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  • Good and Service Tax Registration

GOOD AND SERVICE TAX REGISTRATION


GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.

The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set­ off benefits at all the previous stages.

Benefits of Good And Service Tax Registration


Uniformity of tax rates and structures

GST will ensure to keep tax rates uniform (same) across the country.

Improved competitiveness

Reduction in transaction costs of doing business would eventually lead to an improved competitiveness for the trade and industry

Replacement of other Indirect Taxes

GST will replace 17 indirect taxes and compliances cost will fall.

FREQUENTLY ASKED QUESTION


The GST council in their meeting held on 3rd November, 2016 has finalized the GST Rates, which are as follows:
    1. 5% will be levied on essential food items and goods that are commonly used.
    2. 12% it is a standard slab rate
    3. 18% the goods that are not included in the above rates will be taxed at 18% slab.
    4. 28% this rate will be levied on luxurious goods like car, washing machine, air conditioner etc.
HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime.
Services will be classified as per the Services Accounting Code (SAC).
Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country.

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