Helps you in getting ready for GST by implementing GST provisions at every corner of your business
Advices and Suggesting you in Best possible manner in regards to GST
Helps in getting GST Registration and coplying the provisions of GST by filing it's Returns
GST is one indirect tax for the whole nation, which will make India one unified common market. In Short, it can be said in one line "One India, One Tax".
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
At the Centre level, the following taxes are being subsumed:
At the State level, the following taxes are being subsumed:
The GST council on November 4, 2016 has finalised the GST rates and divide the current Goods and Services Tax (GST) rate structure into four slab rates which are 5%, 12%, 18% and 28% and rates on Gold has not been decided till yet but as said by the council it is likely to be on lower side.
There will be two components of GST – Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain. Tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State.
No cross utilization of credit would be permitted.
The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on output.
In case of inter-State transactions, the Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supplies of goods and services.
The inter-State seller would pay IGST on the sale of his goods to the Central Government after adjusting credit of IGST, CGST and SGST on his purchases (in that order).
Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country.
Full and complete set-off will be available on the GST paid on import on goods and services.
Exports will be treated as zero-rated supplies. No tax will be payable on exports of goods or services.
However, Credit of input tax credit will be available and same will be available as the refund to the exporters.
The exemption limit for Goods and Service Tax (GST) is as under:
Exemption Limit for North-Eastern States
Exemption Limit for Rest of India
The exemption limit is applicable only when supply (sale) is made within the state. Any supply outside the state will attract registration provisions.
The following person shall have to register irrespective of the turnover;
Small taxpayers with an aggregate turnover in a financial year up to [Rs. 50 lakhs] shall be eligible for composition scheme.
Under the scheme, a taxpayer shall pay tax as a percentage of his turnover during the year without the benefit of Input Tax Credit (ITC). The floor rate of tax for CGST and SGST shall not be less than [1%].
A tax payer opting for composition schemshall not collect any tax from his customers. Tax payers making inter- state supplies or paying tax on reverse charge basis shall not be eligible for composition scheme.