WHAT IS GST?
GST is widely known as Goods and Services Tax. It is an enhancement that has replaced several indirect taxes in India like the excise duty, VAT, services tax, etc. the Goods and Services Tax Act was passed within the Parliament on twenty-ninth March 2017 and came into existence on first July 2017.
In alternative words, Goods and Services Tax (GST) is levied on the provision of goods and services. GST is a single domestic revenue enhancement law for the complete country. GST registration in Chennai is fully online and can be done in a minimal timeline.
WHO SHOULD REGISTER FOR GST?
- Businesses whose turnover is greater than 40 lakhs per year.
- Suppliers supplying interstate
- Businesses operating in more than one place
- Businesses possessing Pre-GST registration
- Goods and services providers outside India
- Any e-Commerce suppliers
- Service providers outside India
- Normal / Non-resident taxable person
- Transferee and successor in the event of business transfer and succession
GST portal is hosted at https://www.gst.gov.in/. GST login portal maybe a website where all the compliance activities of GST are often done before and soon after GST gov login. Activities like GST registration, return filing, GST payment, application for a refund, etc. are often done on the GST login Portal.
GST PORTAL REGISTRATION METHOD:
Visit the gst.gov.in website associated with creating an application for GST Registration. On submission of all the main points and documents, an acknowledgment number is assigned. Once due verification by the GST officer, the GST registration process is completed by the allocation of GST Identification Number (GSTIN). Under this method, you may additionally get a username and identification number for GST gov login.
GST PORTAL LOGIN METHOD:
There are 2 styles of login procedures for web.gst.gov.in. One is for existing users, and another is for brand new users.
For registered users:
- Login to the portal by entering the valid username, password and captcha.
- Upon successful login you will be able to see a dashboard which will show file return tab, pay tax tab and annual aggregate turnover tab.
For new users:
- At the right top of the GST, portal click on the Login link.
- If you are using the portal for the first time click on here link at the bottom of the page.
- The page will prompt for GSTIN/UID/provisional ID and password. Enter the captcha and click login.
- New credentials will be displayed. Enter the username and password as you wish. Click on the “submit” button.
- After entering the details, a success message is displayed post which you can log in to the page using the credentials.
- Once you log in for the first time you will be asked to file a non-core amendment application to submit bank accounts details and click on the “file amendment” button.
2021 GST UPDATES
Budget 2021: Updates as on first Feb 2021
- Section 16 amended to permit taxpayers’ claim of input step-down supported GSTR-2A and 2B. Henceforth, ITC on invoices and debit notes is also availed only if the small print of such invoice or debit note is appointed by the provider within the statement of outward provides, and such details are communicated to the recipient of such invoice or debit note.
- Section 50 of the CGST Act is being amended to supply for a retrospective charge of interest on net money liability, with impact from first July 2017.
- With relevance orders, 25% of the penalty has to be acquired creating an associate application for appeals underneath section 107 of the CGST Act. The date of relevancy is nevertheless to be notified.
- GST audit demand by specific professionals like CAs and CMAs has been off from the GST law. Section 35 and 44 are amended during this regard. As per the modification, solely GSTR-9 annual returns on a self-certification basis got to be filed on the GST portal by taxpayers, utterly removing the necessity for GSTR-9C, i.e. the reconciliation statement. However, the year and date of relevancy are nevertheless to be processed by the govt.
- Section 7 of the CGST Act was amended to incorporate a replacement clause underneath the definition of the offer. Activities or transactions involving the availability of products or services by someone, aside from a person, to its members or constituents or vice-versa, for cash, payment, or different valuable thought falls underneath offer and can be vulnerable to tax. Earlier, this offer would be thought-about as solely an offer of products underneath schedule II. So, the scope is distended currently for the levy.
- Seizure and forfeit of products and conveyances in transit are currently created a separate continuing from the recovery of tax from Section seventy-four.
- Self-assessed tax noted underneath section 75 of the CGST Act shall conjointly cover the outward supplies/sales as reportable within the GSTR-1 underneath Section 37 of the CGST Act, however, that has been skipped over whereas reportage within the GSTR-3B underneath Section 39.
- The tentative attachment shall stay valid for the complete amount ranging from the initiation of any continuing until the end of an amount of 1 year from the date of order created under it.
- Section 129 is delinked from Section 130. Consequently, proceedings about detention, seizure, and unleash of products and conveyances in transit break away the levy of penalty for the seizure of products and conveyance.
- The territorial Commissioner who carries over the GST registration in Chennai will currently need info from someone about any matter handled in reference to the Act underneath Section 151, at the side of section 168. Further, section 152 is amended to supply a chance of being detected before exploitation info obtained underneath Sections 150 or 151 of the Act
- The IGST Act was conjointly amended in Section 16, which defines a zero-rated offer. 3 amendments were created –
- To state that provided to SEZ units /developers are zero-rated as long as it’s authorized operations.
- Solely notified persons or providers of goods/services will avail the standing of zero-rated once IGST is paid.
- Interchange remittances are coupled just in case of export of products with the refund.
Click here to know the offences and penalties under GST