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GST - Recent Updates

[Infographic] 10 Things You Need For GST Registration

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...
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What is GST - Details of GST Explained in Simple Terms

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...
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17 Important Abbreviations Related to GST

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...
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7 Key GST Benefits in Layman Terms

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 ...
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