Definition

Goods and services tax or GST is a comprehensive indirect tax that is applied on the supply of goods and services, right from the manufacturer to the seller. GST has replaced many indirect taxes in India. It is a value-added tax levied on the manufacturer, sale, and consumption of goods and services.

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Importance

  • It acts as legal proof for the providers of certain goods and services.
  • One gets the right to collect tax from his customers.
  • More convenient for the individual to understand the indirect tax structure.
  • One gets the legal right for all other benefits that fall under the Goods and Services law.

Benefits

Goods and services tax offers benefits to the government, industries, and people of India. Some of the benefits are as under:

  • It acts as legal proof for the providers of certain goods and services.
  • One gets the right to collect tax from his customers.
  • More convenient for the individual to understand the indirect tax structure.
  • One gets the legal right for all other benefits that fall under the Goods and Services law.

Eligibility

  • Person or entities registered under the GST law i.e. service tax, VAT, etc.
  • Every person who is an E-commerce operator.
  • The person who occasionally undertakes supply of goods and services having no fixed place of business.
  • Businesses with turnover above Rs. 40 Lakh or Rs 20 Lakh or Rs. 10 Lakh according to the case or state.

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Subcategory

GST

1. Registration

In GST registration, the supplier or service provider gets 15 digits unique number called GSTIN and also gets a certificate of registration. Every taxpayer needs the GSTIN number to pay tax. Registration is the process to get a GSTIN number.

Need

  • A person cannot claim an input tax credit for taxes paid by him without first registering, nor can they collect tax from their clients. A taxpayer will gain the following benefits from registration: He is acknowledged by the law as a provider of goods or services.

Document Required

  • Pan card
  • Proof of business registration
  • Identity
  • Photographs
  • Address proof of persons in charge
  • Business address proof
  • Bank account statement

2. Assessment (Depends)

In GST, the term assessment means a determination of tax liability under the GST act. Assessment is divided into 6 different types in GST, some of them are Self-assessment, Provisional assessment, Summary assessment, scrutiny of returns, etc.

Need

  • A person cannot claim an input tax credit for taxes paid by him without first registering, nor can they collect tax from their clients. A taxpayer will gain the following benefits from registration: He is acknowledged by the law as a provider of goods or services.

Document Required

  • Pan card
  • Proof of business registration
  • Identity
  • Photographs
  • Address proof of persons in charge
  • Business address proof
  • Bank account statement

3. Consultation

In GST, consultants are a person who gives services to the payers by the online method. A consultant should register on the GSTIN portal and must have a certificate before he starts to practice.

Need

  • A person cannot claim an input tax credit for taxes paid by him without first registering, nor can they collect tax from their clients. A taxpayer will gain the following benefits from registration: He is acknowledged by the law as a provider of goods or services.

Document Required

  • Pan card
  • Proof of business registration
  • Identity
  • Photographs
  • Address proof of persons in charge
  • Business address proof
  • Bank account statement

4. Returns

Your sales, purchases, tax collected on sales (output tax), and tax paid on purchases will all be detailed in your GST return (input tax). You must pay the subsequent tax liability after filing GST returns (money that you owe the government).

Need

  • A person cannot claim an input tax credit for taxes paid by him without first registering, nor can they collect tax from their clients. A taxpayer will gain the following benefits from registration: He is acknowledged by the law as a provider of goods or services.

Document Required

  • Pan card
  • Proof of business registration
  • Identity
  • Photographs
  • Address proof of persons in charge
  • Business address proof
  • Bank account statement