Goods and Services Tax (GST)

                                                                                                                                                             

Prakash K Prakash is one of the leading consultants in GST in Delhi/ NCR. We provide complete GST solutions to our clients which includes all services like:

  • Obtaining registration under GST
  • Regular GST compliances
  • Preparation and filing of monthly/ Quarterly GST returns
  • Consultancy on day to day queries
  • Preparation and filing of GST refund Application & follow up
  • Preparation and filing of Annual return.
  • GST Audit.
  • GST Assessment
  • Cancelation of GST Number

GOODS & SERVICES TAX (GST) - SALIENT FEATURES      

The Govt. of India by way of enactment of New Tax i.e. Goods & Services Tax Act known as GST has sub-merged various Central and State Levy into GST – such as Excise Duty, Service Tax, Central Sales Tax, Additional Custom Duty, Special Additional Duty, VAT, Entry Tax, Purchase Tax, Luxury Tax, Entertainment Tax, Octroi, Taxes on lottery, Batting, and gambling apart from CESS and Surcharge. It is single tax regime for whole economy which will convert the whole nation into one market place.

 

Every registrants or dealers ( including Exporters and Importers) shall be given a PAN based GSTIN number which shall be a common to the both the State GST and Central GST.

 

The State GST (SGST) and Central GST (CGST) shall be levied on all the transactions of goods and services, concurrently. Due credit against GST is available to an entity in respect of taxes paid on any supply of goods or services or both used or intended to be used in the course business. It is destination based tax on consumption of Goods and Services. Hence, the credit of SGST shall be transferred to the Destination State in the form of Integrated GST (IGST). IGST will be imposed on all Inter-State Transactions.

 

Threshold Limit:

 

Compulsory Registration:-

  • Persons who are required to pay tax under Reverse Charge.
  • Causal Taxable persons making taxable supply.
  • Electronic commerce operator who is required to collect Tax at Source under GST.
  • Non Resident Taxable persons making taxable supply.
  • Persons who make taxable supply on behalf of other taxable persons whether as an agent or ortherwise.
  • Input Service Distributor.
  • Every persons supplying online information and data base access or retrieval services from a place outside india to a person in india, other than a registered person

 

Crossing of Threshold limit of aggregate turnover:

 

Supply of goods(Only)  except supply of ice creams & every edible ice.

  • 40 Lakhs: Andhra Pradesh, Arunachal Pradesh, Bihar, Chhattisgarh, Delhi, Goa, Gujarat, Haryana, Himachal Pradesh, Jamu & Kashmir, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan , Tamil Nadu, Uttar Pradesh, West Bengal.
  • 20 Lakhs: - Assam, Kerala, Meghalaya, , Puducherry, Sikkim, Telangana, Tripura, Uttarakhand.
  • 10 Lakhs: Manipur, Mizoram, Nagaland

 

Supply of Goods and service or Service only.

  • 20 Lakhs: Andhra Pradesh, Arunachal Pradesh, Bihar, Chhattisgarh, Delhi, Goa, Gujarat, Haryana, Himachal Pradesh, Jamu & Kashmir, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan , Tamil Nadu, Uttar Pradesh, West Bengal, Assam, Kerala, Meghalaya, Puducherry, Sikkim, Telangana, Uttarakhand.
  • 10 Lakhs: -  Manipur, Mizoram, Nagaland, Tripura

 

Voluntary Registration

As the name suggest, anyone can register under GST even though he may not required by law

 

Composition Scheme

The GST Laws provides a composition scheme for small dealers having turnover of Rs. 1.5Cr. (For Himachal Pradesh, JK, Assam and all other Territories) and Rs. 75 Lacs for North Eastern states.

 

 Compliance

 

Present time line for deposit of GST and filing of GSTR-3B for all tax payers is as follows:-

  • If turnover in previous year is more than 5 Crores: - 20th day of the succeeding month
  • If turnover in previous year is less than 5 Crores:
    • 22nd day of succeeding month for following States/UT

      24th day of succeeding month for following States/UT

      State of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep

       

      State of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi

       

       

  • Late deposit of tax will attract penal interest @ 18% p.a.
  • All the tax payers are required to file their GST returns depending upon the category of tax payer, turnover quantum, residential status, etc. Different time lines have been prescribed for filing the same. However, late deposit fee of GST return is Rs. 50/- per day and for filing Nil return is Rs. 20/- per day.
  • Filing of Annual Return  / GST Audit - Last date of FY - 2018-19 is 30th June,2020

 


 

Contact PKP  for more on GST 

 

Contact Person : Prakash K Gupta

Email -  pgupta@pkpconsult.com

Telephone Numbers : +91-11-23382207/ 23388753

Mobile Number : +91-9811031841