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@gstregistrationandreturn-blog
CBIC seems to have taken this measure due to technical issues faced by the taxpayers on GST Portal on the last day/ peak time (i.e. 20 Oct. 2018) while filing GSTR-3B for Sept. 2018. Besides, this step will give some additional time to taxpayers who are yet to avail their Input Tax Credit for the period July 2017 to March 2018 (FY 2017-18).
for more details visit us at www.gstregistrationonline.com
The division of assessees between Centre and State is decided by the Centre and State Governments. GSTN got an application developed using which Central and State tax authorities have uploaded the data on the allocation of migrated taxpayers in the GST System database. As on 8th March 2018 data on the division of 60,89,534 migrated taxpayers has been entered into GST System. In order to ensure single interface for assesses under GST, the State Level Committees comprising of Chief Commissioner/ Commissioner of Central Tax and Commissioner of State tax have assigned the taxpayers to be under either the Central Tax or State Tax administration based on the turnover of the assesses on a proportionate basis. The assesses having a turnover above Rs. 1.5 crores are to be assigned in the ratio of 50:50 between the Centre and the respective State while those having a turnover less than Rs.1.5 Crores have to be assigned in the ratio of 10:90 between the Centre and the respective State. No choice has been given to assesses to opt for a particular tax administration i.e. Centre and State.
This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in a written reply to a question in Rajya Sabha.
For GST Registration: http://www.gstregistrationonline.com/
For GST Return: http://www.gstreturnonline.com/
Benefit of GST
GST (Goods and Service Tax) will ensure that the indirect tax rates and structures are common across India. Simply Speaking, GST would make doing business in the country tax neutral, irrespective of the state in which business in carried on.
A system of seamless tax-credits throughout the value-chain, and across boundaries of States, would ensure that there is minimal cascading of taxes. It removes the tax on tax effect.
The subsuming of major Central and State taxes in GST, complete and comprehensive set-off of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports.
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns: http://www.gstreturnonline.com/
Important points as follows:
Field formations have completed preliminary verification of Transitional credit. Further steps would now be taken to verify the correctness of the Transitional credit, in a more focused and rigorous manner.
List of top 50,000 GSTINs has been drawn for checking the order of transi-tional credit availed. Entry by entry data in Tran-1 would be verified by tax officers.
Credit verification shall remain one of the focus areas in the year 2018-19.
Credit verification to take place by CGST authorities even if the jurisdic-tion is with the state
Credit of KKC/SBC/Education cess is not eligible under GST regime. Prob-abl GST le• islation would also be amended for the same.
For GST Registration: http://www.gstregistrationonline.com/
For GST Return: http://www.gstreturnonline.com/
Goods and Services Tax Registration Process
BUSINESS STRUCTURE
Proprietor
Partnership Firm
HUF
Private Company
LLP and others
DOCUMENTATION
PAN (Permanent Account Number)
Registration documents any
Bank Account details
Registered office proof
Authorized signatory details and others
GST ENROLMENT
TRN Generation(Temporary Reference Number)
Valid Email-id and Mobile Number
Fill-in the necessary details
Upload the required documents
SUBMISSION
Enroll Authorized Signatory DSC
Sign & Submit with Digital Signature Certificate
APPROVAL
Application approval from Registration Authority
Confirmation from the GST Dept.
REGISTRATION
Approved certificate
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns: http://www.gstreturnonline.com/
Steps for GST Filing
Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.
Steps for GST Return Filing in Chennai
GST return can be filed in different forms depending upon the nature of transaction and registration.Return Forms that are applicable for Normal Tax payers and their due dates are:
Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.
Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.
Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.
Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns Filing: http://www.gstreturnonline.com/
Integrated GST (IGST)
It will be levied by Central Government on Interstate supply of Good and Services.
For GST Registration: http://www.gstregistrationonline.com/
For GST Return: http://www.gstreturnonline.com/
The Goods and Services Tax (GST) council, in its 26th meeting held in New Delhi, decided to rollout E-way Bill from next month. The council further decided to continue the existing return filing procedure for next three months.
