GOODS AND SERVICES TAX (GST)

1. What is GST?

GST is one indirect tax for the whole nation, which will make India one unified common market.
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.

2.What are the sailent Features of GST?

  1. GST would be applicable on “supply” of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services.
  2.  GST would be based on the principle of destination based consumption taxation as against the present principle of origin based taxation
  3.  It would be a dual GST with the Centre and the States simultaneously levying it on a common base. The GST to be levied by the Centre would be called Central GST (CGST) and that to be levied by the States would be called State GST (SGST).
  4. An Integrated GST (IGST) would be levied on inter-State supply (including stock transfers) of goods or services. This would be collected by the Centre so that the credit chain is not disrupted.
  5.  Import of goods or services would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties.
  6. CGST, SGST & IGST would be levied at rates to be mutually agreed upon by the Centre and the States under the aegis of the GST Council (GSTC).
  7. GST would replace the following taxes currently levied and collected by the Centre:
    • Central Excise duty
    • Duties of Excise (Medicinal and Toilet Preparations)
    • Additional Duties of Excise (Goods of Special Importance)
    • Additional Duties of Excise (Textiles and Textile Products)
    • Additional Duties of Customs (commonly known as CVD)
    • Special Additional Duty of Customs (SAD)
    • Service Tax
    • Cesses and surcharges insofar as far as they relate to supply of goods or services
  8. State taxes that would be subsumed within the GST are:
    • State VAT
    • Central Sales Tax
    • Purchase Tax
    • Luxury Tax
    • Entry Tax (All forms)
    • Entertainment Tax (except those levied by the local bodies)
    • Taxes on advertisements
    • Taxes on lotteries, betting and gambling
    • State cesses and surcharges insofar as far as they relate to supply of goods or services

3. Documents Required?

A.  Documents required for Private Limited Company (Pvt Ltd)/Public Company (limited company)/One person company (OPC):
Company documents

  • PAN card of the company
  • Registration Certificate of the company
  • Memorandum of Association (MOA) /Articles of Association (AOA)
  • Copy of Bank Statement
  • Declaration to comply with the provisions
  • Copy of Board resolution

Director related documents

  • PAN and ID proof of directors

Registered Office documents

  • Copy of electricity bill/landline bill,  water Bill
  • No objection certificate of the owner
  • Rent agreement (in case premises are rented)

B. Documents required for Limited Liability Partnerships (LLP):
LLP documents

  • PAN card of the LLP
  • Registration Certificate of the LLP
  • LLP Partnership agreement
  • Copy of Bank Statement of the LLP
  • Declaration to comply with the provisions
  • Copy of Board resolution

Designated Partner related documents

  • PAN and ID proof of designated partners

Registered Office documents

  • Copy of electricity bill/landline bill,  water Bill
  • No objection certificate of the owner
  • Rent agreement (in case premises are rented)

C. Documents required for Normal Partnerships
Partnership documents

  • PAN card of the Partnership
  • Partnership Deed
  • Copy of Bank Statement
  • Declaration to comply with the provisions

Partner related documents

  • PAN and ID proof of designated partners

Registered Office documents

  • Copy of electricity bill/landline bill,  water Bill
  • No objection certificate of the owner
  • Rent agreement (in case premises are rented)

D. Documents required for Sole proprietorship/Individual
 Individual documents

  • PAN card and ID proof of the individual.
  • Copy of Cancelled cheque or bank statement.
  • Declaration to comply with the provisions.

 Registered Office documents

  • Copy of electricity bill/landline bill,  water Bill
  • No objection certificate of the owner
  • Rent agreement (in case premises are rented)

4. Time Required for Obtaining GST Registration?

Baxicorporate will get the GST Registration within requisite time.

5. Pricing ?

For Pricing and other details Click  

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