HOW TO DO GST REGISTRATION ,STEP BY STEP.....🤯🤯🤯
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Why is Dual GST required?
India is afederal country where both the Centre and
the States have been assigned the powersto levy and collect
taxes t h r o u g h a p p r o p r i a t e legislation.
Both t h e l e v e l s of Government have distinct responsibilities to
perform according to the division of powers prescribed in the Constitution for which they need to raise resources.
A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism.
India is a
the States have been assigned the powersto levy and collect
taxes t h r o u g h a p p r o p r i a t e legislation.
Both t h e l e v e l s of Government have distinct responsibilities to
perform according to the division of powers prescribed in the Constitution for which they need to raise resources.
A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism.
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What are the benefits available to small tax
payers under the GST regime?
Tax payers with an aggregate turnover in a financial
year u p t o [Rs.20 lakhs & Rs.10 Lakhs for NE and special category states] w o u l d b e e x e m p t f r o m tax.
Further, a person whose aggregate turnover in the preceding financial year is less than Rs.50 Lakhs can opt for a simplified composition scheme where tax will payable at a concessional rate on the turnover in a state.
[Aggregate turnover shall include the aggregate value of all taxable supplies, exempt supplies and exports of goods and/or services and exclude taxes viz. GST.]
Aggregate turnover shall be computed on all India basis. For NE States and special category states, the exemption threshold shall be [Rs. 10 lakhs].
All taxpayers eligible for threshold exemption will have the option of paying tax
with input tax credit (ITC) benefits.
Tax payers making
inter-State supplies or paying tax on reverse charge basis
shall not be eligible for threshold exemption.
payers under the GST regime?
Tax payers with an aggregate turnover in a financial
year u p t o [Rs.20 lakhs & Rs.10 Lakhs for NE and special category states] w o u l d b e e x e m p t f r o m tax.
Further, a person whose aggregate turnover in the preceding financial year is less than Rs.50 Lakhs can opt for a simplified composition scheme where tax will payable at a concessional rate on the turnover in a state.
[Aggregate turnover shall include the aggregate value of all taxable supplies, exempt supplies and exports of goods and/or services and exclude taxes viz. GST.]
Aggregate turnover shall be computed on all India basis. For NE States and special category states, the exemption threshold shall be [Rs. 10 lakhs].
All taxpayers eligible for threshold exemption will have the option of paying tax
with input tax credit (ITC) benefits.
Tax payers making
inter-State supplies or paying tax on reverse charge basis
shall not be eligible for threshold exemption.
How to compute ‘aggregate turnover’ to
determine eligibility for composition scheme?
The methodology to compute aggregate turnover is given in Section 2(6). Accordingly, "aggregate turnover" means value of all outward supplies (taxable supplies+exempt supplies +exports + inter-state supplies) of a person having the same PAN and it excludes taxes levied under central tax (CGST), State tax (SGST), Union territory tax (UTGST), integrated tax(IGST) and
compensation cess.
Also, the value of inward supplies on
which tax is payable under reverse charge is not taken
into account for calculation of ‘aggregate turnover’.
determine eligibility for composition scheme?
The methodology to compute aggregate turnover is given in Section 2(6). Accordingly, "aggregate turnover" means value of all outward supplies (taxable supplies+exempt supplies +exports + inter-state supplies) of a person having the same PAN and it excludes taxes levied under central tax (CGST), State tax (SGST), Union territory tax (UTGST), integrated tax(IGST) and
compensation cess.
Also, the value of inward supplies on
which tax is payable under reverse charge is not taken
into account for calculation of ‘aggregate turnover’.
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If the taxpayer has different business verticals in one state, will he have to obtain separate registration for each such vertical in the state?
No, however the taxpayer has the option to register
such separate business verticals independently in terms of the proviso to Section 25(2) of the CGTST Act, 2017.
No, however the taxpayer has the option to register
such separate business verticals independently in terms of the proviso to Section 25(2) of the CGTST Act, 2017.
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Late ITR filing date December 31
It is important to note that the last date for filing belated ITR is December 31, 2022. Thus, a person can file belated ITR any time between August 1, 2022 and December 31, 2022. But the fine has to be paid. However, if a person misses even this deadline, he will not be able to file ITR unless the Income Tax Department sends a tax notice.
It is important to note that the last date for filing belated ITR is December 31, 2022. Thus, a person can file belated ITR any time between August 1, 2022 and December 31, 2022. But the fine has to be paid. However, if a person misses even this deadline, he will not be able to file ITR unless the Income Tax Department sends a tax notice.
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What is an ITC Ledger?
Input Tax Credit as self-assessed in monthly returns will be reflected in the ITC Ledger. The credit in this ledger can be used to make payment of TAX ONLY and not other amounts such as interest, penalty, fees etc.
Input Tax Credit as self-assessed in monthly returns will be reflected in the ITC Ledger. The credit in this ledger can be used to make payment of TAX ONLY and not other amounts such as interest, penalty, fees etc.
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When does liability to pay GST arises?
Liability to pay arises at the time of supply of Goods as
explained in Section 12 and at the time of supply of services
as explained in Section13.
The time is generally the earliest of one of the three events, namely receiving payment, issuance of invoice or completion of supply. Different situations envisaged and different tax points have been explained in the
aforesaid sections.
Liability to pay arises at the time of supply of Goods as
explained in Section 12 and at the time of supply of services
as explained in Section13.
The time is generally the earliest of one of the three events, namely receiving payment, issuance of invoice or completion of supply. Different situations envisaged and different tax points have been explained in the
aforesaid sections.