For more details, visit: http://www.gstregistrationonline.com/
http://www.gstreturnonline.com/
STATE GST (SGST)
It will be levied by State Government on Intrastate supply of Good and Services
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns: http://www.gstreturnonline.com/
CENTRAL GST (CGST)
It will be Levied by Centre Government on Intrastate supply of Good and Services.
For GST Registration: http://www.gstregistrationonline.com/
For GST Return: http://www.gstreturnonline.com/
GSTN has initiated function on GST portal for online filing of Application for Letter of Undertaking.
GSTN portal now allows to fill FORM GST RFD - 11 for furnishing letter of undertaking for export of goods or services without payment of Integrated Tax in an online manner.
Path for filing LUT after Login:
Dashboard
Services
User Services
Furnishing of Letter of Undertaking
For GST Registration: http://www.gstregistrationonline.com/
For GST Return: http://www.gstreturnonline.com/
GSTR-1
The taxpayer records all his outward supplies of goods and services in detail in this form. This has to be mandatorily done by the 10th of the following month for the supplies made in previous month. This will forms the basis of all future flow and match for input credit reconciliations for the further purchasers in the downward chain. GSTR-1 is a detailed form containing 13 different heads.
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns: http://www.gstreturnonline.com/
What is the position of Import of goods under GST?
The Additional Duty of Excise or CVD and the Special Additional Duty (SAD) presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied on all imports into the territories. Unlike in the present rule, the States where imported goods are consumed will now gain their share from this IGST paid on imported goods.
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns: http://www.gstreturnonline.com/
What are the major features of the proposed payment procedures under GST?
The major features of the proposed payments procedures under GST system are as follows –
Common Accounting Codes for remittance.
Electronic payment process - no generation of paper at any stage.
Challan generation at single point- GSTN.
Payment can be made through electronic modes such as online banking, Credit Card/Debit Card, NEFT/RTGS and through cheque/cash at the bank
Common challan form with auto-population features.
Common set of authorized banks.
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns: http://www.gstreturnonline.com/
Which taxes at the Centre and State level are being subsumed into GST?
At the Central level, the following taxes are being subsumed:
Central Excise Duty,
Additional Excise Duty,
Service Tax,
Additional Customs Duty commonly known as Countervailing Duty, and
Special Additional Duty of Customs.
At the State level, the following taxes are being subsumed:
Subsuming of State Value Added Tax/Sales Tax,
Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States),
Octroi and Entry tax,
Purchase Tax,
Luxury tax, and
Taxes on lottery, betting and gambling.
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns: http://www.gstreturnonline.com/
Major features of the proposed registration procedures under GST
The major features of the proposed registration procedures under GST are as follows:
Existing dealers: Existing VAT/Central excise/Service Tax payers will not have to apply afresh for registration under GST.
New dealers: Single application to be filed online for registration under GST. The registration number will be PAN based and will serve the purpose for Centre and State.
Unified application to both tax authorities.
Each dealer to be given unique ID GSTIN.
Deemed approval within three days.
Post registration verification in risk based cases only.
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns: http://www.gstreturnonline.com
Why to register GST?
GST is a single tax on the supply of goods and services (as opposed to the previous regime, where goods & services were separately taxed by state government and the center government), right from the manufacturer to the consumer.
A ‘taxable person’ under GST, is a person who carries on any business at any place in India and who is registered or required to be registered under the GST Act(s). Any person who engages in economic activity including trade and commerce is treated as taxable person.
‘Person’ included here are individuals, HUFs, companies, firms, LLPs, AOPs/BOIs, any corporation or Government company, body corporate incorporated under laws of foreign country, co-operative societies, local authorities, government, trusts, artificial juridical persons.
For GST Registration: http://www.gstregistrationonline.com/
For GST Returns: http://www.gstreturnonline.com/