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Goods and Services Tax (GST)

GST is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.

Thus the current indirect taxes levied by state and centre are all set to be replaced with proposed implementation of GST by July 2017. It is believed by many of the prominent economists of the country that GSt would be the biggest tax reform of all times and a boon to the Indian economy since it will eradicate the limitations of the current tax structure and provide a single rate tax on supply of all goods and services.

Who Should Register for GST?

1. A business entity that is currently registered under any of the following existing tax regimes then it is compulsorily required to migrate under GST law irrespective of the threshold limits:

  • Central Excise duty
  • State VAT
  • Entry Tax (all forms)
  • Entertainment and Amusement Tax (except when levied by the local bodies)
  • Taxes on lotteries, betting and gambling.
  • Service Tax
  • Central Sales Tax
  • Luxury Tax
  • Purchase Tax
  • State Surcharges and Cesses so far as they relate to supply of goods and services

2. A new or existing business entity that is currently not registered under any existing tax legislative then you are liable to register only if the aggregate turnover in any financial year exceeds the threshold limit. The existing threshold limit specified by the GST council is 20 lakhs for all the states except for North Eastern States where the limit is 10 lakhs.

Documents Required for GST Registration

  • PAN of the Applicant
  • Aadhaar card
  • Proof of business registration or Incorporation certificate
  • Identity and Address proof of Promoters/Director with Photographs
  • Address proof of the place of business
  • Bank Account statement/Cancelled cheque
  • Digital Signature
  • Letter of Authorization/Board Resolution for Authorized Signatory

Frequently Asked Questions

The tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply.

The existing taxation system (VAT & Central Excise) will continue in respect of the above commodities.

Tobacco and tobacco products would be subject to GST. In addition, the Centre would have the power to levy Central Excise duty on these products.

It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST) and that to be levied by the States/ Union territory would be called the State GST (SGST)/ UTGST. Similarly, Integrated GST (IGST) will be levied and administered by Centre on every inter-state supply of goods and services. In short, Centre will levy and administer CGST & IGST while respective states /UTs will levy and administer SGST/ UTGST.

Under the GST regime, an Integrated GST (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Under Article 269A of the Constitution, the GST on supplies in the course of inter- State trade or commerce shall be levied and collected by the Government of India and such tax shall be apportioned between the Union and the States in the manner as maybe provided by Parliament by law on the recommendations of the Goods and Services Tax Council.

Under the GST regime, tax is payable by the taxable person on the supply of goods and/or services. Liability to pay tax arises when the taxable person crosses the turnover threshold of Rs.20 lakhs (Rs.10 lakhs for NE & Special Category States) except in certain specified cases where the taxable person is liable to pay GST even though he has not crossed the threshold limit. The CGST / SGST is payable on all intra-State supply of goods and/or services and IGST is payable on all inter-State supply of goods and/or services. The CGST/SGST and IGST are payable at the rates specified in the Schedules to the respective Acts.

It means the liability to pay tax is on the recipient of supply of goods and services instead of the supplier of such goods or services in respect of notified categories of supply.

All registered persons having the same Permanent Account Number (PAN) have to opt for composition scheme. If one registered person opts for normal scheme, others become ineligible for composition scheme.

Small taxpayers with an aggregate turnover in a preceding financial year up to [Rs. 50 lakhs] shall be eligible for composition levy. Under the scheme, a taxpayer shall pay tax as a percentage of his turnover in a state during the year without the benefit of ITC.

The rate of tax for CGST and SGST/UTGST shall not be less than[1% for manufacturer &0.5% in other cases; 2.5% for specific services as mentioned in para 6(b) of Schedule II viz. Serving of food or any other article for human consumption].

A taxpayer opting for composition levy shall not collect any tax from his customers. The government may increase the above said limit of 50 lakhs rupees to up to one crore rupees, on the recommendation of GST Council.

Taxpayers making inter-state supplies or making supplies through e-commerce operators who are required to collect tax at source shall not be eligible for composition scheme.

Yes, a manufacturer can opt for composition scheme generally. However, a manufacturer of goods, which would be notified on the recommendations of the GST Council, cannot opt for this scheme. This scheme is not available for services sector, except restaurants.

Broadly, five categories of registered person are not eligible to opt for the composition scheme. These are:
supplier of services other than supplier of restaurant service;
supplier of goods which are not taxable under the CGST Act/SGST Act/UTGST Act.
an inter-State supplier of goods;
person supplying goods through an electronic commerce operator;
manufacturer of certain notified goods.

No, the registered person under composition scheme is not permitted to collect tax. It means that a composition scheme supplier cannot issue a tax invoice.

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