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GST or Goods and Services Tax is a comprehensive, nationwide indirect tax regime levied on the supply of goods and services. It has subsumed over a dozen Central and State taxes into one unified structure. GST comprises of three components – Central GST collected by Centre, State GST collected by States and Integrated GST (on inter-state supply) collected by the Centre. By replacing the previous cascading tax system, GST aims to eliminate distortions through a common national market, simplified tax structure and greater transparency.
The taxpayer pays tax only on the value added at each stage, avoiding the cascading effect.
GST was implemented in India on July 1, 2017 after the GST Act was passed in the parliament. It replaced multiple cascading taxes levied by the central and state governments. It has subsumed over a dozen taxes including central excise duty, services tax, additional customs duty, surcharges, state-level value-added tax, and octroi.
GST has 4 tax slabs – 5%, 12%, 18%, and 28% along with a tax-exempt category. Certain goods like petroleum products, alcohol, etc. are not covered under GST currently. It follows a consumption-based taxation structure, meaning taxes are levied at the point of consumption instead of production.
It has simplified the indirect tax structure in India and made taxation uniform across states by subsuming all indirect taxes under one umbrella.
Implementing GST has helped create a unified common national market by removing economic barriers across states. It is based on the notion of shared sovereignty between the centre and states as both have concurrent powers to levy and collect GST.
Central Goods and Services Tax collected by the Central Government on an intra-state sale.
State Goods and Services Tax collected by the state governments on an intra-state sale.
Integrated Goods and Services Tax collected by the Central Government on inter-state sale of goods and services.
GST Identification Number is the unique identity number used to identify taxpayers registered under GST
Tax rates under GST are 0%, 5%, 12%, 18% and 28%. Certain goods are exempt as well.
Small businesses can opt for composition scheme and pay a fixed percentage of turnover instead of regular GST rates.
ITC is the credit for taxes paid on inputs and previous purchases that can be offset against future GST liability.
When the recipient of goods and services is liable to pay GST instead of the supplier under reverse charge mechanism.
Electronic bill to be generated for transportation of goods worth over Rs. 50,000 to ensure movement can be tracked.
Harmonized System of Nomenclature code used to classify goods and services under GST.
Here’s a comprehensive list of documents required for GST registration in India:
Common Documents for All Applicants:
Any one of the following:
Additional Documents Based on Business Structure:
Individuals and Sole Proprietorships:
HUF (Hindu Undivided Family):
Partnerships:
Companies:
Limited Liability Partnerships (LLPs):
Important Notes:
Remember to check the official GST website for the latest requirements and any updates.
There are generally no direct fees charged by the Indian government for GST registration or for filing returns. However, there are some indirect costs associated with GST compliance, which can vary depending on factors like your business size and complexity.
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Notify changes in business details like new address, owners, activities, cancellation etc by submitting the specified forms. Regular GST returns must also be filed on time.
That summarizes the key steps to register under GST in India. Businesses must display the GSTIN prominently at all locations
know more about this serviceBusinesses are required to register for the Goods and Services Tax (GST) under the following circumstances:
Inter-state suppliers of goods and services: Businesses supplying goods/services across state lines, irrespective of their turnover.
Non-resident taxable persons: Businesses supplying goods/services to India from outside the country.
Businesses liable to tax under reverse charge mechanism: In cases where the recipient is responsible for paying GST, the supplier needs to register under GST.
E-commerce operators: Online marketplaces acting as intermediaries or collecting and remitting tax on behalf of sellers need to register for GST.
Casual taxable persons: Businesses making occasional taxable supplies exceeding the prescribed threshold (Rs. 2.5 lakhs in a state or Rs. 5 lakhs inter-state) need temporary registration.
Casual taxable persons: Businesses making occasional taxable supplies exceeding the prescribed threshold (Rs. 2.5 lakhs in a state or Rs. 5 lakhs inter-state) need temporary registration.
Agents of a supplier and Input service distributors: Individuals appointed to act on behalf of a registered taxpayer or distribute input tax credit must register under GST.
Annual turnover exceeding the specified threshold limits:
Remember, GST is still evolving and improving, but its long-term benefits for businesses, consumers, and the government are undeniable. It’s a significant step towards a more efficient and transparent tax regime in India.
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