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The Goods and Service tax (GST) as introduced by the government is the culmination of all the indirect taxes to a single tax regime. The roll out of GST is to happen from the financial year 2017-18. GST being a single tax for both goods and services helps to remove all the deficiencies in the current tax structure and the cascading tax effect. Companies or firm or person buying or selling goods or providing services have to register themselves under GST to avail the benefits of input tax credit. GST registration will become mandatory once the company crosses the threshold limit. The proposed GST is two tiered structure in which the tax would be levied by both the Centre and the State on all services and goods produced, manufactured and imported in India. The registered entities will be required to file GST returns even if the entity has not done any business during any period We at ebizfiling, will make the process of filing GST return smooth and easy with support of our professional team.
Few points to make your
Centre i.e. Central GST
State i.e. State GST
Culmination of all indirect taxes
Single registration for inter/intra state supply
Registered entities can avail
Intra state set off available
Online registration and returns
Reduce hidden cost
A small procedure for your
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What is Goods and 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 setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
What exactly is the concept of destination based tax on consumption?
The tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply.
What will be status of Tobacco and Tobacco products under the GST regime?
Tobacco and tobacco products would be subject to GST. In addition, the Centre would have the power to levy Central Excise duty on these products.
Why is Dual GST required?
India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resources. A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism.
How will imports be taxed under GST?
Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed. Full and complete set-off will be available on the GST paid on import on goods and services.
How will Exports be treated under GST?
Exports will be treated as zero rated supplies. No tax will be payable on exports of goods or services, however credit of input tax credit will be available and same will be available as refund to the exporters.
Can a person without GST registration claim ITC and collect tax?
No. A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.
What is the time limit for taking a Registration under Model GST Law?
Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed.
If a person is operating in different states with the same PAN number whether he can operate with a single Registration?
No. Every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST in terms of Sub-section (1) of Section 19 of Model GST law.
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