GST

Goods and Service Tax

Introduced in 2017, GST is the biggest reform by the Indian Government.With a focus on strengthening the economic structure of the country, it has given the economy a tremendous boost. GST is a huge reform for indirect taxation in India, the likes of which the country has not seen post Independence. GST will simplify indirect taxation, reduce complexities, and remove the cascading effect. Experts believe that it will have a huge impact on businesses both big and small, and change the way the economy functions.

The ebook will help you understand the basics of GST, important terminologies and concepts, and how this 

might affect your business in the long run. Students of finance, business  professionals, entrepreneurs, tax practitioners and accounts will find this e-book comprehensive and helpful in understanding GST.

To benefit from this tax and to understand it in respect to your organization, we a have team of GST return filing consultants.

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A team of highly qualified professionals that will help you understand GST in depth and solve all your queries

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Helping you in transforming your business with key capabilities in customer insight and analytics

Who should register for GST?

  • Pan Card & Aadhar Card of Owner(s).
  • Passport Size Photo of Owners/Directors.
  • Certificate of Incorporation/ Partnership Deed.
  • Board Resolution among Owners.
  • Electricity Bill/Rent Agreement of Premises.
  • List of Additional premises(APOB)
  • Cancelled Cheque/ Bank Statement/ Passbook Copy
  • List of Goods & Services
  • Documents Required for GST Registration

  • Pan Card
  • Aadhar Card
  • Passport Size Photo
  • Electricity Bill & Rent Agreement​
  • Cancelled Cheque/ Bank Statement/ Passbook Copy
  • List of Goods & Services
  • Business Name / Trade Name
  • GST Registration for Proprietorship

    One of the most easy, simplified and accepted way of proprietorship firm opening and having a current bank account in india is to get a tax registration. Earlier people used to opt for either service tax number or sales tax number. But after July 2017, this Modified version is here and we are to apply for GST number. This all online procedure has really made simpler the procedure.

    GST Registration for Foreigners

    Non-resident taxpayers are also required to obtain GST registration and file GST returns. Non-resident Taxable person means any person who occasionally undertakes transactions involving supply of goods or services or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India. All non-resident taxable persons are required to appoint an authorized person in India for the purpose of complying with GST regulations. Non-resident taxpayers are required to obtain GST registration as a Non-Resident Foreign Taxpayer 5 days prior to the undertaking business in India. An application for GST registration for foreign non-resident taxable person must be made through an authorized agent in India. Once, an application for GST registration is filed, a transaction number would be generated. Using the transaction number, GST deposit must be made by the taxpayer to obtain GST registration in India. To appoint anybody as authorized GST Practitioner. You need to add his GST Practitioner ID in your portal.

    Taxaj GST Practitioner ID is 071800000665GPI

    GST for Business

    It enhances ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST.

    As per the GST Council, entities in special category states with an annual turnover of Rs.10 lakhs and above would be required to register under GST. All other entities in rest of India would be required to register for GST if annual turnover exceeds Rs.20 lakhs. There are also various other criteria’s, that could make an entity liable for obtaining GST registration – irrespective of annual sales turnover.

    Temporary GST Registration

    Temporary GST Registration is mandatory for a “casual taxable person”, it means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business. A casual taxable person is mandatorily required to obtain GST registration irrespective of annual aggregate sales turnover. It is obtained under a special category at least 5 days prior to the undertaking business. Once, an application is filed, a transaction number is generated. Using this transaction number, expected Turnover must be declared for that tenure and GST must be deposited by the taxpayer in advance to obtain casual taxable person GSTIN.

    ​For Example, Tiwari Brother, a famous sweet shop of Bengal comes to delhi to attend a 5 days Food & Exhibition Show at Pragati Maidan. They’re a established business house in Kolkata, west Bengal, having a proper GST number and everything. But now, they are in Delhi and they will be providing goods & Services from Delhi, but they don’t have any office here. In this case, they can apply for a Temporary GST number. This can be applied mentioning their existing GST number, if they want. They are expecting a sale of Rs. 1 Lakh/Day for 5 days. So Their total sale is 5 lakh. Now they need to pay GST on 5 lakh in Advance. and their GSTIN (Casual) will be generated. Which their customers can get input from.

    Illustration

    Let us assume that a dealer in Gujarat sold the goods to a dealer in Punjab worth Rs. 50,000. The tax rate is 18% comprising of only IGST.
    In such case, the dealer has to charge Rs. 9,000 as IGST. This revenue will go to the Central Government.

    The same dealer sells goods to a consumer in Gujarat worth Rs. 50,000. The GST rate on the good is 12%. This rate comprises of CGST at 6% and SGST at 6%.

    The dealer has to collect Rs. 6,000 as Goods and Service Tax. Rs. 3,000 will go to the Central Government and Rs. 3,000 will go to the Gujarat government as the sale is within the state.

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    shivesh@taxaj.com

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