Overview of Goods and Services Tax

India is known as the land of taxes. We have so many taxes under Direct and Indirect Taxes. As per the constitution of India, indirect taxes are administered by the Central Government and State Governments.

• The Centre has the powers to levy tax on the manufacture of goods (except alcoholic liquor for human consumption, opium, narcotics etc).

• As for Services, it is the Centre alone that is empowered to levy Service tax. 

• The States have the powers to levy tax on the sale of goods. 

• In the case of inter-State sales, the Centre has the power to levy a tax (the Central Sales Tax) but, the tax is collected and retained entirely by the States.

Benefits which the Country will accrue from GST

Introduction of GST is a very significant step in the field of indirect tax reforms in India.

• By amalgamating a large number of Central and State taxes into a single tax and allowing set-off of prior-stage taxes, it would mitigate the ill effect of cascading and pave the way for a common national market.

• For the consumers, the biggest gain would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%.

• Introduction of GST would also make our products competitive in the domestic and international markets. Studies show that this would instantly spur economic growth. 

• There may also be revenue gain for the Centre and the States due to widening of the tax base, increase in trade volumes and improved tax compliance. 

• Last but not the least, this tax, because of its transparent character, would be easier to administer. 

Learn more from GST Centre. For more information, please visit our website: https://gstcentre.in/

GST Registration

In the present scenario GST is a reality now. GST is going to subsume most of the indirect taxes of our country such as Central Excise, Service Tax, VAT & CST, Entry Tax, etc. and would bring in significant amount of change in way of doing business.
Registration process in GST include
1. Furnish/File necessary forms, documents etc
2. Sign with Digital Signature/E Signature
3. Approval from the Govt./ Tax Department
4. Person will be recognized as legally registered taxable person

Registration under Goods And Service Tax (GST) regime will confer following  advantages to the business:

1. Legally recognized as supplier of goods or services.
2. Proper accounting of taxes paid on input goods or services which can be utilised for payment of         GST due on supply of Goods or Services or both by the business.
3. Legally authorised to collect tax from his purchasers and pass on the credit of the taxes paid on the     goods or services supplied to purchasers or recipents.
4. A person without GST transaction can neither collect GST from his customers nor claim any input     tax credit of GST paid by him.

Persons Liable to take registration

1. General/Normal Category:- Who has to take registration based on aggregate Turnover. They need       to register only when the total turnover for the financial year exceeds the threshold limits.
2. Mandatory Category:- Who has to compulsarily take registration irrespective of the turnover               Threshold limits are not applicable to them
3. Exempted Persons:- Those who need not take registration. But they can take voluntary registration      if needed.
4. Transitional Registration:- All taxable persons who have registered under the existing laws should       be registered under the GST Act throught Enrolment process.

For more Details, Visit our website : https://www.gstcentre.in

GST Registered Company

GST Registration Process

• Verify the prelim Details : Submission of E mail, mobile number and PAN. Creating the login account.

• Submit Application Form : After verifying the basic details, fill the registration form and upload the required documents. 

• The required documents to be uploaded are : 

               Photograph
               Constitution of Taxpayer
               Proof of principle place of business
               Bank Account Details

• Verification of the provided informations : The application and the attached documents are being verified  and GST Registration will be granted within three working days if all the necessary details are given. Otherwise, the applicant need to respond within 7 working days through FORM GST REG-04 and provide all the necessary informations. 

• Registration Certificate : Issue the registration certificate after the completion of all required processes. 

Except exempted categories, every supplier shall be liable to be registered under GST Act in the State from where he makes a taxable supply of goods and / or services if his aggregate turnover in a financial year exceeds the certain amount fixed time to time by the authorities. 

Who has to obtain GST Registration in India?

As per GST Law, any supplier who carries on any business at any place in India and whose aggregate turnover is greater than the threshold limit as recommended in a year is responsible to get himself registered. 

Existing VAT Registration holders and Central Excise Registration holders need not register for GST again. However, a new GST Registration number is allotted to existing registered firms. 

For more details, please visit : http://gstcentre.in/franchisees.php

GST Registered Company

GST is the new tax system going ot be implemented in India. As the future tax system of India completely depends on GST, it is essential to get Registered under GST. 

GST Centre helps to learn more. 

Who need to Register under GST ?

• One who supply goods and services more than 25 Lakh, For North-East States, Rs 10 Lakh.

• One who purchase or sell goods or receiving or providing services outside the state irrespective of the above limit.

• One who is a non-resident taxable person irrespective of the above limit. 

• Input Service Distributor.

• One who is required to deduct TDS under GST.

What is the Registration Procedure?

• Applicant is to be submit the PAN, Mobile number and email address.

• The submitted informations are verified and an Application Reference Number is given to the applicant. 

• Applicant needs to submit the filled form GST REG-01 with the Application Reference Number and Required documents.

• Form GST REG-03 will be issued if any additional informations are required. If received Form GST-REG 03, applicant must respond with Form GST-REG 04 within 7 days. 

• Registration certificate will be issued if all the required details are provided.

What are the Required Documents?

• Pan Card of the Company

• Proof of Constitution

• Details and Proof of Business

• Cancelled cheque of bank account showing name of account holder, MICR code, IFSC code and bank branch details

• Authorised signatory

For more details, visit : http://gstcentre.in/franchisees.php
Click here to contact us.