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GST Registration Services
REGISTRATION
SERVICES
One Nation, One Tax: Unifying the Diversity of India
REGIME BEFORE GOODS &
SERVICES TAX
The following is the list of indirect
taxes in the pre-GST regime:
Central Excise Duty
Duties of Excise
Additional Duties of Excise
Additional Duties of Customs
Special Additional Duty of Customs
Cess
Taxes on lotteries, betting, and
gambling, etc.
State VAT
Central Sales Tax
Purchase Tax
Luxury Tax
Entertainment Tax
Entry Tax
Taxes on advertisements
UNDERSTANDING THE
GENESIS OF GST
GST is a comprehensive, multi-stage, destination-based tax that is
levied on every value addition.”
There are multiple change-of-hands an item goes through along its supply
chain: from manufacture to final sale to the consumer.
Goods and Services Tax is levied on each of these stages shown below,
which makes it a multi-stage tax.
VALUE ADDITION: AN
IMPORTANT ASPECT OF GST
Thus, right from the purchase of raw
material and manufacturing it into
some goods, as in the instant case,
thread into fabric, then branding the
same and thereby packaging.
Every stage requires value addition,
as some efforts have been
incorporated to prepare the former
good into the latter.
In this case, the GST is levied on all
these value additions i.e. the
monetary value added at each stage
to achieve the final sale to the end
customer.
GST IS
DESTINATIO
N BASED
Consider goods
are manufactured in
Maharashtra and are
sold to the final
consumer in
Karnataka. Since
Goods & Service Tax is
levied at the point of
consumption. So, the
entire tax revenue will
go to Karnataka and
not Maharashtra,
making it destination
based.
HISTORY OF GST
ADVANTAGES OF GST:
MAKING IT THE FIRST
CHOICE OVER OTHERS
GST has mainly removed the
Cascading effect on the sale of
goods and services. Removal of
cascading effect has impacted the
cost of goods. Since the GST regime
eliminates the tax on tax, the cost
of goods decreases.
GST is also mainly technologically
driven. All activities like registration,
return filing, application for refund
and response to notice needs to be
done online on the GST Portal; this
accelerates the processes.
REVERSE CHARGE
MECHANISM: THE TOOL
FRUITIONING THE PROCESS
Reverse charge is a meOchaFnism G ST
under which the recipient of the
goods or services is liable to pay
the tax instead of the provider of
the goods and services. Under the
normal taxation regime, the
supplier collects the tax from the
buyer and deposits the same after
adjusting the output tax liability
with the input tax credit available.
But under reverse charge
mechanism (RCM), liability to pay
tax shifts from supplier to recipient.
THE COMPONENTS OF GST
•
CGST Collected by the Central Government on an intra-state sale.
•
SGST Collected by the State Government on an intra-state sale.
•
UTGST Collected by the UT on an intra-Union Territory sale.
•
IGST Collected by the Central Government for inter-state sale.
ON WHOM GST APPLIES?
Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax
etc.)
Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10
Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
Casual taxable person / Non-Resident taxable person
Agents of a supplier & Input service distributor
Those paying tax under the reverse charge mechanism
Person who supplies via e-commerce aggregator
Every e-commerce aggregator
Person 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
*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs
40 lakhs. The notification will come into effect from 1st April 2019.
PAN of the
Applicant DOCUME
Digital Proof of
NTS
Signature Business Registration REQUIRE
D FOR
GST
Bank ID &
Account Address
Proof Proof of Owner REGISTRA
Address
proof for TION
Place of
Business
GST RETURN FILING
BENEFITS OF GST
REGISTERATION
You can legally collect taxes from your
customers and pass on the Tax Benefits to
•sBuupspilnieersss.
Becomes 100%
• You can Claimt aInx pCuotm Tapxli aCnrtedit which you
have paid on your purchases and improve
• GST certificate capnro bfiet su.sed as one of the
documents while opening current account or
•You can easiBlyu saipnpelsys fAocr cvoaurniotu. s states and
Central Government tenders if you have
• Expand yourG bSuTsNi.ness through
various channels like
• To stOanrtl ipnaey, mImepnotr gt-aEtxepwoarytss and
use mobile wallets GST
number is used.
GST RATES: DECODED
CANCELLATION OF GST
REGISTRATION
PENALTY FOR NOT
REGISTERING UNDER GST
An offender not paying tax or
making short payments (genuine
errors) has to pay a penalty of 10%
of the tax amount due subject to a
minimum of Rs.10,000.
The penalty will at 100% of the tax
amount due when the offender has
deliberately evaded paying taxes
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