FAQ’s

GST (Goods and Services Tax) is India’s Biggest Indirect Tax Reform. A comprehensive dual GST was introduced in India from 1 July 2017. Current scenario of world economy depicts that more than 140 nations, worldwide use GST system. Like Canada, India adopted dual GST (CGST and SGST) system.
GST chiefly removes the cascading effect on the sale of goods and services. Elimination of cascading effect directly impact the cost of goods. Since the tax on tax is eliminated in this regime, it ultimately results into the decrease of cost of goods and services that benefits the end users or citizens.
Mr. Narendra Modi, Honorable Prime Minister keenly emphasizes on digitalization of all major procedures or documentations since BJP government gained the power in central in 2014. GST is one of the most ambitious and visionary decision by The Government of India.
Entire process of GST is digitalized and technologically driven. GST portal has been launched to simplify entire process, gain maximum accuracy and remarkable speed. Using this portal, one can complete all the steps like registration, return filing, application for refund and response to notice very easily.

Return Filing under GST depends upon the nature of your business and the type of registration you have opted for. If you are normal taxpayer under GST, you are liable to file total thirty-seven returns in one financial year. Three returns in a single month and one annual return.
Practically only 12 Monthly Returns & 1 Annual Return needs to be filed in GST.

• Individuals registered under the Pre-GST Law (i.e., Excise, VAT, Service Tax etc.)
• Businesses with turnover above the threshold limit of Rs. 20 Lakhs (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh, and Uttarakhand)
• Casual Taxable Person / Non-Resident Taxable Person
• Agents of a Supplier & Input Service Distributor
• Individual paying tax under the Reverse Charge Mechanism
• Person who supplies via E-Commerce Aggregator
• Every E-Commerce Aggregator
• Person supplying online information and database access or retrieval services from abroad to an Indian citizen, who is not a registered taxable person yet.

In the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs (for NE and hilly states its Rs 10 Lakhs) need to register themselves as a normal taxable person. This process of registration is called GST Registration.
For certain businesses, registration under GST is mandatory. If the organization is found to ignore this and continues trade without being registered under GST, they will be charged a heavy petty as it is regarded as an offense.

There are two types of schemes in GST: Regular Scheme and Composite Scheme
• Regular Scheme:
 Customer Returns File Every Month
 Customer can transact from one state to other state
 Customer gets “Input Tax Credit”
 Customer can’t go to Composite Scheme
• Composite Scheme:
 Customer returns File Quarterly
 Customer can transact within the state only
 Customer doesn’t get “Input Tax Credit”
 Customer can go to Regular Scheme

You can claim a credit for any GST included in the price of any goods and services you buy for your business. This is called a GST Credit (or an Input Tax Credit – a credit for the tax included in the price of your business inputs).

Reconciliation under Goods & Services Tax (GST) is about matching the data filed by the supplier with those of the recipients and recording all the transactions that have taken place during that period. The reconciliation process ensures that no sales or purchases are omitted or wrongly reported in the GST Returns.

GST Migration is the process of issuance of provisional GSTIN to existing taxpayers registered under Central Excise and/or Service Tax before the date of implementation of GST (1/7/2017) to enable smooth transition to GST.