Tag Archives: online gst registration

Role of GST Registration in Import export business

You must have heard about the GST (Goods and Services Tax). It was not easy for all to deal with the consequences of the introduction of the GST. Likewise, it affected import export business as well. Further in this blog we will discuss the role of GST registration in Import export license.

By virtue of GST implementation in India, there are following implications on imports:

  • Inter-state supply

If you import any goods and services from outside India, then it will be considered as Inter-state supply under model GST law. And according to this, it will attract Integrated Service Tax (IGST) along with BCD and other surcharges.

  • Importing services from outside of India

In accordance with the GST registration in India, the consumers are liable to pay the taxes, if the service provider resides outside India. It is similar to the reverse charge mechanism, in which the consumers have to pay taxes and file returns.

  • Transaction value based valuation principle

Transaction based valuation principal is similar to the current customs law for charging GST. Earlier the CVD (Countervailing Duty (CVD) is an additional import duty charged on imported goods.) was charged on the MRP valuation system, however if we look at the new GST regime, CVD is included in the IGST and will be charged on the transaction value.

  • Refund of duty under new online GST registration regime

Earlier there used to be a credit under “Import and Sale” model, while there is no such credit is available in the present GST.

  • Current Exemption Withdrawal

Currently, there are multiple exemption notifications on customs import tariff which are likely to be reviewed / withdrawn / converted into a refund mechanism. Therefore the structure of export-linked duty exemption schemes could exchange under the FTP. While the duty exemptions will get exemption from payment of BCD but not from the payment of IGST. This will change the viability of the key schemes under the FTP like EOU, STP, Advance authorization etc.

Source url – http://enterslice.over-blog.com/2019/01/role-of-gst-registration-in-import-export-business.html

GST- One Government One Tax, This Article On Gst- One Solution

What Is GST Registration?

GST registration is an official regime in which the businesses whose turnover for the business is more than INR 2,000,000 (20 Lakhs) has to register themselves as normal taxable corporate entity. If the organization is not registered under GST regime it will be treated as an offence under the corporate laws and the business will be penalised heavily for it. The normal time period for a business to register itself under GST Regime is between 2-6 Working Days.

Businesses Which Should Register for GST:

  • Corporates and individuals who were registered under the pre GST laws like excise, VAT and Service Tax etc.
  • The businesses whose turnover exceeds the limit of INR 20 Lakhs.
  • Agents of a supplier and Input Service Distributor.
  • All the e- commerce aggregators.
  • The people who supply through e commerce aggregator.
  • People who are supplying the information of any kind of data from a place outside to someone in India, and that person is not a registered taxable person.

Documents Required for GST Registration:

  • The first and prime most important is the PAN of the Applicant without which no GST registration can be done.
  • Then you need to show the Aadhaar card for the applicant.
  • The personal identity proofs of all the directors of the corporate entity to be registered.
  • The proof for address verification for the business location.
  • The bank account statements and also a copy of cancelled cheque is mandatory to have.
  • It is also required to produce the Digital Signature of the directors and applicants.

Penalty for not registering under GST Regime:

In case any business does not register itself for GST Regime, the business will have to pay heavily for the penalty in this case.  The amount of penalty is 10% of the tax amount which has not been duly paid and the minimum subjected amount for this penalty is INR 10,000. If the business is found to do this mistake voluntarily the amount of penalty can be even 100% of the taxation not paid duly.

Process of GST Registration:

The entire GST Registration process is divided here into following basic 11 steps for the better understanding to a common man and they are as follows:

  • You first need to visit the GST portal and click Register on it.
  • Then the second step requires you to fill the details like type of taxpayer, state and district of your location of business, name of the business along with the PAN of the business for which you want to register for GST. The email ID and mobile numbers for further communications and OTPs. Then click on Proceed.
  • You will now be asked to enter the OTP sent on that number you mentioned in the previous detail. Enter and Continue.
  • You will now get a Temporary Reference Number (TRN). Note it for further use.
  • Then you are required to again Go the GST portal and Click Register Now.
  • Choose TRN. Now enter the TRN provided to you over the mail and proceed it further.
  • Again you will get an OTP and you need to enter it and proceed even firther.
  • The status of the application will be shown as Drafts. Click on Edit option.
  • Then you need to fill all the details and submit relevant documents.
  • Then you need to verify the information submitted, go to the verification page and tick on declare and submit the application.
  • You will now get a message for successful registration and also the Application Reference Number.

Source url – https://enterslice.site123.me/blog/gst-one-government-one-tax-this-article-on-gst-one-solution