RishiAbout GST in India.
Introducing GST in India is the dynamic step taken to integrate and consolidate all the Indirect taxes practiced in the country into the Single one. It is introduced with a view to promote “Ease of doing Business”. It has eliminated the major defects in the old regime of taxes such as double taxation and cascading effect, rather it also provides the seamless flow of credit. It is a consumption based destination tax rather than origin based taxation system. Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not subject to tax under GST.
India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments. Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State governments. For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the Central Government. And under this model the Setting off of the GST Credit available to the business as in the following order:
| Credit Available: | Order of Setting Off: |
| Integrated Tax | 1) Integrated Tax 2) Central Tax3 3) State or UT Tax |
| Central Tax | 1) Central Tax |
| State or UT Tax | 1) State or UT Tax |
Registration:
It is advisable to every business man and every business entity to get itself registered under GST because it allows you to collect tax from your customers and freely allow you to set off the Output tax collected with the Input available, so that the burden of the tax can to be transferred to the end user of the Goods or Services (Since it is Destination Based Tax). This shifting of this burden allows the business man or entity to reduce the cost of goods or services the provides. An Unregistered person is not able to take such benefit because the tax he pays on account of purchases of goods or services becomes the part of its cost of purchases and not be allowed to deducted from the output collection of tax.
Compulsory Registration.
The following persons are compulsory liable to get themselves registered under GST.
Ø Every Supplier shall be liable to get itself registered in the State or Union territory form which he makes taxable supply of Goods or Services if· In case of supply of Goods, its aggregate turnover exceeds Rs. 40,00,000/- in such financial year and Rs. 20,00,000/- in case of Special category states.· In case of supply of Services, its aggregate turnover exceeds Rs. 20,00,000/- in such financial year and Rs. 10,00,000/- in case of Special category states.
Ø Persons making Inter-State Taxable Supply.
Ø Casual Taxable Person making Taxable Supply.Ø Persons who are required to Tax under Reverse Charge (RCM).
Ø Non-Resident Taxable person making Taxable Supply.
Ø Persons who are required to deduct tax under section 51, whether or not separately registered under this Act.
Ø Persons who make taxable supply of goods or services or both on behalf of other taxable persons whether as an agent or otherwise.
Ø Input Service Distributor, whether or not separately registered under this Act.
Ø Persons who supply goods or services or both, other than supplies specified under sub-section (5) of section 9, through such electronic commerce operator who is required to collect tax at source under section 52.
Ø Every electronic commerce operator who is required to collect tax at source under section 52.
Ø Every person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered person.
Ø Such other person or class of persons as may be notified by the Government on the recommendations of the Council.
Documents for GST Registration:
Ø PAN card details of Proprietor/Company/Firm/LLP/HUF/Society
.Ø PAN and Aadhar / Voter Card Details of Proprietor/Directors/Partners/Karta/Trustee, as the case may be.Ø Passport size photograph of of Proprietor/Directors/Partners/Karta/Trustee, as the case may be.
Ø Copy of MOA/AOA, Partnership Deed, Trust Deed as the case may be.
Ø A Copy of Rent agreement & No Objection Certificate from the landlord of the business place if the business premises are rented or leased in favor the Company.
Ø Other utility bills such as telephone, water, gas, or electricity bill as residential proof of the registered office. It should not be older than 2 months
Additions in our services for Nidhi Company Registration:
Ø GST Registration Certificat.
Ø All other Consultancies regarding that.
About GST Returns.
Once a person enrolls in GST it is mandatory for him to file the Returns of GST irrespective of the fact that whether he has made any supply during the period or not. If the person fails to comply with the requirement of filling the returns under GST then the consequences shall lead to the fines and penalties etc.
Types of Returns:
| Return Form | Particulars | Frequency | Due Date |
| GSTR-1 | Details of outward supplies of goods and services | Monthly:- If Turnover is Rs. 5 Crore or more. Quarterly:- If Turnover is less than Rs. 5 Crore. | 11th of the succeeding month or quarter as the case may be. |
| GSTR-3B | Summary of Outwards Supply made and particulars of ITC availed for the particular month | Monthly | 20th of the succeeding month. |
| GSTR-4 | Return for the Composition Taxpayers | Quarterly | 18th of the succeeding quarter. |
| GSTR-5 | Return for Non-Resident Taxable person. | Monthly | 20th of the succeeding month. |
| GSTR-6 | Return for an input service distributor | Monthly | 13th of the succeeding month |
| GSTR-7 | Returns for authorities deducting TDS | Monthly | 10th of the succeeding month |
| GSTR-8 | Details of supplies effected through the e-commerce operator and the amount of tax collected | Monthly | 10th of the succeeding month |
| GSTR-9 | Annual return for a normal taxpayer | Annually | 31st December of the next financial year |
| GSTR-9A | Annual return of a taxpayer registered under the composition levy anytime during the year | Annually | 31st December of the next financial year |
| GSTR-9C | GST Audit. | Annually | 31st December of the next financial year |
| GSTR-10 | Final return | Only one time, when GST registration is cancelled or surrendered. | Within 3 months of the date of cancellation or the date of cancellation of order, whichever is later. |
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