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In India, we as a citizen have to pay two types of taxes i.e. Direct tax and Indirect tax. Goods and Services Tax (GST) is a type of Indirect tax which has replaced many other indirect taxes in India. The Goods and services tax act was passed by the parliament on March 29th, In India, we as a citizen have to pay two types of taxes i.e. Direct tax and Indirect tax. Goods and Services Tax is an of Indirect tax which has replaced many other indirect taxes in India. The Goods and services tax act was passed by the parliament on March 29th, 2017 which came into effect on July 1st, 2017. In the year 2000, a committee was set up to draft GST law and it took its final form in 2017, therefore GST took 17 years to come into its real application in India.
It is basically levied on the sale of goods and services and now it is the only tax charged replacing various other previously existing indirect tax laws in India.
GST is a multi - stage and destination-based tax law, which is levied at every point of sale of goods and services. Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) is charged in case of transactions occurring intra – state while in case of inter – state, Integrated Goods and Services Tax (IGST) is charged.
The production of goods and services goes through many stages from manufacturer to final sale to the customer. Thus, it is levied at each stage, making it the multi – stage tax. It is charged only to the value added at each stage by the seller. It is levied at the point of consumption; hence it is destination based. Get GST Registration in India with help of Company Vakil Expert Lawyers, CA’s and CS at most affordable prices.
The history of goods and services tax can be traced all the way back to year 2000 wherein a committee to draft the GST law was setup by late prime minister Atal Bihari Vajpayee. The GST timeline is given as under:
Gst online registration is considered mandatory for any entity that is involved in purchase and sale of goods and services in India. As one of the biggest tax reforms of the country, this law facilitates the ease of doing business in India at the same time bring more and more businesses under the tax bracket, thereby contributing to the growth of the economy. Through goods and service tax registration in India, Government can more easily track transactions across and within states and put a check on unregulated transactions across the country. It has significantly boosted the tax law compliance in India.
Goods and Service Tax, as the name suggests, is an indirect tax that is levied on the supply of goods and services in India. It has in fact replaced a number of indirect taxes in the country such as VAT, excise duty etc. In simple terms, it is a single indirect tax for the whole country. Before the introduction of GST, indirect taxes such as VAT and excise duty were levied at every stage of the distribution cycle with varying rates which was difficult to regulate. But with Goods and Service Tax registration in India, tracking and regularization became much easier.
Some of the key facets of GST law are that it is a multi-stage, destination-based tax law that will be applicable whenever there is some value addition.
The process of how things worked in the pre-GST era can be explained as under:
|Warehouse packages and labels @ 200||1,300||130||1,430|
|Retailer advertises @ 400||1,830||183||2,013|
In the earlier regime, taxes were cascaded, hence the final customer had to pay more since tax was levied on previous stage taxed item.
However, in the current regime, this cascading effect of taxes has been eliminated to benefit the end consumer, as illustrated below:
|Warehouse packages and labels @ 200||1,200||120||20||1,220|
|Retailer advertises @ 400||1,600||160||40||1,760|
As it can be observed, there is a significant tax saving of Rs 253 under the current regime. This benefit is directly transferred to the end customer.
Other benefits of getting a GST online registration done from one of the top GST Registration Portals such as Company Vakil are explained below.
Apart from items that are exempted from Goods and Services Tax such as jute, eggs, fish, fresh meat, milk, butter milk, chicken, curd, fresh fruits, vegetables, salt, natural honey, bread, printed books, bindi, sindoor, judicial papers, newspapers, colouring books, drawing books, handloom, bangles, horn cores, horn meal, bone meal, palmyra jaggery, cereal grains etc. most other items are placed in four Goods and Services Tax slabs namely 5%, 12%, 18% and 28%. Items in each slab are periodically reviewed by the GST council as per industry and economic norms to take final call on their tax slab. Some of the items in each slab are as under:
Commodities- Milk food for babies, packaged food products like paneer, pizza bread, both postage and revenue stamps, roasted coffee beans, rusk, spices, skimmed milk, domestic LPG, edible oil, fish fillet, first day cover, fertilizers, frozen foods, floor covering, footwear upto Rs 500, hearing aid, apparels upto Rs 1000 etc.
