gst
GST REGISTRATION
What is gst registration
Gst launched on July 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are accumulated in the GST. Also, taxpayers with a turnover of upto 20 lakhs they should to take gst registration.
Types Of GST Registration
GST Registration is 2 types Regular and Composition scheme.
- What is Regular GST.
- Regular gst meaning of you have taken regular gst then you can take refund of your all paid taxes on purchase. And also, your can do your business all over in India. You can adjust your tax input on outward sales of tax which is you pay on your sales.
- What is Composition scheme.
- If you are going for composition scheme then you can’t do you business in other states and also you can collect your all purchase input in gst. composition scheme for whose people who have a little business in same state link grocery shop, restaurant, hawker, milkman, and others.
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GST Taxes
- Central Goods and Services Tax or CGST, it is a central government
- State Goods and Services Tax or SGST which is a state component. Where center and state will levy GST on all entities for all the transaction in the state
- The Integrated Goods and Services Tax (IGST), to be levied by the center, i.e. when a transaction happens from one state to another.
What is a GST Certificate?
- A GST Certificate is a document issued by the Indian government to businesses registered under the Goods and Services Tax (GST) system. It serves as proof of the business’s registration under GST and includes details such as the business’s GST identification number, name, and address. Businesses are required to have a GST Certificate to be able to charge and collect GST from customers. It is also used for various other purposes such as availing input tax credits, applying for loans and participating in tenders.
What Are the GST Tax Rates?
Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services in India. The GST tax rates in India are as follows:
- 0% – This rate is applicable for essential items such as food grains, fresh vegetables, and medical supplies.
- 5% – This rate is applicable for items such as processed food, packaged food, and some household items.
- 12% – This rate is applicable for items such as mobile phones, laptops, and television sets.
- 18% – This rate is applicable for items such as air conditioners, refrigerators, and washing machines.
- 28% – This rate is applicable for items such as luxury cars, tobacco, and aerated beverages.
In addition to these rates, there are some special rates that are applicable to specific goods and services. For example, gold is taxed at 3%, while crude oil and natural gas are taxed at 6%. GST is also levied on services such as telecom, insurance, and banking at the rate of 18%.
It’s important to note that GST rates are subject to change and may vary depending on the type of goods or services being supplied. It’s always a good idea to check the current GST rates before making a purchase or offering a service.
You can see the tax rates for all the products here: https://cbec-gst.gov.in/gst-goods-services-rates.html
Check out the GST calculator, which comes in handy to calculate the Goods and Service Tax using different slabs.
What is GST Return Filing
GST return filing is the process of submitting the details of sales, purchases, and taxes collected and paid by a registered taxpayer to the government. In India, GST return filing is mandatory for all registered taxpayers who are registered under GST, regardless of whether they have made any sales or purchases during the period for which the return is being filed.
- Output GST (On sales)
- Sales
- Input tax credit (GST paid on purchases)
- Purchases
For filing a GST Return, you need to have GST compliant sales and purchase invoices attached.
Documents Required For Gst Registration For proprietorship
- Pan Card
- Aadhaar Card
- Photo of Proprietor
- If Own Then Electricity Bill/Property Tax Receipt
- If Rented Then Electricity Bill/Property Tax Receipt And Rent Agreement.
- Business Name
- Business Address
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