A step-by-step guide for obtaining your GSTIN

The GST registration process has been reopened from June 25 and will continue for the next 3 months

 

Under the VAT and Service Tax regime, TIN number and Service Tax Registration Number were issued by the state and the Centre. However, under the Goods and Services Tax (GST) regime, all taxation will get consolidated into a single platform and taxpayers will be registered under a single authority. All the taxpayers who migrate and register under GST will receive a GSTIN — Goods and Service Tax Identification Number. Here is what the GSTIN format looks like-

→ Income Tax Filing ←  → Tax Filing ←  → IT Return ←

Under the GST regime, every business providing goods and services with a turnover exceeding Rs 20 lakh is required to register as a normal taxpayer. This registration is important because only a registered business can avail benefits like the seamless flow of Input Tax Credit (ITC) on their raw material purchases.

The GST registration process has been reopened from June 25 and will continue for the next 3 months.

How to get a GSTIN
1. Log on to that GST online portal www.gst.gov.in
2. Go to 'Register Now' and fill in Part A of the application with your name, e-mail ID and mobile number
3. The portal will verify your details by sending an OTP to your mobile and email
4. Once the verification process is completed, you will receive the Application Reference Number (ARN) via mobile or email
5. Now you can fill Part B of the application using the ARN. The documents you will require in this step include:
→ Photographs
→ Constitution of taxpayer
→ Proof(s) of place of business
→ Bank account details
→ Authorisation form
6. Fill in all the information and upload all the documents that are required in the application and submit the application using DSC or Aadhaar OTP

Penalties for not registering under GST → Read Full Story

GST regime: New MRP rules released, defaulting manufacturers to be fined

Govt has given 3 months time to reprint revised MRPs under the Packaged Commodities: Paswan tweeted

 

 

The government on Tuesday warned that legal action will be initiated against manufacturers for not printing the revised MRP post rollout of the GST.

Food and Consumer Affairs Minister Ram Vilas Paswan said the government has given three months time till September to reprint the revised maximum retail price (MRP) with the implementation of the landmark Goods and Services Tax (GST).

In a series of tweets, Paswan said that prices of some commodities have fallen, while some have increased with the implementation of GST.

Get all the query on →  Income Tax Efiling  ←

"Fall in prices due to lower GST should be passed on to consumers. ...The government will take legal action against vendors not declaring revised MRP after GST," he said.

The revised rates should be displayed on commodities so that consumers are aware what is the MRP of each item after GST, he added.

"The government has given time till September to reprint the revised MRP under the Packaged Commodities Rule," he said.

GST, launched at midnight of June 30, has subsumed all value added tax (VAT) and Octroi. Read More...

GST in Kashmir: Traders march against new regime with black flags; detained

A special session of the state legislature began today to discuss GST implementation

Police on Tuesday detained several traders after they tried to march towards the Jammu and Kashmir Legislative Assembly to protest the implementation of GST in the state in its present form.

The traders were detained near the gate of the Civil Secretariat complex, which also houses the assembly, after they took out a protest march, police said.

The traders were scheduled to hold a sit-in near the assembly to protest the implementation of the new tax regime in the state in its present form, claiming that it would lead to the erosion of the state's special position and its fiscal autonomy.

Holding black flags and shouting slogans against the GST, several traders reached Jehangir Chowk here to protest.

They tried to march towards the civil secretariat complex, but police swung into action and detained several of them outside the Civil Secretariat,the police said.

A special session of the state legislature began today to discuss the issue of implementation of GST in the state... read more...

Twitter records over 1 mn conversations on GST between June 30 and July 2

Twitter recorded over one million conversations on the goods and services tax between June 30 and July 2 — reflecting the sentiment of the nation on what is being billed as the largest tax reform since Independence.

From #GSTIndia to #GSTForCommonMan, people took to Twitter to express their opinions about the GST.

India ushered in the GST regime on the intervening night of June 30 and July 1. A four-tier tax slab — 5, 12, 18 and 28 per cent — has been decided. People have also been posting pictures on various social media platforms of receipts issued in grocery stores or eateries showing tax deductions as GST, instead of VAT/service tax earlier.

"Conversations around the launch of the GST exemplify Twitter as the best place for people to connect with what’s happening in India and around the world and express their opinions,” Twitter India Head of Public Policy and .... read more...

Want us to carry your goods? Show GST number first: Transporters to traders

This is being done to avoid collecting taxes from sender and depositing with the govt

 

 

Transport companies are now insisting traders furnish their GST numbers before accepting goods for transportation anywhere. Traders who have not acquired GST numbers will not be entertained, some transporters told Business Standard.

Ashok Shah, chairman of V- Trans, a large Mumbai-headquartered logistics company and past chairman of Bombay Goods Transport Association confirmed the development. He said, "Octroi being subsumed in GST is a big relief and will save both, time in transit and fuel.

However, for transporting goods, the sender's GST number is required, because given the way tax provisions for transporters have been structured, that becomes necessary".

Under the old tax regime, transport services suffered 5 per cent service tax. That rate has been retained under GST. However in their business, transporters did not have to be registered, collect taxes from the sender on rent or transport charges and deposit them with the government.

