Goods And Services Tax

The biggest tax reform in India over the last decade, the Goods and Services Tax (GST) resulted in a major change for companies doing business in India. While GST consolidated the previous indirect tax regime which was more complex, it also required a thorough understanding for its implications and applicability because of its direct impact on the functioning of businesses.

Goods and Services Tax (GST) in India

GST changed the game for the indirect tax scenario in India. While it took away the other forms of indirect tax, it brought with it its own nuances and technicalities for consideration. From a compliance as well as strategy point of view, GST became an important factor for businesses to consider in India. For more information, watch our video here and download the fifth chapter of the “Doing Business In India” series, where it covers:

  • GST applicability in India and classification of slabs
  • GST registration in India
  • Levy on imports/exports/exports to special economic zones
  • Composition scheme and input tax credit under GST
  • GST compliance requirements


 
For future reference and easy access to this information,  | Download Goods & Service tax in India (PDF) 2021 .

The Critical Need To Understand The Impact Of GST On Your Business

Indirect tax saw a stellar reform by way of GST’s introduction in 2017. This meant that a streamlined indirect tax was to be levied across all sectors, the rates of which have been revised several times. This posed a need to remain constantly updated about it for its impact on business, trade, projects; and in a more general sense, its effect on the growth of sectors, industries and the economy.

To help you understand which sectors and industries are impacted by GST as well as how it consequently impacts their corresponding businesses, we at Coinmen have developed an online platform called The Brief, where we discuss India’s key performing sectors and how they’re influenced by the country’s GST regime.

Via The Brief, we aim to help businesses by giving relevant information and insights on doing business in India and by sharing the perspective of select industry experts on building a successful business presence here.

Get to know all the relevant information you need for your business journey in India!

Frequently Asked Questions (FAQs) on GST

What is aggregate turnover in GST?

Aggregate turnover is the aggregate value of all taxable and exempted supplies of goods and services whether it is inter-state, intra state or export supplies of assessees having the same PAN and the same shall be computed on an all-India basis. However, aggregate turnover doesn’t include the following:

1. the value of inward supplies on which tax has to be paid under the reverse charge mechanism.
2. any tax charged under this act i.e., CGST, SGST, IGST and Cess.

How to change the place of address in GST?

1. Login to the GST portal
2. Go to Dashboard – Services – Registration – Amendment in core fields
3. Go to place of business tab and fill in the details of the new place of business.
4. Upload the documents such as rent agreement along with electricity bill in case the premises is rented or documents of ownership in case the premises is self-owned.
5. Save the application and then submit the same with DSC in case of companies or EVC in case of individuals.
6. Once the application is filed, the officer has a maximum of 15 days to either approve the application or raise a query in case of any doubt.

Which all taxes have been subsumed in GST?

The Goods and Services Tax (GST) , was introduced in India on 01st July 2017 , with a view to have a “One Nation One Tax” regime. Following taxes have been subsumed in GST:

(A) Taxes levied and collected by Centre :
1. Central Excise duty
2. Duties of Excise (Medicinal and Toilet Preparations)
3. Additional Duties of Excise (Goods of Special Importance)
4. Additional Duties of Excise (Textiles and Textile Products)
5. Additional Duties of Customs (commonly known as CVD)
6. Special Additional Duty of Customs (SAD)
7. Service Tax
8. Central Surcharges and Cesses so far as they relate to supply of goods and services

(B) Taxes levied and collected by State’s/UT’s :
1. State VAT
2. Central Sales Tax
3. Luxury Tax
4. Entry Tax (all forms)
5. Entertainment and Amusement Tax (except when levied by the local bodies)
6. Taxes on advertisements g. Purchase Tax
7. Taxes on lotteries, betting and gambling
8. State Surcharges and Cesses so far as they relate to supply of goods and services

How to get my GST registration certificate?

The GST registration certificate is issued in Form GST REG-06. The GST Registration Certificate includes the GST Number (GSTIN) and key details of the registered business name, address, and date of registration of business are displayed. The second page shows the details of additional place of business and the third page shows the detail of person in charge of the business.

The process to get the GST registration certificate is as follows :

1. Visit GST India Protel at http://www.gst.gov.in;
2. Click on the “Login” button;
3. Enter the ‘Username’ and ‘Password’ along with the captcha code in the relevant field and click ‘Login’;
4. On the dashboard, go to ‘Services’ then ‘User services’ and then click on ‘View/Download Certificate’;
5. Click on ‘Download’ icon on the screen to download the GST certificate.

Are exporters required to register under the GST Act?

Yes, In GST regime export of goods and services is considered as Inter- state Supply and as per section 24 of CGST Act every person who engages in inter state supply of goods or services is required to take compulsory registration. However as per Notification No .10/2017- Integrated Tax dated 13th Oct 2017 central government has exempted the inter state supplier of taxable service having aggregate turnover not exceeding INR 20 Lakh from the compulsory requirement of registration . Further limit of INR 20 Lakh will be taken INR 10 lakh in case of special category state.

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