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GST (Goods and Service Tax) have been implemented across India from 1st July 2017. Any representative or business entity that is enrolled under any previous tax administration is required to get enrolled under GST. After the implementation of GST most of the indirect tax have come to an end, some of which are central excise duty, Service tax, Central sales tax, purchase tax, entertainment tax and tax on lotteries. The current threshold limit by GST council is Rs. 10 Lakhs for North–Eastern States and for the rest of India the threshold limit is Rs. 20 Lakhs.
GST has removed most of the indirect taxes and combined them in different tax slabs under the GST regime. Through this, GST has removed the difficulties in business activities by providing a hassle-free system for carrying out businesses. GST is not an alien concept, it is already in practice in almost 160 countries around the world. It is expected that it will boost up the GDP of the country to about 1-2% and will reduce the cost of input by 10%. Basic Customs Duty, property tax, alcohol, tobacco, and petroleum are kept away from the purview of GST. A person without GST registration can neither collect GST from his customers nor claim Input Tax Credit under GST for taxes paid by him/her.
There are different documents required for different business, the various documents which are required for GST registration are further categorised as follows
GST registration process is simple. GST registration process is done online and the portal is approved by the central government. The government also ensures that they will appoint GST Suvidha Providers (GSP) to help businesses and business entities with the GST registration process.
Here is a step by step mechanism for the GST registration process in India
Please note that the success message is displayed after the validation of DSC pin. You will receive the acknowledgment mail and message in the next 15 minutes on your mail and mobile number. Application Reference Number (ARN) will be sent to the registered e-mail address and mobile number.
The data of everyone who have signed the enrollment form will be migrated to the new GST System. The following steps will check the progress of the GST registration
The audit is the examination of records maintained by the taxable person to verify or check whether the information given is correct or not. It can be done by tax authorities or by the taxpayer himself. Tax authorities can conduct an audit if it is authorized by the commissioner of CGST or SGST. Every registered taxable person whose turnover during the financial year exceeds the limit of Rs. 1 crore must get his/her account done by a CA or CMA.
Assessment helps in the determination of tax liability under GST. The various assessment covered under this are
It is possible that the taxable person may have made some errors while filing ITR as GST is new and it’s payable on a self-assessment basis. Some of the errors which are likely to arise are that he may have received the wrong refund of tax or input tax credit or he may not have paid the tax correctly. In such cases, demand and recovery provisions become applicable upon which the assigned officer will issue a cause notice along with the demand for payment of tax.
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If you have visited a restaurant or a café after the implementation of GST you would have noticed that the bill looks different from how it looked earlier. GST has substituted almost 17 indirect taxes and 22 cesses.
27th July 2017
All India ITR Blog