GST Facts

GST implementation mandated registration for certain persons. There are some abbreviations one has to be aware of at the time of registration. The following is a curated list that one can refer to anytime. Not only for the registrants, but also anyone who is interested in knowing the details of GST. Related: What is GST - Details of GST explained in Simple Terms Following are the 17 Important terms and abbreviations necessary for us to be aware of ARN - Application Reference Number CBEC - Central Board of Excise and Customs FLLP - Foreign Limited Liability Partnership GST - Goods and Services Tax LLP - Limited Liability Partnership OTP - One Time Password VAT - Value Added Tax CGST - Central Goods and Services Tax IGST - Integrated Goods and Services Tax SGST - State Goods and Services Tax UIN - Unique Identity Number UTGST - Union Territory Goods and Services Tax Act SEZ - Special Economic Zones ISD - Input Service Distributor CTP - Casual Taxable...

GST Registration is mandated for certain persons.  There is a list of documents that are mandatorily required at the time of registration. Following are the 10 things needed for GST registration: Valid PAN (Permanent Account Number). Valid Indian mobile phone number. Valid email address. Jurisdiction details Valid bank account number from India. IFSC Number of the same bank and branch. At least one Partner/Proprietor/Director/Trustee/Karta/Member with corresponding PAN An authorised signatory who is an Indian resident with valid details including PAN. Place of business Prescribed documents and information on all mandatory fields of the Registration Application. Click to Tweet this INFOGRAPHIC Note: this information is only a presentable data retrieved from the below mentioned sources. Please read the guidelines from the gst.gov.in website before proceeding. Source: https://tutorial.gst.gov.in/userguide/registration/#t=faq.htm https://tutorial...

GST Registration Mandates Here's a quick checklist of all kinds of bodies who are mandated for GST registration. This can be a checklist of sorts for you to validate and verify if you are a business owner or any type of person* as mentioned below. GST registration is mandatory for the following persons* given under Chapter VI. Any person with a turnover (within a financial year) that exceeds Rs. 20 Lakhs . This limit is Rs. 10 Lakhs for North Eastern and hill States). In case your business covers only GST exempted goods or services then this clause is exempted too. Any person already registered under previous tax regimes/laws such as Excise, Customs, VAT, Service Tax, etc. must register under GST too. Any person conducting inter-state taxable supply of goods and/or services. Any casual person who occasionally supplies goods and/or services in a region where GST is applicable but the person doesn't have a fixed place of business in the region. The region, if is w...

You probably already know GST is effective since July 1st, 2017. But what if you are a seller or an informed buyer who is keen in knowing the GST rate for every kind of product out there? [Infographic] GST Rates Cheatsheet Thanks to this online GST rate checker. You can simply type a product type (not the brand name) or the services type and can immediately get the GST Rate displayed on the screen. Here's how you can get the GST rate for any goods or service Goto this site:  https://www.indiafilings.com/find-gst-rate Select the drop-down to choose 'Goods' or 'Services'. Begin typing to find goods or services. For example, I typed Stationary . You can see that the search bar displays suggestions automatically as we type. Hit the ' Search ' button. How to find the HSN Code along with GST Rate for a Goods or Service You could also browse by HSN code ( Harmonized System of Nomenclature ) categories given at the bottom of t...

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GST Benefits, Rates Explained Goods and Services Tax is an indirect tax implemented on July 1st, 2017 throughout India. This replaced all the existing taxes that governed Goods and services across India. These were collectively called as cascading taxes levied by the State and Central Governments. This Act is formulated and governed by the GST Council whose Chairman is the Finance Minister of India. What taxes did GST replace: GST replaced several existing taxes including: services tax, customs duty, surcharges, octroi, central excise duty, inter-state transportation of goods. There are 4 different GST rates: 0%, 5%, 12%, and 18%. There is also a special rate of 0.25% on rough precious and semi-precious stones. The GST rate on Gold is 3%. In addition a cess of 15% or other rates on top of 28% GST applies on some items that aren't used by everyone in the society like aerated drinks, luxury cars, and tobacco products. What are the GST Rates on differen...

Date Frauds : as GST implementation date has just passed on July 1st, some companies are trying to take this to their advantage by recording their transactions at a back date. Cash transactions : Cash has been the safest in transactions since ages. Now businesses are encouraging more of cash transactions. Altering the product definition :  GST rates have been revised and reduced for a lot of products depending on the type of product. There was this popular debate on whether KitKat was a chocolate or a wafer biscuit since GST rates vary between the two. Similar to that, companies are actively altering their product category to gravitate towards the category that has less or no GST tax rate. Moving goods between States : some businesses transport their goods between different states to misuse the input credit feature of GST. They do an inter-state transfer within the same company while quoting it as a different company. Artificially Made Smaller Turnover :...

With the GST talks going around the country, colleges and universities are also coming up with various courses. One such is the Lucknow University which is coming up with a 6-month certification course on GST. As per this source, application forms will be available from August 2017 first week. Since the tax regime has changed in the country, the officials from the university had decided that students too should equip themselves with the latest and the greatest. The decision by the concerned officials to introduce GST as a subject in Commerce and management studies were taken on July 6th. Source: http://indianexpress.com/article/education/lucknow-university-gst-course-six-month-certificate-course-on-goods-service-tax-introduced-in-uttar-pradesh-4742024/

Simpler tax system GST is supposedly eliminating 15+ different taxes like the Central Excise duties, VAT, service tax. This will simplify tax calculations and eventually reduce the price we pay on many goods and services. International Competence GST Would enable competitiveness of Indian products and services in the international markets and thus improve economic resistance and growth for India. Cost of doing business becomes lower GST will not be a cost to registered retailers and therefore there will be no hidden taxes. Thus, the cost of doing business becomes lower, encouraging local businesses and 'make in India' programs to increase the entrepreneurs within India. No more state entry checkposts + Reduced Transportation Cost Since there is no state specific taxes any more, all the state border checkposts are now gone for good. This way transportation costs comes down for essential goods that gets transported every day between ...

The government has warned manufacturers that non-compliance of printing the revised price on unsold and new products will attract a maximum fine of Rs. 1,00,000 penalty and jail term for 1 year. This move mandates manufacturers to act soon to get the new rates enforced at all levels, as soon as possible. Source :  http://www.business-standard.com/article/economy-policy/gst-impact-cos-face-jail-term-for-not-reprinting-revised-mrp-on-inventory-117070700552_1.html

The government has now released a new mobile app to know the GST Rates. The mobile app was launched on Friday to verify accurate tax rates on commodity and services under the new GST Act. The app is only available for Android platform as of this writing. It will soon be developed for iOS (Apple devices) too and can be used in offline mode once downloaded. If you don't have a smartphone you can also check this detail from website here: cbec-gst.gov.in . Get the app from Android Play Store: https://play.google.com/store/apps/details?id=in.gov.cbec.gsttaxratemanual Learn more .