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What is Goods and Service Tax (GST)?
In India Goods and Service Tax (GST) was implemented on 1st of July, 2017. Through this many things in accounting changes. It involves comprehensive study of GST, identification of changes to any long term contract, conducting tax code mapping for all transactions and the review of an existing level of compliance.
Eligibility of GST Registration?
1. GST Registration is needed in the supply of goods. In case combined supply is more than 19 lakh then GST Registration is needed in that case except in North East India. In North East GST is applicable over Rs. 9 Lakh a year.
2. The existing dealer who is registered under VAT/Service Tax/ Excise or other Act has to complete the migration process to GST. After migration, a provisional registration number will be granted. After this, final registration will be granted after six months.
3. Companies who are engaged in export business are also required to take GST Registration number. They are also entitled for some tax exemption on the services.
4. In case of inter-state sales, GST registration is mandatory irrespective of turnover.
2. The existing dealer who is registered under VAT/Service Tax/ Excise or other Act has to complete the migration process to GST. After migration, a provisional registration number will be granted. After this, final registration will be granted after six months.
3. Companies who are engaged in export business are also required to take GST Registration number. They are also entitled for some tax exemption on the services.
4. In case of inter-state sales, GST registration is mandatory irrespective of turnover.
FAQ
Common List Of Questioner That Our Customer Ask From Us -Solved !
What are beneifts of GST registration ?
Following are the benefits of the GST Registration and they are as follows-
1. A registration certificate will be given to every registered entity as a supplier of goods and services.
2. In India, the main advantage of GST is the ease of doing business. You will get 100% of the input tax credit paid on the purchase of goods from any of the states in India.
3. The registered entity shall be legally entitled to collect tax on the sale and pass the credit of taxes paid on the goods supplied to purchasers or recipients.
1. A registration certificate will be given to every registered entity as a supplier of goods and services.
2. In India, the main advantage of GST is the ease of doing business. You will get 100% of the input tax credit paid on the purchase of goods from any of the states in India.
3. The registered entity shall be legally entitled to collect tax on the sale and pass the credit of taxes paid on the goods supplied to purchasers or recipients.
When are GST rates ?
Well GST rates will depend upon the type of goods and services you're voting for. Currently GST rates are 5%, 12%, 18% and 28%. The rate for Gold is 3% and 0.25% for rough stones.
CGST and SGST
GST has two components central Components i.e. Central Goods and Services Tax (CGST) and State Compenent i.e. State Goods and Services Tax (SGST). Inter state transaction will be called as IGST i.e. Integrated Goods and Services Tax which will be levied by the center.
CGST and SGST
GST has two components central Components i.e. Central Goods and Services Tax (CGST) and State Compenent i.e. State Goods and Services Tax (SGST). Inter state transaction will be called as IGST i.e. Integrated Goods and Services Tax which will be levied by the center.
What are advisory services of GST provided by BIATConsultant ?
1. Business Model Optimization for hassle free GST Compliance.
2. GST input and output tax consulting
3.Develop and provide multi-jurisdictional GST regulations, implementation and training.
4.Developing business transactions.
5.Advisory on configuring CRM systems as per GST act and Rules.
6.Training your finance team for GST transaction flow.
7.Developing legal, finance, and tax structures in your Organization.
8.Government relations support and compliance management.
9.Support companies with audits by government/ GST authorities.
10.Appeal before GSt appellate authority.
11.Annual GST Compliance report to Board of Directors.
2. GST input and output tax consulting
3.Develop and provide multi-jurisdictional GST regulations, implementation and training.
4.Developing business transactions.
5.Advisory on configuring CRM systems as per GST act and Rules.
6.Training your finance team for GST transaction flow.
7.Developing legal, finance, and tax structures in your Organization.
8.Government relations support and compliance management.
9.Support companies with audits by government/ GST authorities.
10.Appeal before GSt appellate authority.
11.Annual GST Compliance report to Board of Directors.
