Goods and Service Tax (GST) is a value added indirect tax at each stage of the supply of goods and services. It eliminates “Cascading Effect” which means “Double Taxation”. GST is destination based Tax on consumption. GST consist components termed as CGST, SGST, UTGST, IGST.

GST has eliminated taxes like excise, Vat, Service Tax. GST is not applicable on Petrol and Natural Gas.

It is a destination based tax. GST is one of the biggest indirect tax reforms in the country. GST is expected to bring together state economies and improve overall economic growth of the nation.

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When GST is Applicable?

Limit of GST are classified into three Groups :
  • Group 1: Limit for Person who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees. For special state such limit is 20 lakh.
  • Group 2: Limit for Person who is engaged in supply of goods and services both and whose aggregate turnover does not exceed twenty lakh rupees. For special state such limit is 10 lakh.
  • Person mandatory liable to be registered in GST act.

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What is GSTIN?

It is estimated that there are around 8 million indirect tax-payers in India. All of these business entities have to now migrate to GST system. These entities have to register for GSTIN (Goods and Services Taxpayer Identification Number). GSTIN replaces TIN number / Service Tax number.

Each taxpayer (business entity) will now be allotted a State-wise and PAN-based 15-digit Goods & Services Taxpayer Identification Number (GSTIN).

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What Are The Major Benifits Of GST Registration?

1. Benefits for Normal Registration Holder:-
a. Eligibility for taking Input Tax Credit.
b. Permission for making Inter State Supplies.

2. For Composition Dealer:-
a. Reduction in the requirement of working capital.
b. Minimum Tax obligation or compliances.
c. Nominal tax liability.

3. Assesse opt for voluntary registration:-
a. ELIGIBILITY TO TAKE Input tax credit.
b. Making Interstate supplies of Goods and Services (new amendment).
c. Have competitive edge on other competitor’s.

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Penalties of failure to take GST Registration :-

As per section 122 of GST act penalty of Rs.10,000 or amount of tax evaded or any short tax liability (whichever is higher) will be charge in case of failure to file return.

Hence, if any person fails to take gst registration and his total tax liability after tax calculation is Rs. 1,00,000. Then the penalty for failure to take GST registration is shall be Rs. 1,00,000 or Rs. 10,000 whichever is higher.

As per GST act, there is a direct penalty for failure to take GST registration in India and the same is levied even in case of late GST registration.

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Frequently Asked Questions

GST follows the DESTINATION based principle for defining the chargeability of tax liability. As per which the applicability of GST will defined on the basis of “PLACE OF CONSUMPTION”.
No , a person without having registration in GST in not eligible to collect GST and neither permitted to claim credit of GST.
Where the application for Registration has been submitted within 30 days from the date on which person is liable for registration . Then such date of application will be considered as the date of Registration.
However, if Application is being file beyond the time limit or 30 days then date of registration will be the date on which Registration is granted by authority.
At last if application is being made for Voluntary Registration or suo-moto registration then date of registration will be the date on which registration is Granted.
List of special state are as follow : –
1. Arunachal Pradesh
2. Assam
3. Jammu & Kashmir
4. Manipur
5. Meghalaya
6. Mizoram
7. Nagaland
8. Sikkim
9. Tripura
10. Himachal Pradesh
11. Uttarakhand

GST Service Private Portal

Sadashiv Peth, Near Lal Bahadur Shastri Road
Pune - 411 030, Maharashtra, India.


Mobile : +91 9422347147