We provide GST registration in Patna Bihar. Providing GST registration in Bihar is our work. We love to provide GST registration services in Patna Bihar.
Goods and Service Tax is biggest change in Indirect Tax Regime of India since Independence making it One India One Tax. Earlier, there were many types of indirect taxes and each states had different rules and regulations making it hard for any person to do business in India. Due to different types of indirect taxes, and variation in their rules and requirement, it was hard for any person to start business in India. But with introduction of Goods and Service Tax, all these deficiencies have been tackled down. Almost 17 types of Indirect Taxes have been subsumed in GST, making it largest tax reforms in India since Independence.
KEY FEATURES OF GST
- Two Components of GST: GST consists of CGST and SGST. CGST is GST to be paid to account of Central Government of India and SGST is to paid to State Governments.
- Destination-Based Consumption Tax: GST is a destination-based tax. This means that GST is charged and collected at end of transaction i.e., sale of goods or services to end consumers
- Computation of GST on the basis of invoice credit method: The liability under the GST is determined by invoice credit method i.e. cenvat credit is allowed on the basis of invoice issued by the suppliers.
- Payment of GST: GST are to be paid to the accounts of the central and states respectively. GST consists of SGST (State government portion) and CGST (Central Government Portion).
- Goods and Services Tax Network (GSTN):A not-for-profit, Non-Government Company called Goods and Services Tax Network (GSTN), jointly set up by the Central and State Governments provides shared IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders.
- INPUT TAX CREDIT (ITC) SET OFF : Input Tax Credit for CGST & SGST has been taken for taxes gst paid to central and state government respectively.
- GST on Imports : Now, Imports are also subeject to GST. Importers have to pay same amount of GST taxes as Indian manufacturers or dealers have to pay in India.
- Administration of GST : Administration of GST is the responsibility of the GST Council , which is the apex policy making body of the GST. Members of GST Council comprises of the Central and State ministers in charge of the finance departments.
- Goods and Service Tax Council: The GST Council is a joint forum of the Centre and the States. The Council makes recommendations to the Union and the States on important issues like tax rates, exemption list, threshold limits, etc. One-half of the total number of Members of the Council constitute the quorum of GST council.
Who is required to take GST Registration?
Who is required to take GST Registration? You may be thinking about this. GST is mandatory for any person carrying on business of supply of goods or services in India whose annual turnover exceeds Rs. 20 Lacs (Rs. 10 Lacs for North Easteren India and Uttarakhand).
Overall, following are required to take GST Registration compulsorily in India.
- Any business whose turnover in a financial year exceeds Rs 20 lakhs (Rs. 10 Lacs for North Easteren India and Uttarakhand).
- Every person who is registered under an earlier law (i.e., Excise, CST, VAT, Service Tax etc.) needs to register under GST.
- When a business which is registered, has been transferred to someone or is demerged, the transferee shall take registration with effect from the date of transfer.
- Anyone who does inter-state supply of goods
- Casual taxable person
- Non-Resident taxable person
- Agents of a supplier
- Those paying tax under the reverse charge mechanism
- Input service distributor
- E-commerce operator or aggregator
- Person who supplies via e-commerce aggregator
- Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person
Are you still confused about whether you should take GST registration or not, or if you want to take GST registration or if you want to hire GST practitioner or GST experts to do GST works for your firm or company:
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Call us at +91-85400-99000, +91-85400-85000, +91-85400-78000
Alternatively, drop a mail at firstname.lastname@example.org or fill up form given on website.
The new Goods and Services Tax (GST) is India’s first significant duty change in decades. The new administration justifies impose gathering and improves consistence methods all things considered. Organizations that once needed to enlist for an extensive variety of expenses – VAT, Excise Duty, Service Tax, CST, Octroi, Luxury Tax and Entertainment Tax – now just require a GST enrollment. Subsequently, GST is appropriate to all items and administrations. In any case, not all organizations require an enlistment.
Organizations that supply products or administrations over an estimation of Rs. 20 lakh (Rs. 10 lakh in North Eastern states) are qualified for GST enlistment. Keep in mind that the GST is imposed on supply, not deals. In this manner, stock-taking, rebates and complimentary gifts additionally go under the GST net. Organizations pitching to different states must enroll for GST paying little mind to turnover.
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