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GST Registration

ABOUT 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.

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CLICK HERE- Documents required for GST Registration

LIST OF GST rates for goods

The Goods and Services Tax(GST) council headed by Union Finance Minister Arun Jaitley finalized tax rates for all services,expect lottery.Also healthcare,education already exempted from tax.

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.

NIL RATES

  • GOODS-No tax will be imposed on items like jute,fresh meat,milk,butter milk,natural honey,fresh fruits and vegetables, etc.
  • SERVICES- Hotels and lodges with tariff below rs1000,grandfathering services has been exempted under GST.

5% RATES

  • GOODS-Packed food items,footwear below 500,cream,branded paneer, frozen vegetables,pizza bread,rusk,kerosene,coal,medicines.
  • SERVICES- Transport services(Railways,air transport),small restaurants.

12% RATES

  • GOODS-Apparel above rs1000,frozen meat products,butter,cheese,ghee,Ayurvedic medicine,tooth powder,coloring books,cellphone etc
  • SERVICES- Non AC hotels,business class air tickets,fertilizer,work contracts

18% RATES

  • GOODS-Footwear costing more than rs 500,bidi,biscuits,flavored refined sugar,pasta,cornflakes,James,instant food mixes,mineral water tissues,envelopes,tampons,note books,steel products,camera,speakers.
  • SERVICES- AC hotels,telecom services,IT services

28% RATES

  • GOODS-Bidis,chewing gum,molasses,chocolate not containing cocoa,waffle, pan masala,paints,deodorants,shaving creams,hair shampoo,dye,sunscreen,weighing machines,washing machines,ATM,vacuum cleaner,automobiles,motorcycles,aircraft for personal use.
  • SERVICES- 5-Star hotels,race club betting,cinema.

ADVANTAGES OF GST

  • The biggest impact of GST is an economically efficient solution which have to compete with the companies in the unorganized sector
  • It reduce the logistic costs and consolidation of warehousing facilities.
  • GST will simplify tax administration,improve compliance,eliminate economically distortions in production,trade and consumption.
  • GST avoids the “cascading”of taxes,therefore cutting the production cost,and making export more competitive.
  • Revenue will get a boost- States and Center will have dual oversight.The number of tax exempt goods will decline.

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.