GST Registration

India’s biggest indirect tax reform since 1947 looks it has finally -the Goods and Service Tax. The Constitution (122 Amendment) Bill,2014 seeks to amend the Constitution to introduce the goods and service tax(GST).The GST subsumes various central indirect taxes including the Central excise Duty,Countervailing duty,Service Tax,etc. It also subsumes state value added tax,octroi tax,luxury tax,etc.
The GST is being introduced not only to get rid of the current jumble of indirect taxes that are suffer from infirmity,mainly exemptions and multiple rates,but also to improve tax complains.
Filing Bazaar is the fastest growing company registration services in India,providing the Pvt.Ltd ,LLP,Public Ltd company,one person company registration. Our company provided greater capital contribution,stability and liability
The multiplicative of tax rates for services will add complexity to the compliance in the GST regime.
The GST council broadly approved GST rates for goods at nil rate,5%,12%,18% and 28% on certain goods.
GST would be a very significant step in the field of indirect tax reform in India. A large number of central and states taxes into a single tax and allowing set of prior stage taxes,make common national markets.
Taxpayers with an aggregate turnover in a financial year up to rs20 lakhs Taxpayers with an aggregate turnover in a financial year up to rs20 lakhs & rs 10 lakhs for NE and special category states would be exempt from tax.Further,a person whose aggregate turnover in the preceding financial year is less than rs50 lakhs can opt for a simliped composition scheme where tax will payable at a concessional rate on the turnover in a state.
Supplies of all goods and services are taxable except alcoholic liquor for human consumption.
YES, the central/state government can specify categories of services the tax on which shall be paid by electronic commerce operators.
All registered persons having the same Permanent Account Number(PAN)have to opt for composition scheme.If one registered person opts for normal schemes,others become ineligible for composition schemes.
To Open a zero-balance Business Current Account, Click here.
Copyright © 2019 FilingBazaar Legal Services Private Limited. All rights reserved.