GST PLATFORM

Goods and Services Tax (GST) is India's biggest indirect tax reform in decades.

GST will integrate India into one common market by removing the various tax and fiscal barriers between the states. Goods and Services Tax (GST), as the name suggests will be tax levied on goods and services during the point of sale or rendering of service. GST will be applicable for all goods and services, expect the exempted class of goods and service. Having passed various stages, the GST regime in India is now set to roll out from 1st July, 2017.

Levy of GST

Both the Central Government and State Governments would simultaneously levy GST across the value chain. GST levied and collected by the Central Government would be Integrated Goods and Services Tax (IGST) and the State Governments would levy and collect (SGST) on transactions within the State.

Under GST, both the IGST and CGST would become payable at the "time of supply", as defined in the GST Law. In terms of goods, time of supply would be on removal of goods or receipt of payment or issuance of invoice or date on which the buyer shows receipt of goods. For services, time of supply is on issuance of invoice or receipt of payment or date on which recipient shows receipt of services.

Integrated Goods and Services Tax (IGST)

Integrated Goods and Services Tax is a tax levied on the supply of any goods or services in the course of inter-state trade or commerce. IGST would be applicable to all of India.

State Goods and Services Tax (SGST)

SGST is tax levied under the GST regime on intra-state supplies of goods and services. SGST will be administered by the respective State Government.

Goods under GST

Section 2(49) of the model law on GST defines goods as every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under the contract of supply. Hence, as per the definition, goods would include movable property, actionable claim, growing crops/grass, things attached to land or forming part of land, materials, commodities and articles. Goods as defined by GST Model Law does not however include money, securities, immovable property and land.

GST Network

GST is backed by a robust Information Technology (IT) infrastructure for registration of taxpayers, processing of GST returns, managing GST remittances, refunds, auditing and levy of penalty. The Information Technology infrastructure behind GST, is controlled by the GSTN or GST Network, a Section 8 Company (not-for-profit company) promoted by Central Government, State Governments and other non-Government Institutions. The Government of India holds 24.5% stake in the GSTN, while state Governments combined hold 24.5% state and the balance 51% is held by Non-Government Institutions. Thus, GSTN will act like a clearing house that is self-sustaining through levey of charges on taxpayers and tax authorities using the GST Network.

Services under GST

According to the Model Law on GST, Section 2(92) defines services as "anything other than goods". Hence, anything or any activity would fall under the GST tax coverage, and anything not defined as a goods will be defined as a service. Further, as per GST Law, service is defined as any activity relating to use of money or its conversion by cash or any other mode, from one form, currency or denomination to another form, currency or denomination, for which a separate consideration is charged. However, though services include transactions in money, it does not include money and securities.

Know more about GST

We have compiled additional training material for GST in our Learning Center to help you become GST ready. Check out the following articles to know more.

Guide to CGST, SGST and IGST

Guide to CGST, SGST and IGST GST is a destination tax, meaning the tax base will shift from origin to consumption. Hence, the imports or end-use will be liable to tax and exports or production will be relieved of the burden of tax. Under the present.

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GST Composition Scheme

Small businesses are the backbone of the Indian economy and there are an estimated 55 million Micro, Small and Medium Enterprises operating in India. The rollout of GST would have extensive impact on over ten million SME businesses operating in India.

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Casual Taxable Persons - GST Registration

Casual taxable persons have been provided special treatment under GST. The GST Act defines as casual taxable person as a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance.

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Services

HOW DO I START

HOW DO I START

Proprietorship is for the Proprietor to do Business. Access Filings offer Proprietorship Registration from Rs.2799/-.

REGISTRATION

REGISTRATION

For Certain Businesses, Registration Under GST is Mandatory. Access Filings offers Online GST Registration from Rs.2,899/-.

TRADEMARK REGISTRATION

TRADEMARK REGISTRATION

Trade Mark Registration helps establish ownership and protect brand of an entity. Access Filings offer Trade Mark Registration from Rs.6,501/-.

ISO REGISTRATION

ISO REGISTRATION

ISO 9001:2015 is the International Standard for Quality Management Systems (QMS). It provides your company with a set of principles that ensure a common sense approach to the management of your business activities to consistently achieve customer satisfaction. Access Filings offers ISO 9001: 2015 for Rs.11,800/-.

COMPLIANCE

COMPLIANCE

The name of a company or LLP can be changed with Board of Directors and Shareholders approval. Access Filings offers an easy process for changing company or LLP name from Rs.15899/-.

TAX FILING

TAX FILING

Prepare your accounts and file your business income tax return with Tax Advisor assistance through Access Filings at just Rs.4999/-.

TRADEMARK REGISTRATION

TRADEMARK REGISTRATION

A trademark is a recognizable sign, design, or expression which identifies products or services of a particular source from those of others,although trademarks used to identify services are usually called service marks. The trademark owner can be an individual, business organization, or any legal entity. A trademark may be located on a package, a label, a voucher, or on the product itself. For the sake of corporate identity, trademarks are often displayed on company buildings.

ISO REGISTRATION

ISO REGISTRATION

The International Organization for Standardization (ISO) is an international standard-setting body composed of representatives from various national standards organizations. Founded on 23 February 1947, the organization promotes worldwide proprietary, industrial and commercial standards. It is headquartered in Geneva, Switzerland and works in 162 countries. It was one of the first organizations granted general consultative status with the United Nations Economic and Social Council.

TAX FILING

TAX FILING

Income Tax Return is the form in when assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees.

COMPLIANCE

COMPLIANCE

The name adopted by a private limited company during incorporation can be changed later. To change the name of a private limited company, the consent of the shareholders through a special resolution and MCA approval are required. The change of name of a private limited company has no impact on its legal entity or its existence as a corporate entity. The change of name of a company will not create a new company or new entity.

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