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  • Any sale or supply of goods or services within the state will be liable to CGST & SGST. That means the revenue collected from such sales are shared equally between the centre and the state. Before the introduction of GST, such transactions were subjected to VAT, central excise or service tax. Similarly, IGST collected from any interstate transaction is collected by the Centre and then shared on the basis of destination of goods.
  • Different Components of GST
  • GST Tax slabs
  • When is it required for a business owner to register for GST
  • How to register for GST
  • What are the documents required for GST registration
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What is GST ?

As the name suggests, GST is levied on the sale of goods and services in the country. Unlike previous indirect taxes, this tax is collected at the point of consumption and not at the point of origin. To summarise, GST is a comprehensive, multi-stage, destination-based tax which is levied on every value addition. The law governing GST was passed in the parliament on the 29th of March 2017 and it was implemented across the country on the 1st of July 2017.

Different Components of GST

Applicable to the transactions done within state boundaries or at the intrastate level

Like CGST, this tax is also applicable to the transactions done within state boundaries or at the intrastate level

Applicable to the transactions done between different states or at the interstate level

When a transaction takes place within a union territory (UT) without a legislature, the part of GST that the UT gets is called UGST.

GST Tax slabs

GST consists of the following tax slabs – 0%, 5%, 12%, 18% and 28%.

Certain products and services like petroleum products, high-speed diesel, motor spirit, natural gas, aviation turbine fuel, and alcoholic liquor for  human consumption do not come under GST. These products and services are taxed by the individual State Governments, as per their tax policies.

When is it required for a business owner to register for GST

It is mandatory for you register for GST and have a GSTIN if:

– You have an annual turnover limit above Rs.20 lakh for your intrastate business

– Your business located in any of the listed special states (such as Assam, Jammu & Kashmir, Himachal Pradesh, etc.) has an annual turnover of over Rs.10 lakh

– If you own an e-commerce business

– If you own an inter-state business

– If you are required to pay tax under reverse charge

– If you are required to pay tax under Section 9, sub-section (5)

– You are a non-resident liable to pay taxes producing taxable supply

How to register for GST

Here is how you can register for GST:

– Use your PAN, email ID and mobile number to fill out GST REG-01 and submit the same

– Verify your mobile number and email ID with a one-time password after PAN verification

– Store the application reference number [ARN] sent to your mobile number and email ID after verification is complete

– Put in your ARN number and attach supporting documents where required

– Fill out the automatically generated GST REG-03 form in case additional information is required

– After verification of all information submitted, a certificate of registration will be issued to you within 3 working days

What are the documents required for GST registration

– Certificate of Incorporation

– Authorised signatory’s photo

– Stakeholder’s photo (Promoter / Partner)

– Proof of business address which includes electricity bill or property tax receipt or Municipal Khata Copy or legal ownership document

– Copy of Resolution passed by BoD/ Managing Committee and Acceptance letter or letter of Authorisation

– Proof bank accounts details which includes a copy of your bank statement, cancelled cheque, or the first page of your Pass Book

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