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WHAT IS GST IN INDIA?

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. In other words,Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.

VALUE OF A GSTIN

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.

  • Take input tax credit.
  • Make interstate sales without restrictions.
  • Limited compliance for Composition dealers.
  • Lesser Tax Liability.
  • Reduction in logistics cost and time taken across states.
  • Higher exemptions to new businesses.
  • Making it easier to do business.
  • It increases the proximity of our tax system to the global tax system..

GST REGISTRATION ONLINE

Under the GST regime, all taxpayers are registered on a unified portal for compliance and administration purposes. They are assigned registration under a single authority. On registration, all the taxpayers are assigned a unique Goods and Services Tax Identification Number (GSTIN).

GSTIN is a PAN based PAN-based 15-digit Number which is constituted as below:

  • The first two digits represent the state code as per Indian Census 2011. Every state has a unique code. For instance, State code of Karnataka is 29, State code of Delhi is 07
  • The next ten digits will be the PAN number of the taxpayer
  • The thirteenth digit will be assigned based on the number of registration within a state
  • The fourteenth digit will be Z by default
  • The last digit will be for check code. It may be an alphabet or a number.
  • Any taxpayer looking to get registered needs to apply on the GST portal with the requisite details like name, nature of business, service/ product code category, details of promoters/ directors among other. On application, the details are sent to the local GST department for approval and allotment of GSTIN.