Goods GST rate from 28% to 18%

Wire, cables, insulated conductors, electrical insulators, electrical plugs, switches, sockets, fuses, relays, electrical connectors Electrical boards, panels, consoles, cabinets etc for electric control or distribution Particle/fibre boards and ply wood. Article of wood, wooden frame, paving block Furniture, mattress, bedding and similar furnishing Trunk, suitcase, vanity cases, brief cases, travelling bags and other hand bags, cases Detergents, washing and cleaning preparations Liquid or cream for washing the skin  Shampoos; Hair cream, Hair dyes (natural, herbal or synthetic) and similar other goods; henna powder or paste, not mixed with any other ingredient; Pre-shave, shaving or after-shave preparations, personal deodorants, bath preparations, … Click here to continue…..

What are the types of taxes under GST?

The new GST regime will comprise of the following taxes –  Central Goods and Services Tax (CGST) – This tax will be levied on intra-state (within same state) supply of goods and services  State Goods and Services Tax (SGST)- This tax will also be levied on intra-state (within same state) supply of goods and services  Union Territory Goods and Services Tax (UTGST) – This tax will be levied on the supply of goods and services within the same Union Territory  Integrated Goods and Services Tax (IGST) – This tax will be levied on inter-state (among different … Click here to continue…..

Who is required to pay GST?

GST is payable by any person making taxable supplies of goods/ services and whose turnover [on a pan-India basis of all offices having the same Permanent Account Number (PAN)] exceeds INR 20 lakhs. However, where a person who is registered under GST receives goods or services from an unregistered vendor, the registered recipient will be required to pay GST on the goods or services procured. Additionally, on certain goods and services specified by the Government, tax is to be paid by the recipient, under reverse charge instead of the supplier.

What is GST? When is GST expected to be implemented?

Goods and Services Tax Act (GST), pegged as a major tax reform post-independence, has already been introduced by the Government of India and is likely to be implemented from 1 July 2017. This will subsume most of the indirect taxes (such as VAT, excise, service tax etc.) levied by the Centre and State governments. GST is applicable on all goods and services except for supply of alcohol, petrol, electricity, etc. The new tax regime aims to bring efficiency in the procurement process and create a ‘single market’ to enable free flow of goods and services across the country with minimum … Click here to continue…..

GST Registration documents

LIST OF DOCUMENT-For GST Registration Proprietorship:- 1. PHOTO 2. PAN CARD 3. AADHAAR CARD 3. ELECTRICITY BILL 4. RENT AGREMENT / NOC 5. RC COPY 6. BANK STATEMENT (SHOWING BANK NAME, ADDRESS, IFSC CODE, ACCOUNT NO, PARTY NAME & ADDRESS AND FEW LATEST TRASNACTION) 7. POWER OF ATTORNEY PARTNERSHIP:- 1. PARTNERSHIP DEED 2. PAN CARD FIRM 3. BANK STATEMENT FIRM (SHOWING BANK NAME, ADDRESS, IFSC CODE, ACCOUNT NO, PARTY NAME & ADDRESS AND FEW LATEST TRASNACTION) 4. AUTHORITY LETTER TO A PARTNER 5. ELECTRICITY BILL FIRM 6. RENT AGREMENT / NOC 7. PHOTO 8. PAN CARD PARTNER 9. AADHAAR CARD … Click here to continue…..

GST Highlights

Highlights of New Proposed Goods & Service Tax (GST)   The basic principal governing behind GST is to have single Taxation System for Goods and Servicesacross the country. Currently Indian economy has various taxes on Goods and services such as VAT,Service Tax, Excise, Entertainment Tax, Luxury Tax Etc. now in the new Proposal of GST; we will be having only two taxes on all goods and Services as follows: a. State Level GST(SGST) b. Central Level GST (CGST) In case of Central GST, following Taxes will be subsumed with CGST which are at presently leviedseparately on goods and services by Central … Click here to continue…..