GST Refunds

In case you have previously filed for GST refund, you can check the status of your refund application using the ARN (Application Reference Number) generated at the time of applying for GST refund. The following is the page that you can get to for tracking refund status using the GST services menu on the GST portal:

GST Tax Rates on some common items

Tax Rates	Products
0.25%	Cut and semi-polished stones are included under this tax slab.
5%	Household necessities such as edible oil, sugar, spices, tea, and coffee (except instant) are included. Coal, Mishti/Mithai (Indian Sweets) and Life-saving drugs are also covered under this GST slab.
12%	This includes computers and processed food
18%	Hair oil, toothpaste and soaps, capital goods and industrial intermediaries are covered in this slab.
28%	Luxury items such as small cars, consumer durables like AC and Refrigerators, premium cars, cigarettes and aerated drinks, High-end motorcycles are included here.

Though edible items like sugar, tea and coffee are included in the 5% slab, milk does not attract any tax under the new GST regime. The idea behind this is to ensure that basic food items are available for everyone but instant food is kept out of this category.

• Basic household items like toothpaste and hair oil, which currently attract 28% tax, will be taxed at 18% only.
• Sweets will also be taxable at 5%.
• Tax rates on coal has also been reduced from 11.69% to just 5% in order to relieve the pressure on power industries.
• GST also gives a major push to domestic industries as they will be able to procure seamless input credit for capital goods. Make in India campaign is set to flourish after this reform.

 

How to use our GST Calculation Tool?

Mentioned below are steps to be followed for calculating GST through GST Calculation Tool:

Step 1: Select GST Inclusive/GST Exclusive as per the requirement

Step 2: Enter the original amount

Step 3: Select the GST rate from the drop down menu list

Step 4: Click on Calculate to check the result. The result will show the total GST amount and Pre-GST/Post-GST amount as per your original requirement.

What is GST Inclusive amount?

GST inclusive amount refers to the total value of the product after including the GST amount in the original value of the product. The tax is not charged separately from the customer.

What is GST Exclusive amount?

GST Exclusive amount refers to the value of the product by subtracting the GST amount from the GST Inclusive value of the product.

 GST implementation includes:

• Service Tax
• Additional Duties of Customs
• Central Excise Duty
• Duties of Excise
• Additional Duties of Excise
• Special Additional Duty of Customs
• Central Surcharges and Cess and many others

Taxes Involved In GST:

• State VAT
• Central Sales Tax
• Luxury Tax
• Entry Tax
• Entertainment and Amusement Tax
• Taxes on Advertisements
• Purchase Tax
• Taxes on Lotteries
• States Surcharges and Cess

GST Component

 

Requirement for Registration

• A business entity that is currently registered under any of the existing tax regimes including:-
  • Central Excise duty
  • Service Tax
  • State VAT
  • Central Sales Tax
• But if a business doesn’t have any existing registration, then it needs to get registered if Seagate tuggrrnover in any financial year exceeds the threshold limit (Rs. 20 lakhs).

• Every person who makes a supply from the territorial waters of India.

Explanation: GST Registration will be a single PAN-based registration in one State or Union territory, but a person having multiple business verticals in one state or businesses in multiple states has to get a separate registration for each such business.

This process is however mandatory for certain people that are listed below:

• Persons making any Inter-State taxable supply (e.g. from Delhi to Maharashtra)
• Casual Taxable person (No fixed place where GST is applicable)
• Non-resident Taxable person (No fixed place in India)
• Persons who are required to pay tax under Reverse Charge
• Persons who are required to deduct tax at source
• Agents of a supplier
• Input Service Distributor
• Persons who supply goods or services through E-commerce Operator
• E-commerce Operator/ Aggregator who supplies services under his brand name (e.g. Flipkart, Amazon).
• Supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.
• Any Specialized Agency of the UN or any Multilateral Financial Institution

REFER LEGAL RASTA SIMPLY

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Compute GST

How to compute Aggregate Turnover?

Aggregate Turnover is defined in section 2(6) of the GST Act; the analysis of the provisions can be made in the following points. 

• Turnover of all the production and services need to be considered ( Taxable Supplies + Exempt Supplies + Nil Rated Supplies + Export Supplies )
• Turnover of the person for all the locations under a single PAN
• CGST/SGST/IGST/UTGST  - Not to include in computing Turnover
• Reverse charge supply on which tax needs to be paid under Reverse Charge Mechanism - Not to include in computing Turnover
• Supply on own account as well as on account of the principal need to be included during calculation Threshold registration limit.
• Turnover needs to be computed from the start of the financial year.

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GST Registration Process

 GST Registration is a process by which a taxpayer gets himself registered under GST. Once a business is successfully registered, a unique registration number is assigned to them known as the Goods and Services Tax Identification Number (GSTIN).

 https://quickbooks.intuit.com/in/resources/gst-center/small-business-india-logistics/

https://www.questionpro.com/blog/convenience-sampling/

https://www.paisabazaar.com/business-loan/mudra-loan-interest-rates/

https://rupeek.com/blog/a-complete-mudra-loan-eligibility-documents-checklist/

https://hindi.planmoneytax.com/government-schemes/pradhanmantri-mudra-yojana/

https://economictimes.indiatimes.com/hindi/wealth/rina/how-to-apply-for-loan-under-pmmy/articleshow/63640540.cms

https://www.indiafilings.com/learn/how-to-get-mudra-loan/

https://www.paisabazaar.com/business-loan/pradhan-mantri-rozgar-yojana-pmry/

https://www.legalraasta.com/gst/gst-registration-process/

 Benefits of GST Registration

• Simple and easy online procedure
• Balance scheme for small businesses.
• Higher threshold for registration
•       Improved efficiency of logistics.
•      GST eliminates the cascading effect of tax
•     The number of compliances is lesser
•      Defined treatment for E-commerce operators.
•      The unorganized sector is regulated under GST.

FAQ's Related to GST

 

FAQ's Related to GST

Q. What is GST?

Ans: GST Registration is a process by which a taxpayer gets himself registered under GST.

Q. What is GSTIN?

Ans: GSTIN is a 15-digit unique code. Once a business is successfully registered, a unique registration number is assigned to them known as the Goods and Services Tax Identification Number (GSTIN).

Q. How to apply GST online?

Ans:

1. Visit the official GST Portal- https://www.gst.gov.in/
2. Click on the Services Tab.
3. Then open Registration> New Registration
4. Add your details and receive your GST invoice in your mail.

Q. How to file GST returns?

Ans: For every GST return filled all invoices and compliance sales receipts are compulsory to submit. Search for the official GST portal- https://www.gst.gov.in/help/returns where you can file your GST return.

Q. Can any kind of business applications for the Composite Scheme of GST?

Ans: No, only businesses with a turnover of which is below the amount of Rs. 1.5 crore or Rs 75 lacs in some cases are eligible.

Q. How to get GST number?

Ans:

1. Visit the official GST Portal- https://www.gst.gov.in/
2. Click on Services, then Registration > New Registration
3. Enter all your official documents and details like PAN number, contact information, and email address.
4. Click Proceed.

Q. What items are exempted from GST?

Ans: The services exempted or not applicable for GST Law are- Poultry, Hotels priced under 1000, stationery, Handlooms, Contraceptives, Education, and Healthcare.

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