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What is Goods & Service Tax (GST)
It is a Destination based tax on Consumption of Goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption, with credit of taxes paid at previous stages available as set off. In a Nutshell only value addition would be taxed and burden of tax is to be borne by the final consumer.
Who requires GST Migration
- Any individual or Business entities which are already registered under any State VAT authority or service Tax has get migrated into GST. Having an annual aggregate turnover from operations in the state which is above the threshold limit of 20 Lakhs (Rs. 10 Lakhs for North-Eastern States)
- Existing VAT or Service Tax registered irrespective of the threshold limit
- Having operations in multiple states
- Doing any Inter-State supply of goods or services
- Casual taxable persons & Non-resident taxable persons
Advantages of GST
It would mitigate cascading or double taxation in a major way
Boosting impact on economic growth.
Reduction in the overall tax burden on goods.
Higher revenue efficiencies for the government.
Competitive Indian products competitive in the domestic and international markets.
Uniformity of tax rates and structures.
Documents Required For GST Migration
- Documents related to constitution of Business Like, Registration Certificate, partnership Deed, MOA and AOA
- Copy of Address proof for the Principle Place of Business Like Copy of Electricity Bill, Rent Agreement
- Business Description
- Mobile No. and Email Id
- Copy of PAN and Copy of Address proof Like Adhaar, Voter ID, Driving License (in case of Individual and Partnership Firm)
- Copy of bank Statement and First page of bank Statement or Passbook
- Details of Authorized Signatories and Copy of Board resolution or Letter of Authorization
Procedure For Registration
Provisional ID and Password(1 Working Day)
- To migrate to GST all existing assessees would be provided a Provisional ID and password by CBEC
Details in GST Portal(1 Working Day)
- Once the Provisional Id and Password obtained by the assessees further further detailed to be filled and supporting documents needs to be attached.
Issue of provisional certificate(1 Working Day)
- after submission of all the required douments and verification a provisonal certificate shall be issued.
Frequently Asked Questions
Is GST applicable on all goods and services?
- GST would apply to all goods and services except Alcohol for human consumption.
- GST on five specified petroleum products (Crude, Petrol, Diesel, ATF & Natural gas) would be applicable from a date to be recommended by the GSTC.
- Tobacco and tobacco products would be subject to GST. In addition, the Center would continue to levy Central Excise duty.
What will the provision of taking credit of GST paid?
Credit of CGST paid on inputs may be used only for paying CGST on the output and the credit of SGST/UTGST paid on inputs may be used only for paying SGST/UTGST. In other words, the two streams of input tax credit (ITC) cannot be cross utilized, except in specified circumstances of inter-State supplies for payment of IGST.
Are there any additional obligation of service recipient?
Obligation on certain persons including government departments, local authorities and government agencies, who are recipients of supply, to deduct tax at the rate of 1% from the payment made or credited to the supplier where total value of supply, under a contract, exceeds two lakh and fifty thousand rupees (Rs. 2.5 lac)
Which are the existing taxes which are proposed to be subsumed under GST?
The GST would replace the following taxes:
- Taxes currently levied and collected by the Center: a. Central Excise duty b. Duties of Excise (Medicinal and Toilet Preparations) c. Additional Duties of Excise (Goods of Special Importance) d. Additional Duties of Excise (Textiles and Textile Products), e. Additional Duties of Customs (commonly known as CVD) f. Special Additional Duty of Customs (SAD), g. Service Tax, h. Central Surcharges and Ceases so far as they relate to supply of goods and services
- State taxes that would be subsumed under the GST are: a. State VAT, b. Central Sales Tax, c. Luxury Tax, d. Entry Tax (all forms), e. Entertainment and Amusement Tax (except when levied by the local bodies), f. Taxes on advertisements, g. Purchase Tax , h. Taxes on lotteries, betting and gambling, i.e. State Surcharges and Ceases so far as they relate to supply of goods and services
Which are the commodities proposed to be kept outside the purview of GST?
Alcohol for human consumption, Petroleum Products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel & Electricity
Which authority will levy and administer GST?
Center will levy and administer CGST & IGST while respective states will levy and administer SGST.
Who will decide rates for levy of GST?
The CGST and SGST would be levied at rates to be jointly decided by the Center and States. The rates would be notified on the recommendations of the GST Council.