GST is the biggest and most awaited indirect tax reform in India. It may also be known as Good and Simple Tax because of its simplicity. GST abolished various multiple taxes into one tax, reduces tax complexities, single return etc.
GST is the major factor to improve India’s World ranking in Ease of Doing Business. GST is the major contributor to increase the taxpayer base in India by bringing in Micro and Small business in India.
Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to get register themselves under GST. Those entities who supplies Goods or Services through Online have to register themselves under Goods and Service Tax irrespective of Turnover. Registration under GST is mandatory once the assesse crosses the turnover prescribed under GST law. New entities are required to obtain the GST Registration when it is expected to cross the prescribed turnover.
Entities without GST registration is not allowed to claim input tax credit of GST paid.
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Advantages of Goods and Service Tax (GST)
1. GST is a simple and transparent Tax System 2. GST is a destination based tax 3. It eliminates cascading effect of taxes i.e. removes Tax on Tax. 4. Small Traders having turnover upto Rs. 20 Lakhs are exempt to take GST Registration. The threshold limit for obtaining GST Registration from April 2019 will be Rs. 40 Lakhs. 5. Benefit of composition scheme for small assesses 6. Defined treatment for E-commerce operators 7. Unorganized sector is regulated under GST 8. GST also help to build a transparent and corruption free tax administration 9. GST registration is easy to surrender
As per the extant law, registration for TCS would be required in each State / UT as the obligation for collecting TCS would be there for every intra-State or inter-State supply. In order to facilitate the obtaining of registration in each State / UT, the e-commerce operator may declare the Head Office as its place of business for obtaining registration in that State / UT where it does not have physical presence.
Customs duty and cess as applicable + IGST+ GST compensation cess. IGST and GST compensation cess shall be paid after adding all customs duty and customs cess to the value of imports.
GST eliminates the cascading effect of tax
GST is a comprehensive indirect tax that was designed to bring the indirect taxation under one umbrella. GST eliminates the cascading effect. Cascading tax effect is described as ‘Tax on Tax’.
Integrated Indirect Taxes
GST is an Integrated Indirect Tax in India. With the implementation of the GST various indirect taxes has been eliminated such as Service Tax, VAT, Excise, Custom Duty etc.
GST repealed various other taxes VAT, service tax, Excise etc. into one tax i.e. GST. Earlier, each tax has its own registration, own returns and compliance. Now GST has the integrated return.
Simple and Easy online procedure
The complete process of GST Registration and Return filing is made online, transparent and very simple. GST also replaced various registration and returns like excise, vat, service tax into one Registration and One Return i.e. GST. GST also proves “One Nation One Tax”.