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What is GST?

Goods and Services Tax is the new unified, multi-stage and consumption based tax levied on manufacture, sale and consumption of Goods and Services at national level to replace all the existing national and state tax systems like VAT, Service Tax, Excise Duty, etc. It is applicable to you if you are into Manufacturing, Trade, E-commerce or Services.

What is GST Compliance Rating?

GST Compliance Rating is a numerical rating given to businesses depending on their level of compliance with Goods & Services Tax rules. Refund claims under the GST regime will also be processed on merit basis, i.e on the GST compliance rating of the registered taxpayer. It is expected that certain slab rates will be maintained for various taxpayers falling under various bandwidths of compliance rating and the refunds will be made in terms of percentage amount based on the individual rating of the taxpayer. Higher compliance ratings will make the refunds process easier for businesses.

How to Enroll for GST?

You can enroll for GST via the common portal of Goods & Services Tax.

Can I have multiple Registrations?

Yes. A person with multiple businesses in a state may obtain a separate registration for each business (in each state).

What are the Benefits of Goods & Services Tax?

  • Cascading tax effect (meaning tax on tax) will no longer exist

  • Input Tax Credit will be easier to avail

  • Returns and compliances will be consolidated

  • Increased efficiency in Logistics

  • Subsumes variety of Indirect Taxes

  • Higher threshold for Registration

  • Composition scheme for smaller businesses

  • Online simpler procedure

  • Regulating the unorganised sector

Which all taxes will GST replace?

It will replace all the taxes currently levied and collected by the Centre (such as Central Excise Duty and CVD) and by the State (such as VAT and CST), on businesses.

How many Returns are required to be filed under GST?

A business in most cases will be required to furnish 3 returns monthly (GSTR1, GSTR2 & GSTR3) and 1 annual return. That means any business will require to file 37 returns in a financial year. However there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS)

What is HSN Code?

The Harmonized Commodity Description and Coding System generally referred to as “Harmonized System of Nomenclature” or simply “HSN” is a multipurpose international product nomenclature developed by the World Customs Organization. It comprises about 5,000 commodity groups; each identified by a six digit code, arranged in a legal and logical structure and is supported by well-defined rules to achieve uniform classification. Without HSN, the system will not be able to pick tax rate for goods declared at the time of registration.