GST FAQ - Get all Your Queries Answered On GST

Goods and Service Tax (GST).

Gst is the Single taxation policy for all the indirect tax in India such as Value Added Tax (VAT), excise duty,service tax, etc.

The Government of India launched GST on 1st july 2017.

GST was introduced under 101st Constitution Amendment Act, 2016.

The turnover exemption limit is Rs 40 lakhs for business and 20 lakhs for services.

The Business will be penalized by the government and also their business license will be considered illegal.

Petroleum, alcoholic drinks, electricity, fruits and vegetables, eggs, meat, etc are not included in GST.

Central Goods and Service Tax (CGST), State Goods and Service Tax (SGST), Integrated Goods and Service Tax (IGST) and Union Goods and Service Tax (UTGST).

No, the assessees or dealers who are already registered under the existing central excise or service tax or vat laws, will not have to obtain fresh registration. Failure to issue the GSTN number will lead to severe taxation fines. The service taxes will have a centralized registration to apply for if they want to start up their business in different parts of the country. It is important that such certificates are renewed at the earliest possible interval.

When the supply of goods and services are done within the state then the state charges half portion of tax revenue known as the SGST.

Half portion of tax revenue will be shared with the central government when the tax charged on supply of goods and services are done within a state known as CGST

When the supply of goods and services are done between the inter states then the full portion of tax revenue will be charged by the central government known as IGST.

When the supply of goods and services takes place within the union territory, the part of tax profit that the Union Territory gets is called UTGST.

GSTIN is a unique 15-digit alphanumeric code given to a person registered under GST.

TGoods and Service Tax Identification Number (GSTIN).

GST Amount = ( Original Cost x GST% ) / 100 Net Price = Original Cost + GST Amount

HSN is a six-digit unique code which classifies over 5000 items, organised in a legal and logical format.

Harmonized System of Nomenclature (HSN).

SAC is also a six-digit unique code which classifies services under GST.

Service Accounting Code (SAC).

There is no fee charged by the government for GST registration but the government portals have a very complicated process which is not easily understandable by new users. So we charge a small amount for gst registration and do all the registration work on your behalf and saves your valuable time

It usually takes 2-7 working days for getting GST

GST authorized entities usually have to file three monthly returns (GSTR-1, GSTR-2 and GSTR-3) in each state in which they work. It also needs an annual return on the GST. This ensures that a company would have to file 37 returns per annum.

According to the government notifications every business registered under gst have to now file four monthly returns in a year. The new form for filing is GSTR-4.

The Business working will not filing gst return will be fined and penalised by the government.

Yes, it is compulsory to file a gst return even if there is no transaction take place in business. Then you must file the NIL return.