Services- Transport services like railways, economy class air travel, radio taxis and motor cabs, sale of print media advertisement space, tour operator services, small restaurants of turnover up to Rs 50 lakhs.
Commodities – Almonds, apparel above Rs 1000, butter, animal fat sausage, cake servers, ayurvedic medicines, chess and carrom boards, diagnostic kits, forks, knives, fruits, fruit juices, frozen meat, exercise books, ghee, pickle, nuts, sewing machine, tooth powder, tongs, umbrella, spoons, playing cards, work contracts etc.
Services - business class air tickets, hotels, inns and guest houses with tariff ranging from Rs 1000 to Rs 2500.
Commodities – Aluminium furniture, bamboo, cakes, biscuits, branded garments, camera, CCTV, computers, curries, corn flakes, transformers, hair oil, footwear above Rs 500, envelopes, refined sugar, circuits, printers, tampons, toothpaste, steel products, speakers, soups, soaps, weighing machinery, salad seasonings etc.
Services – IT services, telecom services, hotels, inns, guest houses with tariff between Rs 2500 and Rs 5000, AC hotels which serve alcohol.
Commodities – Deodorants, paint, after shave lotions, aerated water, automobile motorbikes, personal aircrafts, hair clippers, pan masala, shavers and shaving creams, washing machine, vacuum cleaner, dyes, dishwashers, water heater, shampoos, waffles, vending machines, tiles, wallpapers etc.
Services – Cinema tickets and entertainment events, five-star hotels, gambling and race clubs, hotels, inns and guest houses having tariff between Rs 5000 upwards
For a standard registered business opting for Goods and Service Tax registration in India, benefits include:
For a composition dealership, benefits are:
For business houses with turnover less than 20 lakh per annum voluntarily opting for Goods and Service Tax registration in India via a GST Registration Portal, advantages are:
At Company Vakil you may avail services to get your business registered under The Goods and Services Tax Law and get your Goods and Services Identification Number (GSTIN).
Taxation Experts of Company Vakil can guide you on its applicability and guidelines to be followed under GST Registration Online for your business. All its process is online through a Central Govt. of India’s GST registration portal. Following is the process for GST registration Process in India:
GST Registration Online in India is lengthy and time consuming 11 step process which involves filling various details, submitting documents and scanned certificates.
Company Vakil charges a nominal fee as stated above to register your GST. Team of company Vakil Taxations experts, CA’s and CS are always at your disposal for any queries.
Those who are not registered under GST law are subject to the penalty of 10% of the total of the tax amount to a minimum of Rs.10, 000.
The penalty will be charged at 100% of the tax amount due if the lawbreaker has purposely evaded from paying taxes.
Documents are required only in scanned form, you can attach the document in the form after payment or email it to us on email@example.com. Feel free to get in touch for any query.
Following are the necessary documents required to be submitted while GST registration process:
PAN Card of the Business or Applicant
Identity and Address Proof of Promoters
Required one of the following: Aadhar Card / Voter's ID / Passport / Driver's License
Business Registration Document
Required One of the following - Incorporation certificate / Partnership deed / any registration certificate must be submitted for all types of registered entities.
Address Proof for Place of Business
One of the following - Rent Agreement /
Required: NOC form the Owner/Utility Bills
Bank Account Proof
Scanned copy of the first page of bank passbook showing few transactions and address of the business must be submitted for the bank account proof.
GST Registration Certificate
We are India`s one stop tech legal registration platform aimed on making legal registrations efficient and affordable to end user, i.e. individuals, entrepreneurs or business owners.
Company Vakil with the help of technology and experts such as lawyers, Chartered accountants, company secretary makes registration error-free and seamless.
We provide variety of services such as Pvt Ltd Company registration, Trademark registration, copyright, udyog aadhaar (MSME), SSI, GST online registration in India, Import Export Code Registration, patent etc. Get Goods and Service Tax Registration in India with help of Company Vakil an online GST Registration Portal in India.
Legal Experts at your Fingertips – At company vakil all your queries are handled by experts at every stage, we have a team of lawyers, chartered accounts and company secretary to help you till your service is fulfilled
Money Back Guarantee – Company Vakil believes strongly in Customer satisfaction, and all our associates and professionals make sure you are provided with all the information required at every stage. Yet if you are not satisfied with the service provided we shall refund you the money.
