GOODS AND SERVICE TAX

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Goods and Service Tax(GST)

GST Registration in Coimbatore? Solubilis Corporate Services, the leading business service consultancy who can do GST registration with the highest efficiency and at a reasonable cost. The goods and services tax is a radical step towards the transformation of India into a unified single market. It holds so many benefits and en-route our nation in a way to develop in all the possible aspects. In order to make India a manufacturing hub GST acts as a milestone and it generate more number of employments by increasing the economic activities. It helps to boost the exports and the investments. Tax regime is very simple with fewer exceptions. For classification of goods and services, there is a common system to ensure the certainty in tax administration. This efficiency in taxation makes us stand unique and our exports more competitive in the international market. Seamless flow of tax credits from manufacturer to user by eliminating cascading of taxation.


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Documents required for GST registration

  • PAN card of business admin (including directors and partners)
  • Address Proof
  • Proofs on business place
  • Bank account number
  • Partnership deed
  • Incorporation certificate
  • Foreign companies and LLP requiring business establishment certificate
  • Trust deed and registration certificate
  • Bank pass book
  • Bank statement and cancelled cheque
  • photo copy

GST Registration

GST Registration in Coimbatore

GST Registration in Coimbatore

Aggregate turn-over of Rs.20 lakhs in a financial year are eligible for GST. North eastern states of India are under a special category, have a threshold limit of Rs.10 lakhs and are subjected to GST. For specific goods or services the supplier is required to pay GST and the recipient required to pay on reverse charge basis. Recipients also required paying GST for the supply which is from the unregistered supplier.

GST is administered by state and central government. At the central level, central excise and service tax department and at the state level commercial taxes department would be re-designated for implementing GST.

There is a common procedure for tax returns filing, duty payment, registration and payment of taxes. GST helps to build a corruption free and a transparent administration. In the GST system, if all the taxes are integrated, the tax burden will be equally split between the manufacturing and the services. GST levied only at the destination place based on the consumption and not at various points. This helps to remove the economical distortion and helps to develop our nation as a common unified market.

GST is operated by the GSTN, which is an integrated tax platform to deal all the aspects of GST. All the transaction of GST through GSTN portal, there is no interface between the tax payers and the administration, this probably avoids the clashes. GST shifts the tax incidence to the customers and industry got benefited to the proper cash flow and the better working capital management.

Why GST?

  • Digitized GST process
    It is migrated from existing taxation system to GST which is updated with GST ERP system software for simple digitized process.
  • No tax evasion
    Hereafter no one can evade or forge PAN cards or using different PAN cards in order to submit and acquire the tax benefits.
  • Simplified tax
    It removes all taxes from the market and implementing one tax for all i.e. GST. This actually avoids all the hectic process and eliminates ambiguity in the process of calculating and filing for each individual tax.
  • Boon for Small and medium enterprises
    The small and medium enterprises whose annual income which are less than 20 lakhs are exempted from paying the taxes it actually provides a better growth in businesses for the entrepreneurs and the new start up in India.
  • Generating greater revenue
    According to the economists, the GST probably boosts India’s GDP (Gross Domestic Product) rate by 1-2% and it would generate higher tax revenues.
  • Types of GST
    GST is the combination of central and state taxes. There are three types of taxes. They are Central GST, State GST which is for intrastate transaction and the IGST which is for interstate transaction. GST is a consumption based tax so the revenue will be charged by the consuming state. This would help the consuming state to protect its tax base.
    If the goods are transferred within the state, the consumption state will be levied both CGST and SGST. If the goods are transferred from one state to another, IGST will be levied
  • GST Tax Slab rates
    The GST slab structure has been classified into four and the proposed goods and services being taxed accordingly. 5%, 12%, 18% and 28% are the four slab rates. The products and the services are categorised and the rates are levied based on the usage. Health care and the education are exempted from this tax regime and it continues to remain unaffected. The 18% tax slab is levied for most of the services and 28% is for luxury items and services including movie tickets, racing, betting on racing and casinos, five star hotels. This scheme is a mixed effect on the industry and the impact is clearly visible everywhere.
  • No tax rates: - (Exemption category)
    The daily use products like milk, vegetables, fruits, bread, bindi, honey, bangles, handloom, eggs, stamps, newspapers, printed books etc. are free from taxation. Services like lodges and hotels who charge a tariff below 1000 are exempted from the taxes.
  • Tax slab-5%: (commonly used goods and services)
    The goods such as fish, milk powder, coffee, coal, insulin, cashew nuts, kerosene, pizza, medicines, bread, fertilizers etc. comes under the tax slab rate of 5%. When comes to services such as railways, airways and restaurant will come under this tax rate.
  • Tax slab -12% (standard goods and services under 1st slab)
    The products like meat products, ayurvedic medicines, cheese, ghee, fruit juices, umbrella, cell phones, sewing machines, butter etc. and under services business class air tickets, non-AC hotels attracts a GST rate of 12%.
  • Tax slab-18%: (standard goods and services under 2nd slab)
    Some of the goods like refined sugar, pasta, pastries, cake, cornflakes, preserved vegetables, soups, ice cream, mineral water etc. attract a rate of 18% under GST. As per GST, IT services, telecom services, and AC hotels which serve liquor, and branded garments attracts a GST of 18%.
  • Tax slab -28 %:( special category of goods and services including luxury)
    The goods such as hair shampoo, sun screen, vacuum cleaner, pan masala and other beverages comes under this category. Services such as five star hotels, racing, betting on casinos will come under the tax slab of 28%.

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