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    GST Guide Registrationwala

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    GST Guide Registrationwala

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    Sk Imran Islam
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    GST Guide Registrationwala

    Uploaded by

    Sk Imran Islam

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    © All Rights Reserved
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    GOODS AND SERVICES TAX An introduction guide to Goods and Service Tax in simplified manner by GST.REGISTRATIONWALA.COM Author Lokesh Sharma A Publication Of vacnicim GO TABLE OF CONTENT Introduction Basics of GST How GST Works GST Enrollment for Existing Dealers HSN Codes in GST Composition levy under GST A INTRODUCTION As we all know taxation is the most important source of revenue for modern governments. The main purpose is to raise money from people by charging different taxes like direct tax indirect tax Government use this revenue for many different purposes like for welfare of the country. Taxes are levied by both central state governments. Following are some of the indirect taxes levied by central government e Income tax levied on income of persons e Custom duties levied on import-export of goods. e Central excise levied at the time of manufacturing of goods. e Service tax levied on provisions of services. © Vat tax levied on the sale of goods. C6 Direct taxes are levied by central government directly on the income of Fieve ESM asta ornare cea aTelING depends on the residential status of the individuals. >) Share This Ebook! Ge ® © registration| Gane BASICS OF GST Basics of GST What is GST? ©GST is a comprehensive indirect tax levy subsuming all central and state levies. GST is a destination based consumption tax levied on supply of goods and services. It is proposed to be levied at all stages right from manufacture up to the final consumption with credit of taxes paid at all previous stages. © India has adopted a dual GST model where Central and State Governments will simultaneous- ly levy GST on a common tax base. On intra-state supply of goods and services, Central GST ("CGST") and State GST ("SGST") will be levied. CGST will be levied and administered by Cen- tral Government whereas SGST will be levied and administered by State Government. Similarly, Integrated GST (IGST) will be levied on every inter-State supply of goods and ser- vices (including import) by the Central Government. * GST is proposed to be implemented from 1st July, 2017 and the sellers who have registered themselves with the state VAT/CST laws will be required to migrate their existing registrations into the GST regime Existing dealers New dealers Existing VAT registered A single application needs to be filed online for registration under payers will not have to apply for fresh registra- tion under GST GST. The registration number will be PAN based and will serve the purpose for both CGST and IGST registrations. {4 eee MCSE eRe Mea oe ie nem ce Re eee tee ege Me aed ek UE Re cellee eRarre CMSs aa Colt) eee Rell ants ca tema >) CHAPTER-3 HOW GST WORKS Share This Ebook! How GST Works Proposed Goods and Services Tax is expected to work with Flowchart image references for your understanding Under the GST system of taxation, you will need to keep in mind the following: « The taxes paid at each stage (e.g. Manufacturer > Distributor > Retailer) will be available in the next stage of value addition. This makes GST, a tax which is levied only on the value addition at each stage) © The final consumer will only have to pay the tax/GST charged by the last dealer in the supply chain with the set of benefits at all the previous stages © GST is proposed to be implemented as a dual GST with the Centre and State governments simultaneously levying GST across the value chain. GST for transactions within a State. For all transactions within a state (goods or services), there will be 2 components of GST: Central GST State GST Below is an example of how both the above taxes will work. The below table also explains how the credit of input taxes is available from one stage in the next stage Dual GSt within State: Working Example Seid D> SGST Paid =Rs. 10 = cay < > ery SGST Paid =Rs. 10 (Rs, 30 -Rs. 20 Input Tax Credit) SGST Paid =Rs. 10 (Rs, 20 Rs. 10 Input Tax Credit) CGST Paid =Rs. 10 CGST Paid =Rs. 10 CGST Paid =Rs. 10 (Rs. 20- Rs. 10 Input Tax Credit) (Rs. 30 Rs, 20 Input Tax Credit) (ear felchag @10% GST for Inter-State transactions The Integrated GST ("IGST") will be implemented in the following manner: Itis the sum of CGST and SGST and is levied by the Central Government The Central Government will collect the IGST The exporting state will