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GST 2020: Goods & Service Tax (India) - GST Rates, HSN Code GST India - Goods and Service Tax In india GST SGST CGST IGST FAQs FAQ’s GST FAQ’s IGST GST Registration Downloads GST Forms GST Return GST Sections CGST Sections IGST Sections UTGST Sections GST Rates HSN Code GST Login GST: Goods & Service Tax (India) GST 2020 Guides – Everything About Goods & Service Tax GST Rates GST Council to finalise GST Rates on various goods and services, GST Council Decide 4 GST Rates Slabs for India, Now GST Rates are finalised i.e GST Rates in India is 5%, 12%, 18% & 28%. GST Terms CBEC Release various Key Terms for GST, Read about some of the most common and basic terms and definitions used under the Goods and Services Tax Law. GST Registration GST Registration Process is Started, Does GST apply to your business? If yes, learn more about the process of gst registration here. Check out Last Date for GST Registration… Transition to GST CBEC Release GST Transition Provisions 2020, Read and Plan your transition into the new GST regime with our guides available here and make a smooth transition. GST Invoice Every business is required to furnish a GST invoice as per the GST law. Discover how you can use ClearTax’s platform and generate invoices seamlessly. GST Accounts and Record New Draft GST Accounts and Records are Released by CBEC, Our guides will help you determine all compliance requirements related to business accounting. GST Return Check our guide for filing GST Monthly, Quarterly, Annual & Final Return. Use our expert guides to understand how to file returns under GST for your business. GST Online Test GST Quiz, GST Online Test, GST Important Questions & Answers. Are you ready for GST?, Take GST Online Quiz and Test yourself for GST Regime. GST Rules 2020 GST Rules 2020: Download Latest GST Rules 2020 issued by CBEC. Central Board of Excise and Customs issued NEW GST Rules 2020, Read complete analysis of GST Rues 2020 Place of Supply Learn about the importance of place of supply, time of supply and value of supply. Know more about place of supply rules and various aspects around it. GST [email protected] we provide complete information regarding “How to login” at GST Common portal i.e. www.gst.gov.in , where to get GST provision ID and Password, How to forget GST user ID & password etc.. GST Payment Procedure GST Payment Formats & Payment Rules are Released by CBEC, Check our guides to understand various provisions and laws related to payment, refunds and settlement of GST. Refund Under GST Regime Refer our guides to understand various provisions and laws related to GST refunds and settlement of Goods and Services Tax. Read more Input Tax Credit Know more for GST ITC is available or not available, how to claim ITC in GST Regime. GST will allow free flow of input credit. Read our guides to understand the procedure of claiming input credit specific to your business. GST Composition Scheme Know Everything about the advantages, drawbacks, transition provisions and conditions to be eligible for the composition scheme. Check more details by using above link… GST Audit & Assessment Who can do GST Audit, Know more for GST Assessment Check our guides on various procedures defined under the GST law related to audit, advance ruling and related aspects. Read more GST Penalties and Appeals Avoid penalties and prosecution under the GST regime. Learn about various penalties that can be levied and scenarios for prosecution under the GST. Read more Time, Place and Value of Supply Time, Place and Value of Supply is the most important concept in GST Regime, Refer our guides to understand the concept of Time, Place and value of Supply under GST. Read more GST Forms, GST Downloads Download GST Registration Forms, GST Return Filing Forms, Download GST Payment Forms, GST Refund Formats, Download GST Rules, Download GST Mode Law 2020 etc… HSN and SAC Code Find HSN Code for your Business, In this article, we’ve explained what is HSN code, what is SAC? Format of HSN code and how to use HSN under GST in India. Important GST Articles What is GST? GST Registration GST Returns GST Invoice Transition to GST GST Composition Scheme GST Penalties and Appeals GST News and Announcements Input Tax Credit GST Software GST Accounts and Record Time, Place and Value of Supply GST Payments and Refunds DSC Registration GST Forms GST Terms GST Rates HSN Codes GST Login GST Rules GST Status Time of Supply GST Refund Track ARN Number What is SGST CGST & IGST? Know your GSTIN Impact of GST GST Overview GST All Sections Documents for GST Registration “Goods and Service Tax FAQ’s” What is GST? GST is a destination based tax and levied at a single point at the time of con sumption of goods or services by the ultimate consumer. GST is based on the principle of value added tax. Goods and Services Tax (GST) is a comprehensive tax levy on manufacture, traders, sale and consumption of Goods and Services at national level and is expected to remove the cascading effect of tax-on-tax which is prevalent presently. The term GST is defined in Article 366 (12A) to mean “any tax on supply of goods or services or both except taxes on supply of the alcoholic liquor for human consumption” Which all taxes will GST replace? It will replace all the indirect taxes currently levied and collected by the Central and State Govt like – VAT, Excise Duty, Luxury Tax, Entertainment Tax, Purchase Tax, Central Sales Tax,Additional Duties of Excise on businesses etc…. What are the Benefits of GST? Mitigation of cascading taxation Cascading tax effect (meaning tax on tax) will no longer exist Elimination of multiple taxes and double taxation Input Tax Credit will be easier to avail Returns and compliances will be consolidated Creation of unified national market: How to Migrate for GST? Every person registered under any of the earlier laws and having a valid PAN shall be issued a certificate of registration on a provisional basis. You can enroll for GST via the common portal of GST. CAknowledge.in Team can also help you with your enrollment. For more details about GST Registration click here . Can I have multiple GST Registrations? A person with multiple business verticals in a state may obtain a separate registration for each business vertical (in each state). How many Returns are required to be filed under GST? A normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, 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) Do I need to enrol for GST? All existing taxpayers registered under any of the Acts as specified, will be transitioned to GST. The enrolment for GST will ensure smooth transition to the GST regime. The data available with various tax authorities is incomplete and thus fresh enrolment has been planned. Also, this will ensure latest data of taxpayers is available in the GST database without any recourse to amendment process, which is the norm to update the data under tax statutes today. Is Input Tax Credit Available under GST? Yes. Yes, under the Revised Model GST Law the input tax credit on capital goods is allowed in one installment except in respect of pipelines and telecommunication towers fixed to earth by foundation or structural support including foundation and structural support thereto. One of the fundamental features of GST is the seamless flow of input credit across the chain (from the manufacture of goods till it is consumed) and across the country. What is Composition Scheme Revised GST Law under Section 9 provides that small taxpayer can opt for the scheme of composition tax instead of opting for paying tax under the regular supply of goods. Small businesses and taxpayers having a turnover less than Rs. 50 lakhs can opt for Composition scheme where they will be taxed at a nominal rate of 0.5...