Here is all you need to know about the service you are
Goods and Service tax is a value-added tax levied at all points in the supply chain, with credit allowed for any tax paid on input acquired for use in making the supply. It would apply to both goods and services in a comprehensive manner, with exemptions restricted to a minimum.
GST is a comprehensive tax mechanism where all the indirect taxes are clubbed into one. It is levied both on goods and services. The edifice of GST system is to provide seamless credit across the supply chain.GST will be levied concurrently by the central government (CGST) and the state government (SGST). The inter-state supplies within India would attract an integrated GST (IGST), which is the aggregate of CGST and the SGST of the destination state.
With GST, it is anticipated that the tax base has become comprehensive, as virtually all goods and services are taxable, with minimum exemptions. GST would bring in a modern tax system to ensure efficient and effective tax administration. It will bring in greater transparency and strengthen monitoring, thus making tax evasion difficult.
Few points to make your
A small procedure for your
Get answers to all your
GST is one indirect tax for the whole nation, which will make India one unified common market.GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain,with set off benefits at all the previous stages.
At the Central level, the following taxes are being subsumed:
At the State level, the following taxes are being subsumed:
Keeping in mind the federal structure of India, there will be two components of GST – Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain. Tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State. The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on output. No cross utilization of credit would be permitted.
Cross utilization of credit of CGST between goods and services would be allowed. Similarly, the facility of cross utilization of credit will be available in case of SGST. However, the cross utilization of CGST and SGST would not be allowed except in the case of interstate supply of goods and services under the IGST model which is explained in answer to the next question.
For the implementation of GST in the country, the Central and State Governments have jointly registered Goods and Services Tax Network (GSTN) as a notforprofit, nongovernment Company to provide shared IT infrastructure and services to Central and State Governments, tax payers and other stakeholders. The key objectives of GSTN are toprovide a standard and uniform interface to the taxpayers, and shared infrastructure and services to Central and State/UT governments. GSTN is working on developing a stateoftheart comprehensive IT infrastructure including the common GST portal providing frontend services of registration, returns and payments to all taxpayers, as well as the backend IT modules for certain States that include processing of returns, registrations, audits, assessments, appeals, etc. All States, accounting authorities, RBI and banks, are also preparing their IT infrastructure for the administration of GST. There would no manual filing of returns. All taxes can also be paid online. All mismatched returns would be autogenerated, and there would be no need for manual interventions. Most returns would be selfassessed.
The Additional Duty of Excise or CVD and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied on all imports into the territory of India. Unlike in the present regime, the States where imported goods are consumed will now gain their share from this IGST paid on imported goods.
The major features of the proposed registration procedures under GST are as follows:
The major features of the proposed payments procedures under GST are as follows:
Don’t worry!! Our expert will help you to choose best suitable plan for you. Get in touch with our team to get all your queries resolved. Write us on info@ebizfiling.com or call us @+91 9643 203 209.
Here are best alternatives you
Easy EMI's | Transparent Pricing
Easy EMI's | Transparent Pricing
Need more personalised solutions? Get in touch with us at +91 9643 203 209 or email info@ebizfiling.com
All Right Reserved @ebizfiling India Private Limited. See More