Apply GST Registration Online –
GST will have 3 tax components, which includes a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST) where centre and state will levy GST on all entities, i.e. when a transaction happens within a state. Inter-state transactions will attract the Integrated Goods and Services Tax (IGST), to be levied by the centre, i.e. when a transaction happens one state to a special .
What is the input tax credit?
Input decrease allows you to reduce your tax you’ve already paid on inputs and pay the remaining amount at the time of paying tax.
You pay taxes on the acquisition when a product is purchased from a registered seller, and once you sell the merchandise , you too collect the tax. With input credit, you’ll adjust the taxes paid at the time of purchase with the amount of tax on sales (output tax) and pay the balance liability of tax, i.e. tax on sale minus tax on the acquisition .
Needs a GST Registration
Every business or corporation that are involved within the buying and selling and good of services got to register for GST. it’s mandatory for companies whose turnover is sort of Rs.20 lakhs (for supply of services) and Rs. 40 lakhs ( for supply of goods) yearly to register for a GST.
All businesses making interstate outward supplies of products got to register for a GST too. the same applies to businesses making taxable supplies on behalf of other taxable persons, example Agents and Brokers.
Also, as per the recent notification, e-commerce sellers/aggregators needn’t register if total sales are but Rs.20 lakhs.
GSTN (Goods and repair Tax Network)
The Goods and repair Tax Network (or GSTN) is section 8 (non-profit), non-government, private Ltd. . GSTN could also be a one-stop solution for all of your tax requirements. GSTN is responsible for maintaining Indirect Taxation platform for GST to help you prepare, file, rectify returns and make payments of your tax liabilities.