This responsibility vested with the sender who paid transport charges. He was responsible for depositing the tax with the service tax department... read more...

How the GST launch impacts you: All your questions about the tax reform answered

Do registered dealers have to record Aadhaar/PAN while selling goods to unregistered dealers?

 As the nation prepares for the rollout of the Goods and Services Tax (GST) from 1st July 2017 midnight, the government has prepared a FAQ sheet based on several questions it received on Twitter.

Here is a summary of some the most frequently asked questions and their answers:

What is Goods and Services Tax?
It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.

The GST would replace the following taxes:

(i) taxes currently levied and collected by the Centre:
a. Central Excise duty
b. Duties of Excise (Medicinal and Toilet Preparations)
c. Additional Duties of Excise (Goods of Special Importance)
d. Additional Duties of Excise (Textiles and Textile Products)
e. Additional Duties of Customs (commonly known as CVD)
f. Special Additional Duty of Customs (SAD)
g. Service Tax
h. Central Surcharges and Cesses so far as they relate to supply of goods and services

(ii) State taxes that would be subsumed under the GST are:
a. State VAT
b. Central Sales Tax
c. Luxury Tax
d. Entry Tax (all forms)
e. Entertainment and Amusement Tax (except when levied by the local bodies)
f. Taxes on advertisements
g. Purchase Tax
h. Taxes on lotteries, betting and gambling
i. State Surcharges and Cesses so far as they relate to supply of goods and services

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Full GST rate list: Here are the tax rates for all goods and services

Foodgrains are slated to cost less from July 1

 

Foodgrains will cost less from July 1 when the nation-wide Goods and Service Tax (GST) is rolled out as the GST Council today decided to exempt the daily-use commodities from the levy.

Here's a complete list of the rates of all 1,211 items but six were finalised at the first day of the two-day meeting in Srinagar of the GST Council, headed by Union Finance Minister Arun Jaitley and comprising state representatives.

Also, here's a complete list of all the items that the GST Council has broadly approved as the rates of GST Compensation Cess to be levied on certain goods.

Full GST rate list

The Rs 35,000-cr business of making India GST-ready

Some of the players in the GST race are Payworld, Dell, Tally Solutions

 

 

The past few days have been ‘taxing’ for Pawan Kumar Gupta, in a race against time to become compliant with the requirement for the coming national goods and services tax (GST).

A hardware and bathroom fittings supplier, he’s been zeroing on GST-ready commercial computers and hiring three new accountants, adept with the new intricacies, among other things. A checklist in hand, Gupta is making notes on the things that have to be done before July 1, when GST becomes a reality. Till now, he has spent around Rs 2 lakh in equipping himself for the transition.

National Sample Survey Office (NSSO) data from 2013 say there are around 57.7 million registered small and medium traders. Beside, at least 15 million retailers and hundreds of thousands of offline and online ventures would all come under the new tax net. The money they’d spend for this over the next two years would be over Rs 35,000 crore, say experts.

 

Get all the Latest Updates on Business Standard

In the past eight months, the huge spending potential has created a new sector, of GST enablers. These include providers of computer hardware and software. And, legal, technical and personnel support and services. Every small entity is investing its money to comply with the new regime.

Unlike the value added tax (VAT), say experts, GST is fully computerised, with many layers only professional accountants can understand. So, the demand for computers and skilled personnel will rise.

 

Competition is already on between hardware companies. “We are eyeing the lion’s share of the market and are prepared with our solutions. We have an outreach programme for traders. We believe we would see immediate returns for the next six months to one year,” said Pankaj Harjai, director of the small and medium business at (read more...)

 

 

 

 

GST Council reduces tax rates of 66 items

Council had received representations for 133 items; GST on movie tickets below Rs 100 cut to 18%

 

 

Tax rates on certain kitchen items like pickles and mustard sauce, as well as movie tickets costing up to Rs 100 have been lowered as the Centre and states today reduced levies on 66 items.

Movie tickets costing Rs 100 and below will now attract 18% tax, as against 28% proposed earlier, while those above Rs 100 will continue to attract 28% GST.

Kitchen use items like pickles, mustard sauce and morabba will attract 12% GST, as against 18% proposed earlier. Also, tax rates on cashew nuts have been cut to 5% from 12%.

 

Get all the Latest Updates on  BUSINESS NEWS

The GST Council also decided that traders, manufacturers and restaurant owners with turnover of up to Rs 75 lakh can opt for a composition scheme and pay taxes at the rate of 1, 2, and 5% respectively.

The Council also lowered GST rates on children's drawing books to nil from 12%. Computer printers will attract 18% tax as against 28% earlier.

GST on insulin and agarbatti has also been lowered to 5%, while school bags will attract tax of 18%.

Tax rate on kajal has been lowered to 18% from 28%.

 

 

"GST Council has reduced tax rates of 66 items as against representations received for 133 items," Finance Minister Arun Jaitley told reporters here after the 16th meeting of the GST Council.

Next meeting of the Council will be on June 18, when it will take up lottery taxes and e-way bill.

On the issue of review of GST rate on hybrid cars, it was decided that the council will take it up after considering states' comments on a detailed paper issued on the matter earlier.