GST

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.

Goods and Services Tax is divided into three categories – Central GST (CGST), State GST (SGST) and Integrated GST (IGST)

CGST and SGST would be levied under the CGST Act on the intra-state supplies of goods and services. Hence in case of intra-state supplies of goods and services, both the Central and State government would combine their levies with an appropriate revenue sharing agreement between them.

IGST is the tax levied under the IGST Act on the supply of any goods and/or services in the course of inter-state trade across India. Further, IGST would include any supply of goods and/or services in the course of import into India and export of goods and/or services from India. IGST will replace the present Central State Tax which is levied on the inter-state sales of goods. Thus, IGST would be applicable for all inter-state transactions, import and export of goods and/or services.

Biz-Maestro provides expert services in the field of GST Registration, Advisory and Compliances. We assist in determining whether GST is applicable to your business, impact of GST on your business, assistance in registration, tax payments, returns and various other compliances required under the GST law.

Applicability : GST is applicable and mandatory for all persons whose aggregate turnover in a Financial Year exceeds Rs. 20 lakhs (for both inter state and intra state supply of goods and services).

GST Compliances : There are various returns to be filed under GST. GST-3B is required to be filed mandatorily by all businesses on a monthly basis till March,2018. GSTR-1 is required to be filed on a monthly/quarterly basis, depending upon the turnover of the business. Timelines for other returns are yet to be decided and announced by the government.

GST Payments : You must collect and pay GST if you are a registered tax payer. GST Payments have to be made on monthly basis within the 20th of the succeeding month.

Exemption : Certain goods are kept under NIL or 0% GST rate to benefit the masses.There is a entire list of exempted goods and services which do not fall under the ambit of GST.

Composition Scheme : Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore.

Exports under GST : The export of goods or services is considered as a zero-rated supply. GST will not be levied on export of any kind of goods or services. However, Filing of returns for exports, is to be done as per the general procedures provided for export under GST.

GST REGISTRATION PROCESS : 

Details & Documents : 1 working day : Get in touch with our expert and you will be briefed about whether GST is applicable for your business. We will collect all the details and documents required for the registration ensure free communication with you for any further query.

Preparation of Registration Application : 2-3 working days : We will review your documents and shall prepare the registration application based on the information provided by you. Our experts will file the application with the government and share the acknowledgment reference number with you.

Certification of GST Registration : 2-3 working days : Once the application is approved, the government will issue a Certification of Registration. The journey does not end here! Our professionals shall be in touch with you for any further assistance on GST Compliance.