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Important Dates :

10 January 2021 - Last date of ITR filling
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Goods and Services Tax (GST)

Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.

Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum productsalcoholic 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.

The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments.

Benefits of GST

  1. GST is a win-win situation for the entire country.
  2. GST is largely technology driven.
  3. GST will give a major boost to the ‘Make in India’ initiative of the Government of India.
  4. GST is expected to bring buoyancy to the Government Revenue by widening the tax base and improving the taxpayer compliance.
  5. GST will bring more transparency to indirect tax laws.

Documents Required

Category of Persons

Documents

Sole proprietor / Individual

Pan card of the owner

Aadhar card of the owner

Photograph of the owner (in jpg format, max size 100 kb)

Bank Accounts details

Address Proof

Partnership Firm (including LLP)

Pan card of all partners (including managing partner and authorized signatory)

Copy of partnership deed

Photograph of all partners and authorized signatories (in jpg format, maximum size-100kb)

Address proof of partners (passport, driving license, Voters Identity card, Aadhar card etc.)

Aadhar card of authorized signatory

Proof of appointment of authorized signatory

In case of LLP, registration certificate/Board resolution of LLP

Bank account details

Address proof principal place of business.

HUF

Pan Card of HUF

Pan Card & Aadhar Card of Karta

Photograph of the Owner (in jpeg format, maximum size-100kb)

Bank account details

Address proof principal place of business.

Company (Public and Private) (Indian & foreign)

Pan Card of Company

Certificate of incorporation given by the ministry of corporate affairs

Memorandum of association / Articles of Association

Pan Card & Aadhar Card of the authorized signatory must be an Indian even in case of foreign companies / branch registration.

Pan Card & address proof of all directors of company

Photograph of all directors and authorized signatory (in jpeg format, maximum size-100kb)

Board resolution appointing authorized signatory / Any other Proof of appointment of authorized signatory (in jpeg format / pdf format, maximum size-100kb)

Bank account details

Address Proof of principal place of business