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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.
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States with threshold limit of ` 10 lakh for supplier of goods and/or services | Manipur, Mizoram, Nagaland and Tripura |
States with threshold limit of 20 lakh for supplier of goods and/or services | Arunachal Pradesh, Meghalaya, Sikkim, Uttarakhand, Puducherry and Telangana |
State with threshold limit of ` 40 lakh for supplier of goods (Intra-State) | Jammu and Kashmir, Assam, Himachal Pradesh, All other States |
Note: Aggregate Turnover will be computed on All-India basis for same PAN
Person who connects through e-commerce business (such as Amazon or Flipkart), should register for GST from the beginning only.
If you supply goods or services in events/exhibition & you don’t have a permanent place of business, you need to get online GST Registration. The validity of causal GST Registration is 90 days.
One should register under GST if any supplier of goods or service provider involved in any other state.
Person supplying online information and database access other than a registered taxable person
Any NRI person or company supplying goods or services in India need to register GST regardless of turnover.
Input tax credit lets you reduce your tax you have already paid on inputs and pay the remaining amount at the time of paying tax.
You pay taxes on the purchase when a product is purchased from a registered seller, and when you sell the product, you too collect the tax. With input credit, you can adjust the taxes paid at the time of purchase with the amount of tax on sales (output tax) and pay the balance liability of tax, i.e. tax on sale minus tax on the purchase.
| Private Limited Company/OPC | LLP/Partnership Firm | Individual/Proprietorship |
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Some of the best reasons to choose us are:
Our legal representatives are available to explain the whole process and clear any queries you may have.
Although the GST portal has a user-friendly interface, the GST Forms have a lot of complex fields. Hence, it is highly recommended that you seek the help of a professional for submitting the application, the required procedures, filing your returns and completing other formalities in the portal.
| Return / Statement | Periodicity/ Description | Who Files? | Date for filing |
|---|---|---|---|
| GSTR-1 | Monthly statement of outward supplies of goods and/or services Quarterly statement of outward supplies of goods and/or services | Person registered under regular scheme (including a casual taxable person) Registered persons opting for QRMP Scheme (including a casual taxable person) | Due date prescribed in the Act is 10th day of the next month. However, presently, the same is being extended to 11th day of the next month. 13th day of the month succeeding the quarter has been notified as the due date |
| GSTR-3B | Monthly return Quarterly return | Person registered under regular scheme including casual taxable person Registered persons opting for QRMP Scheme including casual taxable person | 20th of the month. 22nd or 24th of the month depending upon the State or Union Territory in which they are registered |
| GSTR-4 | Return for a financial year | Registered person paying tax under composition scheme | 30th April of the next financial year |
| GST CMP- 08 | Quarterly Statement for payment of self- assessed tax | Registered person paying tax under composition scheme | 18th day of the month succeeding the quarter |
| GSTR-9 | Annual return | Registered person other than an ISD, tax deductor/tax collector, casual taxable person and a non-resident taxpayer | 31st December of the next financial year |
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