Goods & Services Tax

Online GST Registration

GST Return Filing

E-way Bill Generation

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Goods and Services Tax (GST)

Goods and Services Tax (GST) is an indirect tax levied on the supply of goods & services. GST has replaced numerous state and central indirect taxes to present a uniform tax structure with effect from 1st July 2017. Earlier several taxes as imposed by central government (like Central Sales Tax (CST), Service tax, excise duty, SAD), state governments (like entry tax, VAT, octroi, luxury tax, entertainment tax) has been subsumed by GST under a single umbrella. The Business already registered with Pre-GST era tax laws were asked to migrate under new taxation system of GST & obtain GSTIN within a given time frame.
It is regarded as a major revolution in the history of the Indian taxation system. India has adopted a unique dual model for GST, which means it is administered both by the state & central government. It is destination-based tax, levied at different stages of transaction/business process on value addition eliminating cascading effects. In simple words, Goods and Services Tax is a tax levied on goods and services imposed at each point of supply.

Goods and Services Tax Network (GSTN) 

Goods and Services Tax Network (GSTN) is a non-profit, non-Government, private limited company was incorporated as special purpose vehicle setup by the Government to provide IT infrastructure and services to the Central and State Government(s), taxpayers and other stakeholders for implementation of the Goods and Services Tax (GST). The Computerised uniform procedures under GST for registration, return filing, tax payment has unified the Indian market referring GST commonly as ‘One Nation One Tax’.

Main Components of GST 

  • Central Goods & Services Tax (CGST): The GST levied by the Centre on intra-State supply of goods and / or services is called the Central GST. The tax will be collected by central government
  • State Goods & Services Tax (SGST): The GST levied by the State on intra-State supply of goods and / or services is called the State GST. The tax will be collected by state government
  • Integrated Goods & Services Tax (IGST): The GST levied and administered by Centre on every inter-state supply of goods and services. The tax will be collected by central government
  • Union territories Goods & Services Tax (UGST): Integrated GST (IGST) is levied and administered by Centre on every inter-state supply
    of goods and services. The tax will be collected by Union terrritories government.

GST Registration

GST Identification Number (GSTIN) is allotted to registered taxpayers. It is mandatory to registered as GST taxpayer for buying and selling of goods or services subject to basic threshold exemption.

GST Accounting

Every registered taxpayer is required to maintain books of accounts for a period of 5 years. Accounting under GST is also relevant to determine input tax credit and ascertain profit or loss as well as affairs of business.

GST Compliance

GST being a new and progressive tax is frequently amended with notifications. Timely adherence to GST compliance with simple and relevant interpretation avoids undue penalty.

GST Return Filing

Registered taxpayers are mandatorily required to file online GST return. GSTN portal facilitates online filing of GST return. Reconciliation and auto populates features bring ease to filing.

E-way bill

Generation of e-way bill is compulsory for transportation of goods. Avoid harassment and penalty by generating e-way bill on time.

GST TDS

Be aware of TDS deduction and return filing under GST. Issue TDS certificate to deductee on time

Package & Pricing

FAQs

Is GST registration mandatory for all?

Any supplier who carries on any business at any place in India & whose aggregate turnover exceeds Rs.20 lakhs in a financial year is liable to get registered and obtain GSTIN. However, the said limit is reduced to Rs 10 lakhs to Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.

Do I need to file monthly GST Returns?

Yes, every registered taxable person will need to file GST monthly returns using a set of GSTR (GST Return) forms such as Form GSTR 1 for outward supplies, Form GSTR 2A for Inward supplies, Form GSTR 2A for corrections.

When E-Way Bill is mandatory?

Every registered taxable business has to file the E-way Bills when the movement of goods of consignment value exceeding 50,000 in relation to a supply or for reasons other than supply; or due to inward supply from an unregistered person.

What is CGST?

The Central Good & Service Tax (CGST) will be applicable on all the intra state transactions of supply of goods and/or services. The CGST would be levied on all the transactions of taxable goods and services and is applicable in all the states and union territories of India. The tax will be collected by the Central Government.

What is SGST?

State Goods and Services Tax, paid on all transactions within a State, collected by the States.

What is IGST?

IGST is levied and collected by the Centre on inter-state supply of goods and services. IGST deals with supplies interstate, import into India and supplies made outside India. IGST is applicable all over India including the state of Jammu & Kashmir. IGST rate= CGST rate + SGST rate

What is UGST?

The Union Territory Goods & Services Tax (UGST) levy and collect tax on intra-State supply of goods or services or both by the Union Territories. Delhi and Puducherry are the other two Union Territories but this Act will not be applicable there as they have their own State Legislature and Government.