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GST Registration

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What is GST?

GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India.
GST is one indirect tax for the entire country.

Under the GST regime, the tax is levied at every point of sale. In the case of intra-state sales, Central GST and State GST are charged. Inter-state sales are chargeable to Integrated GST
Now let us try to understand the definition of Goods and Service Tax – “GST is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.”

GST Registration

Enrolment is the first step for GST registration. After enrolment provisional registration certificate will be issued. This provisional registration certificate will be valid for six months. All existing registered taxpayers will be migrated to GST. They will have to make their provisional GST registration final.

FAQ's

What you need to know about GST.

1. What is Goods and Services Tax (GST)?

It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer

2.What is the status in respect of taxation of above commodities after introduction of GST?

The existing taxation system (VAT & Central Excise) will continue in respect of the above commodities.

3.Why is Dual GST required?

India is a federal country where both the Centre and the States have been assigned the powersto levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities toperform according o the division of powers prescribed inthe Constitution for which they need to raise resources. Adual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism

4.Which authority will levy and administer GST?

Center will levy and administer CGST & IGST while respective states /UTs will levy and administer SGST/UTGST

5.Who will decide rates for levy of GST?

The CGST and SGST would be levied at rates to be jointly decided by the Centre and States. The rates would be notified on the recommendations of the GST Council.

Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.

Components of GST?

There are 3 taxes applicable under this system: CGST, SGST & IGST.

 

CGST: Collected by the Central Government on an intra-state sale (Eg: transaction happening within Maharashtra)

SGST: Collected by the State Government on an intra-state sale (Eg: transaction happening within Maharashtra)

IGST: Collected by the Central Government for inter-state sale (Eg: Maharashtra to Tamil Nadu)

 

Transaction

New Regime

Old Regime

Sale within the State CGST + SGST VAT + Central Excise/Service tax Revenue will be shared equally between the Centre and the State
Sale to another State IGST Central Sales Tax + Excise/Service Tax There will only be one type of tax (central) in case of inter-state sales. The Centre will then share the IGST revenue based on the destination of goods.