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The Tax Planet - Snapshot About GST, Online Registration And Filing Returns

Entities and businesses in India are mandated to complete the GST Registration online. To ensure the GST Registration is executed without any hassle, the applicants must furnish a set of vital documents which will be submitted to the authorities for verification purposes. If you have questions, please contact us via email at info@thetaxplanet.com , for more details visit us https://thetaxplanet.com/

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The Tax Planet - Snapshot About GST, Online Registration And Filing Returns

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  1. Snapshot About GST, Registration Snapshot About GST, Registration And Filing Returns And Filing Returns The Goods and Services tax (GST) was introduced by the central government as one nation one tax and it came into effect on 1 July 2017. So you may now ask, does India have only one tax policy? The answer to that is NO. GST is an indirect tax charged on production, sale and utilization of goods and services. No changes have been made into direct taxation of the country. GST is being seen as a major breakthrough over the previously implemented and exercised process of having excise duty at Central level along with sales tax at Sales level. Eligibility Criteria Apply for GST Registration: Turnover Limits In case of Sale of Goods- Any company/entity which has a turnover of 40 Lakhs and above has to register for GST. For Special Category states the limit is 20 lakhs. In case of Sale of Services- Businesses providing services need to register if their aggregate turnover exceeds Rs.20 lakh (for normal category states) and Rs.10 lakh (for special category states). List of Special Category States is 1. Puducherry 2. Meghalaya 3. Mizoram 4. Arunachal Pradesh 5. Tripura 6. Sikkim 7. Nagaland 8. Uttarakhand 9. Manipur

  2. Cross State Supply Organization supplying goods and services from one state to another irrespective of the turnover are required to register for GST. Supply through E-commerce Platforms Groups doing businesses through E-commerce platform such Flipkart, Zomato etc. have to register for GST. Types of GST: CGST: Central Goods and Service Tax SGST: State Goods and Service Tax IGST: Integrated Goods and Service Tax UTGST: Union Territory Goods and Service Tax To explain the type GST let’s take an example: -If your business is located in Uttar Pradesh, the GST applicable would be CGST and SGST. The CGST would go the central government and the SGST would go to the UP government. -If your business is located in Delhi, the GST applicable would be CGST and UTGST. The CGST would go the central government and the UTGST would go directly to Delhi government. -If any enterprise produces tiles in Rajasthan and sells the same in Uttar Pradesh, the GST applicable would be IGST. The IGST would go to the central

  3. government who would take its share and give other part of the share to the state government where the product was sold. That is why it is called as destination GST. GST SLABS The GST slabs are as follows: Exempt, 5%, 12%, 18% and 28% and outside realms of GST. Exempt: Milk, Eggs, and Cereals etc. 5%: Sugar, Spices, Tea etc. 12%: Computer Processed Food etc. 18%: School Bags etc. 28%: Air conditioners etc. Kept out of GST: Gas, Petrol etc. The details of taxes on goods and services under the GST guidelines keeps on changing regularly, so for more details you must visit CBIC website. Step-wise process for GST Registration Online: Step 1: Open the portalhttps://www.gst.gov.in/ Step 2: Temporary Reference Number (TRN) Generation and Authentication using OTP Step 3: OTP Verification & TRN Generation Step 4: TRN Generated Step 5: Log in with TRN Step 6: Submission of Business Information Step 7: Submit Information of Stakeholders Step 8: Fill Authorized Signatory Information Step 9: Main Address of the Business Step 10: Enter Additional Place of Enterprise

  4. Step 11: Details of Products and Services You Offer Step 12: Bank Account Details Step 13: Verification of Application Step 14: Application Reference Number (ARN) Generated GST Return Filing To file GST returns online, the first step is to visit the GST portal. Next is to login using your username and password. Once the accesses is granted, head to the “Services” tab and click onthe “Return” section. Select the return filing period and view the various forms available with due date for filing each return. Select “Prepare Online” to proceed with GST returns filing. If you have questions, please contact us via email at info@thetaxplanet.com , for more details visit us https://thetaxplanet.com/ Source URL @ https://medium.com/@thetaxplanet.seo/snapshot-about-gst- registration-and-filing-returns-bc80cff5bce1

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