What Is GST ? ( जीएसटी क्या है? )

      GST ( Goods and Services Tax )   

                     

Goods and Services Tax (GST) is a comprehensive indirect tax system implemented in India that subsumes multiple taxes such as VAT, excise duty, and service tax. GST is levied on the supply of goods and services.

GST is a destination-based tax, which means that the tax is collected by the state where the goods or services are consumed.

GST is levied at multiple rates, with 0%, 5%, 12%, 18%, and 28% being the most common rates. Essential goods and services such as food and healthcare have a lower GST rate.

GST is applicable to all businesses whose annual turnover exceeds a certain threshold, which is currently Rs. 20 lakhs for most states and Rs. 40 lakhs for the northeastern states and hill states.
Under GST, businesses are required to register for GST, file regular returns, and pay taxes to the government.

GST has a system of input tax credit, which allows businesses to claim credit for the GST paid on inputs (goods or services used in the production of goods or services) and use it to offset the GST liability on output (goods or services sold by the business).

GST is administered by the Central Board of Indirect Taxes and Customs (CBIC) and the state GST departments.

GST is a significant reform in the Indian indirect tax system and is expected to simplify the tax structure, reduce cascading of taxes, and increase the compliance and revenue for the government.

गुड्स एंड सर्विसेज टैक्स (जीएसटी) भारत में लागू एक व्यापक अप्रत्यक्ष कर प्रणाली है जिसमें वैट, उत्पाद शुल्क और सेवा कर जैसे कई कर शामिल हैं। जीएसटी माल और सेवाओं की आपूर्ति पर लगाया जाता है।

• GST एक गंतव्य-आधारित कर है, जिसका अर्थ है कि कर उस राज्य द्वारा एकत्र किया जाता है जहाँ वस्तुओं या सेवाओं का उपभोग किया जाता है।
• जीएसटी कई दरों पर लगाया जाता है, जिनमें 0%, 5%, 12%, 18% और 28% सबसे आम दरें हैं। आवश्यक वस्तुओं और सेवाओं जैसे कि भोजन और स्वास्थ्य सेवा पर जीएसटी की दर कम है।
• GST उन सभी व्यवसायों पर लागू होता है जिनका वार्षिक कारोबार एक निश्चित सीमा से अधिक है, जो वर्तमान में रु। अधिकांश राज्यों के लिए 20 लाख और रु। पूर्वोत्तर राज्यों और पहाड़ी राज्यों के लिए 40 लाख।
• जीएसटी के तहत, व्यवसायों को जीएसटी के लिए पंजीकरण करने, नियमित रिटर्न दाखिल करने और सरकार को करों का भुगतान करने की आवश्यकता होती है।
• GST में इनपुट टैक्स क्रेडिट की एक प्रणाली है, जो व्यवसायों को इनपुट (वस्तुओं या सेवाओं के उत्पादन में उपयोग की जाने वाली वस्तुओं या सेवाओं) पर भुगतान किए गए GST के लिए क्रेडिट का दावा करने की अनुमति देती है और इसका उपयोग आउटपुट (वस्तुओं या सेवाओं द्वारा बेची गई) पर GST देयता को ऑफसेट करने के लिए करती है। व्यवसाय जिस)।
• GST को केंद्रीय अप्रत्यक्ष कर और सीमा शुल्क बोर्ड (CBIC) और राज्य GST विभागों द्वारा प्रशासित किया जाता है। GST भारतीय अप्रत्यक्ष कर प्रणाली में एक महत्वपूर्ण सुधार है और इससे कर संरचना को सरल बनाने, करों के कैस्केडिंग को कम करने और सरकार के लिए अनुपालन और राजस्व में वृद्धि की उम्मीद है।

Required Documents for GST Registration.

The documents required for GST registration vary depending on the type of business and the state in which the business is located. However, the following documents are generally required for GST registration:

1. PAN (Permanent Account Number) card: PAN card is a mandatory document for GST registration.

2. Aadhaar card: Aadhaar card or enrolment ID is also required for GST registration.

3. Business registration certificate: This can be in the form of a trade license, registration certificate under the Shops and Establishment Act, or any other document as required by the state.

4. Bank account details: Businesses are required to provide their bank account details, including the account number, IFSC code, and a cancelled cheque or bank statement.

5. Digital signature: Businesses are required to provide a digital signature for the authorized signatory during the GST registration process.

6. Address proof: Businesses are required to provide address proof, such as a copy of the rent agreement, electricity bill, or property tax receipt.

7. Photographs: Businesses are required to provide photographs of the authorized signatory.

8. NOC (No Objection Certificate) from landlord, if the registered office is rented.

9. Partnership deed/ Memorandum of Association (MOA) and Article of Association (AOA) for Partnership firm and Pvt Ltd/ Ltd company respectively.

It's important to note that the list of documents required for GST registration may vary depending on the state and the type of business.

GST Registration Process

The procedure for GST registration is as follows:

1. Visit the GST portal: The first step is to visit the GST portal, where you can register for GST.

2. Register for GST: Click on the ‘New Registration’ button and fill in the required details, such as your PAN number and email address. A One Time Password (OTP) will be sent to your registered mobile number and email address for verification.

3. Verify OTP: Once you receive the OTP, enter it on the portal to verify your mobile number and email address.

4. Create username and password: After OTP verification, create a username and password for the GST portal.

5. Submit application: Once the registration form is filled, submit the application.

6. Obtain GSTIN: After the application is submitted, the GST portal will generate a Temporary Reference Number (TRN). Use the TRN to check the status of your application. Once your application is approved, you will receive your GSTIN (Goods and Services Tax Identification Number).

7. File GST returns: Once you have your GSTIN, you will be able to file GST returns. You will need to file regular returns under GST, including GSTR-1, GSTR-2, and GSTR-3.

8. Pay GST: GST liability needs to be paid to the government. The GST liability can be paid online on the GST portal.

It's important to note that the GST registration process can take several days to complete and it's advisable to keep all the required documents handy. Also, It's recommended to seek professional help if needed.

How to fill GST ?

1. Register for GST: The first step in filing GST is to register for it. Businesses whose annual turnover exceeds a certain threshold are required to register for GST. The registration process can be done online on the GST portal.

2. Obtain GSTIN: Once the registration process is complete, the business will be assigned a GSTIN (Goods and Services Tax Identification Number).

3. File GST Returns: Businesses are required to file regular returns under GST. There are three types of returns that need to be filed: GSTR-1, GSTR-2, and GSTR-3.

• GSTR-1 is a return of all outward supplies made by the business. It needs to be filed on a monthly or quarterly basis.
• GSTR-2 is a return of all inward supplies received by the business. It also needs to be filed on a monthly or quarterly basis.
• GSTR-3 is the final return that needs to be filed on a monthly or quarterly basis. It is a summary of GSTR-1 and GSTR-2, and it reconciles the credit and debit of GST.

4. Pay GST: GST liability needs to be paid to the government. The GST liability can be paid online on the GST portal.

5. Claim Input Tax Credit: GST allows businesses to claim credit for the GST paid on inputs (goods or services used in the production of goods or services) and use it to offset the GST liability on output (goods or services sold by the business).

6. Keep Records: Businesses are required to maintain records of all GST invoices, credit and debit notes, and other relevant documents for a period of six years.

It is important to note that GST rules and regulations are subject to change, so it is advisable to keep oneself updated with the latest developments and seek professional help if needed.

For any type of assistace in GST Registration or GST Filing feel free to contact us

Email : info@cyberparke.com

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