Taxation - Indirect Tax
Registration of GST
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GST Registration
Regardless of their annual turnover, entities involved in the sale of goods and services via an e-commerce platform must register for GST. Aside from that, anyone selling goods across state lines must for GST registration. GST enables each link in the supply chain to claim an input tax credit for taxes paid on purchases, as well as assisting entities in collecting GST from customers. Any entity must register for GST within 30 days of the date on which it becomes liable to do so. Casual taxpayers and foreigners must register for GST before starting their business. All businesses making interstate outward supplies of goods have to register for a GST too. The same applies to businesses making taxable supplies on behalf of other taxable persons, example Agents and Brokers.
Benefits of GST
Cost Reduction
Applying a single tax will reduce the cost of goods by aleast 10%, as GST uses the concept of value addition and prevents tax cascading.
Free Movement of Goods
By eliminating Central Sales Tax and other entry taxes paid at state borders, IGST will allow free movement of goods across the country. This will save the logistics sector close to $200 billion annually.
Reduces Excise Duty Exemptions
Currently, excise duty exemptions amount to a loss of Rs.3.2 lakh crore to the government. Implementation of Gst is expected to reduce the number of exemptions offered by the government, thereby minimizing the loss.
Simpler Filling Process
The online GST portal will manage everything from registration for GSTIN to filling monthly GST returns and tax payments.
Single TAX Department
GST will minimize the number of tax laws and will require minimal intervention from the tax authorities, as it will combine all current tax departments and authorities into a GST department.
Easy Compliance
Now , even a small businessman without the help of consultant can file the GST returns easily.
Functions of GSTN
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Registration Pricing
GST Registration Process
Complete our simple form
Submit Documents
Verification of Documents
Preparation of file process
