As all of you are aware Government of India have taken to end multiple tax regime and convert all Taxes in to one centralised tax system. So that multiple tax at different sourced could be stopped and a simple streamlined single tax regime could be started.
What is CGST: Centre Good and service tax. It is tax on a product which will go to centre government is called CGST.
What is SGST: State Goods and Service Tax.It is the tax on a product which will go to state government is called SGST.
What is IGST: Integrate GST. It is a tax which nees to be filled up when goods travel to many states or inter states.
For example if a product is in catagory of 18% GST tax slab and is devided equally between centre and state government equally. Then CGST will be 9% and SGST will be 9% of 18% total.
France is the first country in the word which have started GST and since than 145 countries have implemented GST structure in their countries.
Countries Having GST regime:-
European countries have one rate of GST as they do not have poor families, unlike in India, where families cannot be burdened with the same tax as the rich countries.
India has chosen the Canadian model of dual GST as it has a federal structure where the Centre and states have the powers to levy and collect taxes.
The US: The only major economy that does not have GST. States enjoy high autonomy in taxation.
China completed Value Added Tax* (VAT) reforms in 2016 to replace its conflicting Business Tax system. Doing away with business tax and other taxes and switching to VAT has contributed to bursting of the Chinese real estate bubble. China also has partial GST, on some goods .
Canada introduced GST in 1991. Has dual model like India (state and central GST). But Canada gives options to provinces to go for state or central GST.
Canada: 13 to 15 Percent
France: 20 Percent
UK: 20 Percent
New Zealand :15 Percent
Malaysia: 6 Percent
Singapore: 7 Percent
GST Rates Slab in India:GST slab in India varies from 5% to 28% as per the category of the product
Zero % Tax Rates: Milk,Kajal,Eggs,Educations ServicesCurd,Health ServicesLassi,Children’s Drawing & Colouring Books,Gur,Besan,Unpacked Foodgrains,Unbranded Atta,Unpacked Paneer,Unbranded Maida,Unbranded Natural Honey,Prasad,Fresh Vegetables,Palmyra Jaggery,Salt ,Phool Jhadoo And many other Items.
5% Tax Rates: Sugar,Packed Paneer,Tea,Coal,Edible Oils,Raisin,Domestic LPG,Roasted Coffee Beans,Cashew Nuts,Footwear (< Rs.500),PDS Kerosene Skimmed Milk Powder,Milk Food for Babies,Apparels (< Rs.1000),Fabric,Coir Mats, Matting & Floor, Cover,Agarbatti,Coal,Mishti/Mithai (Indian Sweets),Life-saving drugs and Coffee.
12 % Tax Slab: Butter,Computers,Ghee,Processed food,Almonds,Mobiles,Fruit Juice,Preparations of Vegetables, Fruits, Nuts or other parts of Plants including Pickle Murabba, Chutney, Jam, Jelly,Packed Coconut Water and many more items.
18 % Tax Slab: Telecom Recharge,Mobile Recharge,DTH recharge,Hair Oil,Capital goods,Toothpaste,Industrial Intermediaries,Soap,Ice-cream,Pasta,Toiletries,Corn Flakes,Computers,Soups,Printers
28 % Tax Slab: Small cars (+1% or 3% cess),High-end motorcycles (+15% cess),Consumer durables such as AC and fridge Beedis are NOT included here,Luxury & sin items like BMWs, cigarettes and aerated drinks (+15% cess), Most of the luxury Hotels also comes in this slab.
Who should pay GST Or Who is liable to pay GST:
Any person who is supplying goods or services is liable to pay GST. However, the government has also set up the basic exemption limit for small suppliers of goods and services.
Any person having aggregate turnover more than 20 lakh is liable to register under GST and hence needs to pay the tax as well. However, if you belong to the northeastern state, the you need to register if your turnover is more than10 lakh.
If a person in Delhi and supply Goods to Guwahati having an office in Guwahati will come in first category.
All the shop owner ,Kirana Outlet, Mobile recharge shop and any other shop having turnover of more then 20 Lacs are required to pay GST.
Who is not required to pay GST:Any person who is engaged exclusively in the business of supplying goods or services that are not liable to tax under GST regime,or wholly exempt from tax under GST is exempt from obtaining GST registration.
A farmer, to the extent of supply of produce out of cultivation of land is exempt from obtaining GST registration. Under GST, agriculturist means an individual or a Hindu Undivided Family who undertakes cultivation of land:By own labour or By the labour of family or By servants on wages payable in cash or kind or by hired labour under personal supervision or the personal supervision of any member of the family.
How to apply for GST Registration:-
It is easy to get GST registration . You can cat the GST registration with the help of local accountat in your area. If you are not able to find any accountant of CA in your area you can apply for GST registration online with many online companies. Yesbazaar.com is one of the best website who is having the team of expert and help you to get the GST registration at nominal charge. You just need to go to the website and contact the expert of GST , and they will apply for GST registration and will get you GST number. You just need to send scanned document required for online GST registration.
Document required for GST registration:
for properitership or shop and small business
1 Pan card of the applicant
2 Address proof of applicant
3 Adress proof of the firm
4 Bank account of the person
5 Photograph of person
6 Mobile number
7 EMail Id
Detail of document for better understanding
Identity and Address ProofThe following persons are required to submit their identity proof and address proof along with photographs. For identity proof, documents like PAN, passport, driving license, aadhaar card or voters identity card can be submitted. For address proof, documents like passport, driving license, aadhaar card, voters identity card and ration card can be submitted.
Proprietary ConcernPartnership Firm / LLP – Managing/Authorized/Designated Partners (personal details of all partners are to be submitted but photos of only ten partners including that of Managing Partner are to be submitted)
Hindu Undivided Family – Karta
Company – Managing Director, Directors and the Authorised Person
Trust – Managing Trustee, Trustees and Authorised Person
Association of Persons or Body of Individuals –Members of Managing Committee (personal details of all members are to be submitted but photos of only ten members including that of Chairman are to be submitted)
Local Authority – CEO or his equivalent
Statutory Body – CEO or his equivalent
Bank Account ProofScanned copy of the first page of bank bank passbook or the relevant page of bank statement or scanned copy of a cancelled cheque containing name of the Proprietor or Business entity, Bank Account No., MICR, IFSC and Branch details including code.
For places of business mentioned in the GST registration application, address proof must be submitted. The following documents are acceptable as address proof for GST registration.
Address Proof for Place of Business
Any document in support of the ownership of the premises like latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill.
For own property
Rented /Leased Premises of businessA copy of the valid rental agreement with any document in support of the ownership of the premises of the Lessor like Latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill. If rental agreement or lease deed is not available, then an affidavit to that effect along with any document in support of the possession of the premises like copy of electricity bill is acceptable.
SEZ Premises of businessIf the principal place of business is located in an SEZ or the applicant is an SEZ developer, necessary documents/certificates issued by Government of India are required to be uploaded.
For other cases, a copy of the consent letter of the owner of the premises with any document in support of the ownership of the premises like Municipal Khata copy or Electricity Bill copy. and for shared properties also, the same documents can be given.
So what you are waiting for just visit our website yesbazaar.com or call us on 7530930777 for best service of gst registration of your firm.
Every businessmen have to fill up GST return monthly and once at the end of the year. So it is a long and tedious process but filling up the GST return is also very easy with automated software coming to fill up the GST. If you need any such automated software to filling up GST you cam mail us on firstname.lastname@example.org. You can visit our website yesbazaar.com or call us for online GST registration in INR 999 only.
How many time GST filling required :
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