GST is an Indirect Tax which has replaced many Indirect Taxes in India, which came into the form an 1st July 2017. Goods and Service Tax is an indirect tax regulated on the supply of goods and services. Some of the benefits of GST registration are;
There are 3 taxes applicable under this system: CGST, SGST & IGST is the tax collected by the Central Government on an intra-state sale, SGST is the tax collected by the State Government on an intra-state and IGST is the tax collected by the Central Government for intra-state sale. With Muneemg you can get your GST registered easily.
GST, or Goods and Services Tax, has been one of the biggest tax reforms this country has seen. It is a single tax with which those taxes that existed previously have been replaced. Such as Central Excise, VAT, Entry Tax, Octroi, Service Tax, etc.
GST was rolled out nationwide on July 1, 2017.
It is a destination-based tax.
And follows a dual model in which both the State and the Central government levy tax on goods and services. All businesses are required to obtain a GST number for every state that specific business has been registered in. The first step under the GST regime is to know whether the business is liable to register and register accordingly.
With Muneemg, GST registration is as simple as saying 1-2-3.
A supplier of goods, with an annual turnover of Rs. 40 lakh (Rs. 20 lakhs for special category States), must apply for GST registration. There are certain cases where the taxable person is liable to pay GST even though his turnover has not crossed this limit.
Those providing services must get GST registration, once their turnover crosses Rs.20 lakhs and in case of Special Category States at Rs 10 lakhs.
GST return is a document containing details of income which a taxpayer is required to file with the GST authorities. This helps tax authorities calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
To file GST returns, only those sales and purchase invoices, that are GST compliant, are required. You can use our pocket-friendly GST Software to generate these GST compliant invoices.
All exports are treated as zero-rated supplies. Exporters of goods and/or services, with GST registration, don’t need to pay any tax on their export. Still, a credit of input tax credit will be available and the same is available as a refund to them. They can either pay tax on the output and claim a refund of IGST or export under Bond without paying IGST and claim a refund of Input Tax Credit (ITC).
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