GST (Goods and Service Tax)
The Goods and Services Tax (GST) is a type of tax on the consumption of goods and services in countries, collected by businesses from consumers and paid to the government. It was introduced officially in India on 1 July 2017, replacing the earlier system of multiple taxes, such as excise duty, service tax, and value-added tax (VAT). The 101st Constitutional Amendment / One Hundred and First Amendment Act, 2016 of the Constitution of India is a significant piece of legislation that has had a prominent impact on the Indian economy. It was passed in 2016 to introduce the Goods and Services Tax (GST), a value-added tax (VAT) that has simplified the tax system and boosted economic growth. This constitutional amendment was introduced as a nationwide Goods and Services Tax (GST) concept in India. GST registration is mandatory for all businesses with an annual turnover of more than ₹40 lakhs (₹ 20 lakhs for businesses in special category states).
What is GSTIN?
GSTIN stands for Goods and Services Tax Identification Number. It is a unique 15-digit number assigned to every taxpayer registered under the GST regime in India. The GSTIN is used to identify taxpayers and to track their transactions. The GSTIN is structured as follows: ● The first two digits represent the state code.
● The next ten digits are the PAN card number of the taxpayer.
● The thirteenth digit is an entity code used to distinguish between different types of taxpayers.
● The fourteenth digit is a fixed alphabet 'Z'.
● The fifteenth digit is a check digit, which is used to verify the accuracy of the GSTIN
What is the GSTN (Goods and Service Tax Network)?
The Goods and Services Tax Network (GSTN) is a non-profit, non-government organization that provides the shared IT infrastructure and services to the Central and State Governments, taxpayers and other stakeholders to implement the Goods and Services Tax (GST) in India. The GSTN is responsible for developing and maintaining the GST portal, which is the online platform that taxpayers use to register for GST, file returns, and make payments
The GSTN also provides several other services, such as:
● E-invoicing
● E-way bill
● Input tax credit reconciliation
● GST compliance reporting
The GSTN is a critical component of the GST system in India. It provides the IT infrastructure and services that enable taxpayers to comply with the GST laws and the government to administer the GST system.
What is a GST Certificate?
A GST certificate is a document issued by the Government of India to a taxpayer or entity that has registered under the GST system. It is proof of registration and authorizes the taxpayer to collect GST from customers on behalf of the government. The GST certificate contains the following information:
● GST Identification Number (GSTIN)
● Name of the taxpayer
● Address of the taxpayer
● Date of registration
● Type of registration (regular, composite, or non-resident)
● Business category
● Signature of the authorized officer
Who Needs a GST Registration Service?
Any individual or business entity that carries out taxable supplies of goods or services, Annual turnover of the business exceeds the prescribed threshold limit (currently ₹20 lakhs for most businesses), E-commerce operators that facilitate the supply of goods and services through their platform, Non-resident taxable persons who occasionally supply goods or services in India, Businesses that are involved in inter-state supply of goods or services, Input service distributors who distribute input tax credit to their branches or units, Casual taxable persons who supply goods or services occasionally in India, Businesses that were previously registered under the old tax regime (VAT, Service Tax, etc.) and have migrated to GST.
Components of GST
The components of Goods and Services Tax (GST) in India are:
● Central Goods and Services Tax (CGST)
● State Goods and Services Tax (SGST)
● Integrated Goods and Services Tax (IGST)
● Union Territory Goods and Services Tax (UTGST)
Objectives of GST
The objectives of the Goods and Services Tax (GST) in India are to:
● Create a unified and simplified tax system
● Eliminate the cascading effect of taxes
● Promote economic growth and development
● Increase tax revenue
Benefits of GST Registration for Individuals and Businesses
● Avail input tax credit
● Conduct interstate business without restrictions
● Easily register on online & e-commerce websites
● Gain a competitive advantage compared to other businesses
● Become eligible for several government benefits
● Opt for the composition scheme
● Enjoy a higher threshold for registration
GST Status Codes
Status code Description
01 Return filed successfully
02 Return pending for review
03 Return rejected
04 Refund processed
05 Refund rejected
06 Refund pending for review
07 Refund on hold
08 Refund canceled
09 Refund reversed
10 Notice issued
11 Notice complied with
12 Notice pending for compliance
GST Registration Fees
Getting a GST registration is a legal process that requires you to submit a lot of information about your business and scanned copies of certain documents. Campaigning Source offers a GST registration plan that can save you a lot of time and hassle. With our plan, a GST professional will help you with the entire process from start to finish.
GST Compliances
Compliance requirements include filing GSTR-1 (Sales return), GSTR-3B (Summary return), paying GST liability, filing GSTR-2 (Purchase return), GSTR-4 (E-commerce return), GSTR-5 (Non-resident return), GSTR-6 (Input service distributor return), GSTR-7 (Tax credit return), GSTR-8 (E-commerce return for e-commerce aggregators), GSTR-9 (Annual return), GSTR-9C (Reconciliation statement), issuing invoices and credit notes, maintaining GST records, filing GST refunds, responding to GST notices, implementing e-invoicing (for businesses with a turnover of over ₹20 crores), and generating electronic waybills (EWB) for all interstate and intrastate movements of goods worth more than ₹50,000.
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