GST Compliance
Simplify your GST filing process with AapnaCA
GST is a destination-based consumption tax, i.e., tax on inter-state supply to accrue to the destination state introduced in July 2017 and since then it has been evolving. It is Dual GST model consisting of CGST to be central tax and SGST to be state tax and IGST on inter-state transaction, to be shared between center and states. The GST regime has subsumed all indirect taxes into one. It seeks to address the challenges with the old indirect tax regime by broadening the tax base, eliminating cascading of taxes, increasing compliance and reducing economic distortions caused by inter-state variations in taxes.
We at AapnaCA have a dedicated team which handles all the services related to GST.
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GST Compliance FAQs
The Goods and Services Tax is a unified, multi-stage, and consumption-based tax levied on the supply of goods or services, combining all stages such as manufacture, sale and consumption of goods and services. It functions at a national level in order to replace most of the national and state tax systems like VAT, service tax, excise duty, etc. It removes the cascading effect of tax-on-tax, earlier prevalent. It is applicable to you if you are into manufacturing, trading, e-commerce or providing services, and your annual turnover exceeds a prescribed limit.
You can enroll for GST via the common portal of the Goods and Services Tax. AapnaCA can also help you with your enrollment. For more details, click here (Route to Enquire Window)
Can I have multiple registrations?
Yes, a person with multiple business verticals in a state may obtain a separate registration for each business vertical (in each state).
- Cascading tax effect (the tax-on-tax effect) does not exist
- It is easier to avail the input tax credit
- Return filing and compliance are consolidated
- Increased efficiency in logistics
- Subsumed a variety of indirect taxes
- Higher threshold for GST registration
- Composition scheme for small businesses
Small businesses and taxpayers with a turnover of less than Rs.1.5 crore (Rs.75 lakh for special category states) can opt for the composition scheme where they will be taxed at a nominal rate of 0.5% or 1% (for manufacturers) CGST and SGST each (rates as per the latest proposed changes in the Goods and Services Tax bills). Composition levy is available to only small businesses dealing in goods. It is not available to interstate sellers, e-commerce traders and operators, and service providers.
The input tax credit refers to the amount of tax on purchases that you can reduce at the time of paying tax on sales. One of the fundamental features of the Goods and Services Tax is the seamless flow of input credit across the chain (from the time the goods are manufactured until it is consumed) and country.
GST replaced all the taxes currently levied and collected by the centre (such as Central Excise Duty and CVD) and by the state (such as VAT and CST) on businesses.
The HSN code stands for “Harmonised System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world. The HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide. It was developed by the World Customs Organization (WCO), and it came into effect from 1988.