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What Is Goods and Services Tax (GST) registration In India

Our professional researcher is working on the GST research that is a single indirect tax aimed at making the country a unified common market. It is imposed on the supply of goods & services within India. The consolidation of several different center and state taxes into one is forecast to help the country move forward by eliminating the cascading of taxes. GST is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

History of GST in India

  • 2000 – PM Vajpayee set up a committee to draft a GST law.

  • 2004 – A task force concludes GST must be implemented to improve current tax structure.

  • 2006 – Finance minister proposes GST introduction from 1st April.

  • 2007 – CST to be phased out. Rate reduced from 4% to 3%.

  • 2008 – EC finalised dual GST structure to have separate levy, legislation.

  • 2010 – Project to computerise commercial taxes launched but GST implementation postponed.

  • 2011 – Constitution amendment bill to enable GST law introduced.

  • 2012 – Standing committee begins discussion on GST but stalled it over clause 279B.

  • 2013 – Standing committee tables its report on GST.

  • 2014 – GST bill reintroduced in parliament by finance minister.

  • 2015 – GST bill passed in LokShaba but not passed in RajyaShaba.

  • 2016 – GSTN goes live.

  • 2016 – Amended model GST law passed in both houses of parliament. President give assent.

  • 2017 – Four supplementary GST bill passed in Lok Shaba and approved by Cabinet. Rajya Shaba passes four supplementary GST bill. Final GST to be implemented on July 1,2017. 

Benefits of GST registration in Rajasthan

  • Removal of the cascading effect of tax on the sale of goods & services.

  • Regulation of the unorganised sectors of business.

  • Lower burden of compliances.

  • Wider threshold for registration.

  • Proper and defined treatment for E-Commerce.

  • Fully digital procedure for registration, filling refunds and applying for refunds under the same online portals.

  • Composition scheme for small business.

Types of GST in India

  1. CGST- Applicable in terms of intra-state sales. CGST is collected by the central government.

  2. SGST- Applicable in terms of intra-state sales. SGST is collected by respective state governments.

  3. IGST- Applicable in terms of inter-state sales. IGST is collected by the central government.

  4. UTGST- Applicable for transactions taking place in a union territory. UTGST is collected by the respective union territory government.

GST Registration u/s 22 in India

All businesses in India whose turnover is above Rs.20 lakh or Rs.10 lakh (for north eastern states) are expected to do GST registration as a regular taxable person.

Mandatory for following persons:

  • Non-Resident taxable individuals.

  • Entities engaging in E-Commerce.

  • Entities supplying goods & services via E-Commerce operators.

  • Individuals who are eligible for TDS.

  • Entities engaging in the provision of online information or retrieval services or database access.

 GST Registration procedure in Rajasthan:

  • Login to www.gst.gov.in

  • Click on the ‘services’ tab on the menu at the top of the page.

  • You will have three options viz. ‘Registration’, ‘Payments’ and ‘user services’.

  • Click on ‘Registration’ and select ‘New Registration’.

  • You will be redirected to a new page wherein you will have to select whether you are a taxpayer or a GST practitioner. This is basically Part-A of the form.

  • The details you have entered will have to be verified by the portal, you will receive a OTP or an email for confirmation.

  • Based on the kind of business you are running, you will be required to upload a few documents as requested.

  • Part-B of the form will then have to be filled in with a few details after which you will receive the ARM though email or SMS.

  • Your application will then be verified by a GST officer and it could either be approved or you will be requested to provide some more details or documents until the authorities have all the required information to approve your application.

Documents required for GST registration in Rajasthan:

  • PAN of the applicant,

  • Aadhar card,

  • Proof of address of the business place,

  • Business registration proof or certificate of incorporation,

  • Photograph of director(s),

  • Proof of identity of promoters,

  • Proof of address of promoters,

  • Statement of bank a/c or cancelled cheque,

  • Authorisation letter or board resolution for authorised signatory,

  • Digital signature.

Types of GST returns u/s 37 filing in Rajasthan

  1. GSTR1- Showing details of outward supplies.

  2. GSTR2- Showing details of inward supplies.

  3. GSTR3- Monthly consolidated return showing details of both inward and outward supplies.

  4. GSTR4- Quarterly return filed by composition dealer.

  5. GSTR5- Filled by non-resident taxable persons.

  6. GSTR6- Filled by input service distributor.

  7. GSTR7- Filed by a person who is eligible for TDS.

  8. GSTR8- Filled by E-Commerce or person eligible for TCS.

  9. GSTR9- Annual return.

  10. GSTR10- Final return.

  11. GSTR11- Filled by UIN holder.

GST Input Tax Credit in Rajasthan

ITC means that when a manufacturer pays the tax on his output, he can deduct the tax he previously paid on the input he purchased. Here, while paying the tax on his output, he can deduct or take credit for the tax he paid while purchasing input. ITC will not be available for personal use, exempt supplies, and supplies for which ITC is specifically not available. To calculate the ITC applicable, one can follow these steps:

  1. Find out if you are eligible to claim an ITC.

  2. Determine the % of use in your commercial activity.

  3. Determine the amount of GST you can claim as an ITC for different types of expenses.

  4. Calculate using the regular or simplified method.

 

Here are the 10 steps that you must take to file your GST return online in Rajasthan

  • Make sure that your business is registered under GST and has the 15-digit GST identification number with you based on your state code and PAN. In case you do not have this number, first GST register online in Rajasthan to get it. 

  • Next, visit the GST portal

  • Click on the ‘Services’ button.

  • Click on ‘Returns dashboard’ and then, from the drop-down menu, fill in the financial year and the return filing period.

  • Now select the return you want to file and click on ‘Prepare online’. 
    Enter all the required values including the amount and late fee, if applicable.

  • Once you have filled in all the details, click on ‘Save’ and you will see a success message displayed on your screen.

  • Now click on ‘Submit’ at the bottom of the page to file the return.
    Once the status of your return changes to ‘Submitted’, scroll down and click on the ‘Payment of tax’ tile. Then, click on ‘Check balance’ to view cash and credit balance, so that you know these details before paying tax for respective minor heads. Next, to clear your liabilities, you need to mention the amount of credit you want to use from the credit already available. Then click on ‘Offset liability’ to make the payment. When a confirmation is displayed, click on ‘OK’. 

  • Lastly, check the box against the declaration and select an authorised signatory from the drop-down list. Now click on ‘File form with DSC’ or ‘File form with EVC’ and then click on ‘Proceed’. Make the payment in the next step for your respective GST form.