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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