overdue on supply of goods or services or both by the business because of online GST registration in India.
● Legally can collect tax from his buyers and transfer the credit of the taxes paid on the goods or services supplied to recipients because of online GST registration in India.
● Take input tax credit(Inputs refers to the materials that a manufacturer uses for the production.Tax credit is the amount of tax a producer can reduce during paying tax on output. This means that when a manufacturer pays the tax on output, the entity can subtract or take credit for the tax paid while purchasing inputs).
● Can make interstate sales without restrictions because of online GST registration in India Online.
● Can register on e-commerce websites easily because of GST Registration India Online portal.
● when one registers in composition supplier is high fund availability in the business. A normal taxpayer will be enforced to pay output tax on his supplies at standard rate and any credit of input will be ready only when his own supplier files a return online conforming with his own return. So a huge share of his working capital will always be cubed in the form of input credit. But for a supplier registered under the composition scheme, output liability will be least and he does not need to worry for return filing by his supplier
● Since the profit margin of a supplier in composition scheme is more than a large taxpayer, these suppliers can outshine the economies of large enterprises by biding competitive prices and have a better hold on the local market of supply.
● Under the composition scheme, the taxpayer is required to endow quarterly return only, and thus he need not fear about record keeping and engage in his business more rather than being engrossed in compliance procedures.
● Another advantage of this composition scheme is that the tax rate for taxpayer is very nominal.
● Businesses with a turnover of less than Rs.10 lakhs per annual (Startups) would not have to register for GST nor collect GST. Further, small businesses with an annual sales turnover of Rs.10 lakhs to Rs.50 lakhs may have to pay GST only at a lower rate.
● GST is expected to help bring down the inflation and fiscal deficit by getting your GST Registration India Online portal.
● Tax on imported goods is expected to be reduced by 5 – 10%.
● While imports would be subject to GST, exports would be zero-rated, as in, the ones exporting the goods and services need not pay GST on the exports and the tax paid by them on the procurement of goods and services would be refunded to them.
FAQs ABOUT GST REGISTRATION IN INDIA ONLINE By GST India Online Portal
GST India online explains, Any person can register, within thirty days from the date on which he becomes liable to registration, in the manner and subject to such conditions as may be prescribed.
No. Every person who is liable to take a Registration has to get registered separately for each of the states where he has a business and is responsible to pay GST in terms of Sub-section (1) of Section 19 of Model GST Law , www.gst.gov.in states.
Yes. In terms of Sub-Section (2) of Section 19, a person having multiple business verticals( vertical market is the place where the marketers produce specific products catering to the needs of a particular circle of people. Eg. a veg restaurant) in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed, GST website India explains.
Is there a provision for a person to get himself voluntarily registered though he may not be liable to pay GST?
Yes. Any registration granted under this Act may be cancelled by the Proper Officer, in circumstances mentioned in Section 21 of the MGL. The proper officer can, either on his own motion or due to an application, by the registered taxable person or by his legal heirs, in case of death of such person, cancel the registration online GST portal login explains.
Yes. The cancellation of registration under one Act will be same in the case of cancellation of registration under the other Act. (Section 21 (6)) online GST registration process portal states.
GST registration India Online portal suggests that ISD stands for Input Service Distributor and has been defined under Section 2 (56) of MGL. It is basically an office to collect tax invoices and further distribute the credit to supplier units proportionately.
Will ISD be required to be separately registered other than the existing taxpayer registration?
Yes. Different offices of a taxpayer can apply for ISD registration GST registration India online portal explains.
GST Registration India Online portal says that If during verification, any of the tax authorities arises some query or notices some error, the same must be conveyed to the applicant and to the other tax authority through the GST Common Portal within 3 common working days. The applicant will reply to the query / rectify the error within a time given by the concerned tax authorities.
ROLE OF COMPANY VAKIL REGARDING GST REGISTRATION IN INDIA ONLINE
Company Vakil is the easiest solution to apply for GST number in India and for issuing and getting the GST certificate with free GST consultations and nominal professional fees for GST Registration India Online portal. For the purpose of online GST registration in India, this platform regularly notifies its customers about the online status of the registration process. It is managed by experts at every stage with imparting highest importance for customers’ satisfaction. They have a team of lawyers, chartered accounts and company secretaries to help everyone till service of GST registration in India online process and online GST application in India is completely effectuated. If the service is not full filled due to some discrepancy, a refund is provided.