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Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.
Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.
Where the total taxable supply of goods and services or aggregate turnover of a supplier exceeds the following threshold limit, registration is compulsory.
|State||Threshold limit of aggregate turnover(in Rs.)|
|Special category states||20 Lacs|
|Other states||40 Lacs|
However, GST registration is compulsory for certain category of suppliers irrespective of the threshold limit. They are:
Proof of place of business like electricity bill, rent agreement
Copy of PAN of business
ID proof and photograph of authorized person of business
Copy of bank statement
Document regarding composition of business like partnership deed, MOA, AOA
Every person (other than casual tax payer and non- resident taxable person) must apply for registration within 30 days from the date on which he becomes liable to obtain registration.
Turnover of one person having same PAN (includes even if supply made on behalf of other person) shall be combined to determine the aggregate turnover.It includes:
Even if aggregate turnover exceeds the threshold limit, the supplier is not required to obtain GST registration in case where such turnover exclusively consists of supply of non-taxable or wholly exempt goods or services.
Any agriculturist, to the extent of supply of produce out of cultivation of land.
Person making only reverse charge supply.
Casual taxable person making supply of handicraft goods (only where the aggregate turnover is less than the threshold registration limit)
Before GST, the manufacturer of goods had to obtain multiple registrations. One, under Central Excise Laws in case he is a manufacturer, and then further under VAT if trading in goods or Service Tax if engaged in providing services. However, under GST, the registration process is simple- i.e., just one registration per state, i.e., if a business entity has its branches in multiple States, then it will have to obtain registration for each branch in their respective states. In addition, there is no need for the taxpayer to obtain a separate registration under central government, i.e. single registration for all taxes- CGST, SGST/UTGST, IGST and cesses. So, the tax payers need not keep track of multiple registration numbers under Central registration and state registration for various indirect tax laws- just one GSTN* [unless the registration for multiple states obtained]. In short, GST is a PAN based and state specific tax.
|STATE CODE||PAN||ENTITY CODE||CHECK SUM CHARACTER|
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