GST Registration
GST in India is the unification of taxes, like Service Tax, Excise Duty, CST and state taxes). Implemented From 1 July, 2017 to all Indian service providers, traders and manufacturers. Every venture buying and selling and good or services must register for GST. For turnover yearly exceeding 20 lakhs in case of services and 40 lakhs in case of goods, GST Registration is compulsory. GST is structured in a way that it reduces the worry of many taxes that were implemented earlier, making it now easier to get a sustainable tax system. With new terminology of GST, the complicated things that were confusing people are now easy to understand.
GST Registration?
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Why you should apply for GST?
If you have just started your business, and your annual turn over is more than 20 lakhs then you should apply for GST get extra benefits of GST registration.
- GST will save that you may be paying several times in the supply chain.
- Suitable for small scale business, GST is designed to protect small business from getting non-liable means of bills.
- Put a less effort in filing your compliance, you need to file for compliance less in GST.
- Get a certification, you will a GST Certificate after getting registered.
Components of GST
There are three components of GST, SGST, CGST, and IGST.
Central GST
State GST
Interstate GST
- When the selling of good and services happens within the state, the tax is collected by both Central Govt. and State Govt. and collectively it is: CGST and SGST.
- When the selling of goods and services happens out side the state, interstate, the tax is collected by Central Govt., and collectively it is: IGST
Terminology of GSTIN
Central/State/Interstate GST respectively.
GST Identification Number
represents the STATE CODE.
Next 10 Digits:are the PAN Card Number of the Business Identity.
13th Digit:the number of registration within a State.
14th Digit:Z alphabet.
15th Digit:Random Security Digit Automatically Generated.
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