Seamless Process – Through Company Vakil we try to make the process of registration via GST Registration Portal as convenient and seamless as possible. With options like trademark and company search bar it is a breeze for a user to search the right name for their company.
Customer redressal – We at Company Vakil give utmost importance to customer’s satisfaction that said we have a customer redressal team setup that outranks every other legal portal in the country, with an option to chat with our CEO if our team fails to fulfill your query.
Yes, VAT & Service Tax Registrations have been merged into GST i.e. Goods & Service Tax Registration. Migration from these Old Tax provisions to GST has to be done as Law.
GST is Goods and Services Tax applicable in India. It is a Unified Indirect Tax Provision that was made applicable in India on 1st July 2017 and almost every kind of Indirect Tax i.e. Vat, Service Tax and Excise have been replaced to only One Unified Tax Provision.
It is needed by every business exceeding the threshold limit of Rs. 20 Lakhs (Rs. 10 Lakhs in case of North Eastern and Hill States), any business registered under previous Indirect Tax Laws (i.e. VAT, Service Tax and Excise) and apart from these there are some special cases too.
Special Cases for GST online Registration in India are as follows:-
1. Any business registered under Previous Indirect Tax Laws i.e. Vat, Excise or Service Tax
2. A Casual Taxable Person
3. Tax payers under Reverse Charge Mechanism
4. Online e-commerce Operators/Aggregators like Amazon, Flipkart etc.
5. People who are Agents of a Supplier
6. People Supplying through an Ecommerce Operator / Aggregator
7. Non – Resident Taxable Person
8. Input Service Distributors
9. When a Person Supplies online Information and Database Access or Retrieval Service from a Place outside of India to person in India, other than a Registered Taxable Person.
10. Anyone doing a business that involves inter-state Supplies of Goods & Service [As per the new Amendment Service Providers doing Inter-state Supply of Service is exempted from registering under it, till their Annual Turnover doesn’t Reach the Threshold of Rs 20 Lakhs (10 Lakhs in Special States & 20 Lakhs for Jammu & Kashmir)]
GSTIN is a unique Goods and Service Tax Identification Number and once a business is properly registered under the same, it receives a unique GSTIN.
Yes, there are penalties for not registering, If a TAX Offender is not paying the same or is doing lesser payment than the actual Amount (due to genuine errors), has to pay penalty of 10% of the tax amount due and subject to minimum of Rs. 10,000. If it’s done deliberately by the offender, then penalty would be of 100% of tax amount due.
Central excise duty, other additional excise duties, duties of customs, special additional customs duties, state VAT, luxury tax, entertainment tax, purchase tax, entry tax, cess, central sales tax, taxes on advertising, lotteries, betting and gambling etc. are some of the indirect taxes replaced by GST.
Alcoholic liquor, aviation fuel, petroleum crude, petrol or motor spirit, diesel, natural gas etc. are some of the major non-GST goods sold in the country.
For all existing tax payers that are registered under VAT/CST or service tax or TIN, the migration procedure to goods and service tax registration in India has started. The following items are needed for GST migration:
What is the turnover limit for Goods and Service Tax registration in India?
There are two turnover limits for the same via a GST Registration Portal:
ISD implies an Input Service Distributor. It is similar to a central office that receives tax invoices of the given input services and then is responsible for further distribution of the credit of the tax paid by it to its units in proportion. An ISD registration is different from a normal registration for any given taxpayer.
The various mandatory post-GST registration compliances include:
Its an optional scheme intended for all small business enterprises under which:
However, the composition scheme is not applicable to:
All small and medium enterprises who want lower compliances as well as lower tax rates under GST regime can consider this scheme.
A GST taxpayer having turnover below Rs 1 crore can opt for this scheme. In case of North-Eastern states as well as Himachal Pradesh, the limit has been presently set to Rs 75 lakh. Awaiting a formal notification, limit has been proposed to be raised to Rs. 1.5 crores after a decision taken by the GST Council.
However, turnover of all businesses registered under the same PAN number should be considered to calculate the turnover.
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