The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture upto final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian Government.
The tax replaced existing multiple Central and State Government taxes.
The tax rates, rules and regulations are governed by the GST Council which consists of the finance minister of central and all the states.
GST is meant to replace a slew of indirect taxes with a unified tax and is therefore expected to reshape the country's 2.4 trillion dollar economy.
GST tax rates vary from 0% - 28% depending on the type of service or Nature of Goods Your business is selling. The GST is paid by consumers, but it is remitted to the government by businesses selling goods and services. In effect, GST provides revenue for the government.
GST (Goods and Services Tax) is essentially an Indirect tax which has been implemented to replace numerous taxes in India. Onlne GST registration was passed in the parliament on 29th March 2017 yet it became effective on 1st July 2017 in India. As per the changes in the 32nd council meeting, the threshold limit for GST registration is 40 lakhs for the supplier of goods and 20 lakhs for the supplier of services. Along with that, the North-Eastern States have an option to choose between 20 lakhs and 40 lakhs. Once you have registered under this regime, you will receive a unique GSTIN (Goods and Service Tax Identification Number).
There are various advantages of GST registration. You can also avail input tax credit and collect GST from recipients of goods and services.
Online GST registration can be easily done by visiting Online GST portal. It is easy to fill the form on GST online portal yet at the same time you require the expert's to fill the form with accurate information and submit the documents accordingly. Few of the terms while drafting for GST registration cannot be understood by many of the taxpayers. Therefore at the initial stage GST registration should be done with the help of experts and here at Legal docs, you will be able to get done with your GST registration with a simple and quick process.
• You can Legally collect taxes From your Customers and Pass on the Tax Benefits to Suppliers.
• Business Becomes 100% tax Compliant
• You can Claim Input Tax Credit which you have paid on your purchases and Improve profits.
• GST certificate can be used as one of the document while opening current account or Business Account.
• You can easily apply for various state and central government tenders if you have GSTN.
• Expand Your Business through various channels like Online, Import-Exports.
• To start payment gateways, use mobile wallets GST number is used.
Casual taxable person is a person who supplies taxable goods or services occasionally like a event management company which has various events in different states needs to register as a casual taxable person for that particular taxable state before supplying or offering any goods or services.
Suppose Mr A has a business of consulting and who provide services in different state, then he needs to register as a casual taxable person under so that his business is compliant with the tax norms of that particular state.