What is Indirect Tax?
An Indirect Tax is a Tax collected by an intermediary from the person who bears the ultimate economic burden of the tax. The intermediary later files a tax return and forwards the tax proceeds to government with the return.
Indirect tax can be defined as taxation on an individual or entity, which is ultimately paid for by another person. The body that collects the tax will then remit it to the government.
– GST Registration
– GST Audit
– GST Return Filing
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- GSTR 1
- GSTR 2
- GSTR 3
- GSTR 4
- GSTR 5
- GSTR 6
- GSTR 3B
- GSTR 9A
- GSTR 11
- GSTR 10
- GSTR 9
- GSTR 8
Any person or entity supplying goods or services in India above the aggregate turnover limit is mandatory required to obtain GST registration.
- Any business having a turnover of Rs. 20 Lakhs or more in a financial year
- Any business having a turnover of Rs. 10 lakhs or more in a financial year (For North Eastern States)
- Already registered business under Central Excise, VAT or Service Tax( operating online/offline)
- Non-resident taxable person operating his or her business in India
- Vendors selling online through e-commerce platforms
GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially.
Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST.
1) What is GST and GSTIN?
Goods and Services Tax(GST) is a comprehensive tax levied on manufacture, trade and services across India. Since 1st July, 2017 GST has replaced most of Centre and State imposed indirect taxes like VAT, Service Tax , Excise etc. Goods and Services Tax Identification Number (GSTIN) is a 15 digits state-wise PAN-based number to be used to identify businesses registered under GST.
2) Is PAN required to apply for GST registration?
PAN is mandatory to apply for GST registration .
3) Is the concept of composition scheme still there under GST?
Yes, entities with an upto annual turnover of Rs 75 lakh can avoid collecting GST by opting for the Composition Levy.
4) If I have Business with multiple branches in different locations within the same state . Do I need to apply for Multiple GST number separately for each location?
If you have same business with multiple branches in different location within same state . Then you can get them all registered under a single GST registration Number. Given the name of your registered business place as primary place of business, the other branches can be added as additional places of business at no additional cost. There is no limit on number of branches that you can add under a single GST registration application, provided all the branches are in same State.
5) If I have business in 2 different state. Do I need separate GST registrations in the two states?
Yes, if place of business are in two different states you need to apply for separate registration even if business PAN is same.
6) GST returns be filed under GST Law?
Normal Taxpayer will be required to file three GST returns monthly and one GST annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme and a taxpayer registered as an Input Service Distributor.
And due dates for filing the returns. For month of July & August you need to file GSTR 3B.