GST REGISTRATION and AMENDMENTS

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Overview

GST is an indirect tax that has replaced all the prevailing indirect taxes suitable until now. It is mainly a mixed form of all the other taxes which will cater for a single and streamline the method. After the introduction of GST, it essentially gives the thought of ‘One nation one tax’.The taxes are taxed at a single rate. The whole amount or accumulation is then divided between both Central and State Government in the title of CGST and SGST or IGST. The GST registration method is a significant role to become a part of GST. The prevailing GST regime needs every business(directed to a certain turnover) that provides goods or services to register below the GST. The business has a turnover of more than.40 lakh are needed to file as a normal taxable person, nevertheless, the turnover origin for the north-eastern states has been held as Rs. 10 lakh. Below the GST administration, it is compulsory for certain businesses to file under GST. Carrying out business without filing is a crime and can lead to hefty penalties.
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GST Filing- GSTR1 and 3B for 3 months

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Letter of Undertaking

FAQ's on GST REGISTRATION and AMENDMENTS

GST is one indirect tax for the entire nation, which will make India one centralized common market
GST is an individual tax on the supply of goods and services, directly from the manufacturer to the consumer. Credits of input taxes spent at each stage will be available in the following stage of value addition, which makes GST fundamentally a tax only on value addition at every stage. The last consumer will hence bear only the GST rated by the last dealer in the supply chain, with set-off benefits at all the previous stages.
At the Central level, the taxes are being subsumed are as follows:
  1. Central Excise Duty,
  2. Additional Excise Duty,
  3. Service Tax,
  4. Additional Customs Duty commonly known as Countervailing Duty, and
  5. Special Additional Duty of Customs.At the State level, the following taxes are being subsumed: a. Subsuming of State Value Added Tax/Sales Tax,
  6. Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States),
  7. Octroi and Entry tax,
  8. Purchase Tax,
  9. Luxury tax, and
  10. Taxes on lottery, betting and gambling.

Alcohol for human consumption, high-speed diesel, Petroleum Products viz. petroleum crude, natural gas and aviation turbine fuel& Electricity.
Tobacco and tobacco products would be directed to GST. In addition, the Centre would have the ability to levy Central Excise tax on certain products.
India is a federal country where both the Centre and the States have been allowed the powers to levy and obtain taxes through suitable legislation. Both the levels of Government have distinct duties to perform according to the division of powers designated in the Constitution for which they require to raise resources. A dual GST will, hence, be in keeping with the Constitutional provision of fiscal federalism.
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