transfer to the Central Government the credit of SGST used in payment of IGST The importing dealer will claim credit of IGST while discharging his output tax liability (both CGST and SGST) in his own state The Central Government will transfer to the importing state the credit of IGST used in payment of SGST GET ACCESS To our GST Software Below is an example of how the Integrated GST will work: IGST Model: Working Example State Border State X SGST Paid =Rs. 10 > A Payment of IGST IGST Payabl CGST Paid =Rs. 10 Less CGST IT Less SGST (6) IT IGST Paid in cash= Rs 20 cast Paid = Rs 0.0, _— ecm ON IGST @20% Benefits of GST * Easy compliance A robust and comprehensive IT system would be the foundation of the GST regime in India, Therefore, all tax payer services such as registrations, returns, payments, etc. would be available to the taxpayers online. * Uniformity of tax rates and structures GST will ensure that indirect tax rates and structures are common across India, thereby increasing certainty and ease of doing business. * Removal of cascading A system of seamless tax-credits throughout the value-chain, and across boundaries of States, would ensure that there is minimal cascading of taxes. *Improved competitiveness Reduction in transaction costs of doing business would eventually lead to an improved competitiveness for the trade and industry. *Gain to manufacturers and exporters: The subsuming of major Central and State taxes in GST, complete and comprehensive set-off of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. The uniformity in tax rates and proce- dures across India will also go a long way in reducing the compliance cost. CHAPTER-4 GST ENROLLMENT FOR EXISTING DEALERS Share This Ebook! 009 GST enrollment for Existing Dealers A tax payer already registered with the authorities and paying taxes like Central Excise, Service Tax, Vat and Luxury Taxes should register himself on the online GST database at the earliest without fail. Enrollment entails furnishing of necessary details as sought by the authorities. GST ENROLLMENT FOR ANYONE, ANYWHERE GET STARTE Each state has different last date for GST enrolment. In fact, many states declared last dates on November or December last year, but not all states have declared their last dates as yet. So, it's necessary to ascertain the correct last date of GST enrolment of your state. They are modified from time to time. A tax payer needs to stay watchful about it. You need to have valid mobile number, Bank Account Number and IFSC code to complete the process Use your own email id to complete the GST enrolment procedure, Get your provision: al ID and Password from the concerned government office. If your business turn- over is over 20 lakh, you need to necessarily register for it The entire GST enrol- ment procedure will be done via online mode. No hard paper/ copies will be entertained, Furnish your Business Organization Proof The Integrated GST ("IGST") will be implemented in the following © Partnership firm: Submit a copy of partnership deed in JPEG or POF format not more than 1MB. * Company: You will have to submit a copy of the registration of certificate of the business entity in JPEG or PDF format (Maximum 1MB file). © Sole Proprietorship: Other relevant certificates issued by the state authority for the purpose. * Necessary Documents: Photographs of promoters/ partners and copies of passbook/ statement bearing Bank account number, address branch, account holder(s) address and transaction details. Submit Necessary Information Once you enter all necessary details, recheck for errors. If everything is okay submit the form and get your acknowledgement number. Save that for future correspondence. If you have not got provisional ID and password then please contact your concerned authorities and get the same now. Authorized signatures need to be put at all relevant papers as demanded by the GST authority. A copy of authorization should be uploaded wherever needed. Based on your prefilled data following information will be already available to the authority; 0° CHAPTER-5 HSN CODES IN GST HSN Codes in GST What is HSN code? HSN (Harmonised System of Nomenclature) is an internationally accepted product coding system. In India, HSN coding is currently used under Excise, Customs, and state Value Added Tax (VAT) laws and is now also proposed to be used under Goods and Services Tax (GST) law, for classification of products/goods. Codes under GST Under GST law, the HSN code to be used by a taxpayer for classification of goods will be based on the taxpayer's turnover, The HSN code needs to be declared on the tax invoice and also to be reported while filing the GST returns. The HSN codes for mandatory mapping/

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