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Launched on July 1 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are absorbed in one tax – GST, implemented on 01.07.2017. GST is to be charged at every step of the supply chain, with full set-off benefits available. The procedure for GST is entirely online and requires no manual intervention.
Every product goes through multiple stages along the supply chain, which includes the purchasing of raw materials, manufacturing, sale to the wholesaler, selling to the retailer and then the final sale to the consumer. Interestingly, GST will be levied on all of these 3 stages. Let’s say if a product is produced in West Bengal but is being consumed in Uttar Pradesh, the entire revenue will go to Uttar Pradesh.
Also, taxpayers with a turnover of less than Rs.1.5 crore can choose composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.
Every business or corporation that are involved in the buying and selling and good of services have to register for GST. It is mandatory for companies whose turnover is more than Rs.20 lakhs (for supply of services) and Rs. 40 lakhs ( for supply of goods) yearly to register for a GST.
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.
Also, as per the recent notification, e-commerce sellers/aggregators need not register if total sales are less than Rs.20 lakhs.
GST Number can be applied in an online process which requires multiple details of the business being registered. It requires various details regarding the business along with the following documents:
A private limited company is a type of business structure where the liability of the shareholders is limited to the amount of their share capital. This means that the personal assets of the shareholders are protected in case the company faces financial difficulties.
A private limited company is a type of business structure where the liability of the shareholders is limited to the amount of their share capital. This means that the personal assets of the shareholders are protected in case the company faces financial difficulties.
A private limited company is a type of business structure where the liability of the shareholders is limited to the amount of their share capital. This means that the personal assets of the shareholders are protected in case the company faces financial difficulties.
A private limited company is a type of business structure where the liability of the shareholders is limited to the amount of their share capital. This means that the personal assets of the shareholders are protected in case the company faces financial difficulties.
A private limited company is a type of business structure where the liability of the shareholders is limited to the amount of their share capital. This means that the personal assets of the shareholders are protected in case the company faces financial difficulties.
KBJMART INDIA
If you have any questions, please contact us at: [email protected]
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Sunday: Close
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