GST Online Registration 2017: In the course of BJP Rule there have been a lot of buzz which shook the citizens of India psychologically as well as economically. The latest and one of the most important buzz which is going rounds is the Goods and Services Tax 2017 or what we dearly call it as GST 2017. 
Many of you might be wondering that What the heck is GST! You also might have searched for the same on the internet and gained some knowledge. Now, my friend you have reached to the right place. We are here providing all the latest and detailed information regarding GST. We have also tried to cover most of the aspects in our post. If we have left something kindly visit our website and search for the desired information. It is very easy. Click on the link below to visit our website.
GST 2017
What is GST?
This is the first question that comes to our mind when we hear someone expounding about the new way of taxation in India. So let us get to know about Goods and Services Tax. This will answer your questions like What is the full form of GST, What is GST, Do I need to register for GST or Do I need to pay GST etc.
Goods and Services Tax (GST) is an indirect tax reform which aims to remove tax barriers between states and create a single market. For that to happen the constitution first needs to be amended to remove different layers of governments’ exclusive powers to levy taxes. Those who have a turnover of more than Rs. 20 lakh (Rs. 10 lakh for North East states) in a financial year need to do their enrolment under GST. Those who do inter-state supply or sell products through e-commerce sites must mandatorily register for GST. No threshold limit is applicable to these tax payers.
How to Register for GST
Here are the steps on how to register for GST:
GST Registration Process
1) All eligible assessees have been provided with a provisional ID and password by the Central Board of Excise and Customs, which they need to log on to the GST common Portal where they would be required to fill and submit Form 20 along with necessary supporting documents. Log on to ACES portal using the existing ACES User ID and Password.
2) Either follow the link to obtain the Provisional ID and Password OR navigate using the Menu.
3) Make a note of the Provisional ID and password that is provided. In case a provisional ID is not provided, please refer the Next Step section. In case of further doubt please contact the CBEC Helpdesk at either 1800-1200-232 or email at cbecmitra.helpdesk@icegate.gov.in.
After you have completed all the steps you will obtain the Provisional ID and Password, log on to the GST Common Portal using that UserID and Password. The GST Common Portal has made available a manual on how to fill the Form-20. It is available on www.gst.gov.in.
GST HSN and GST SAC Codes
Under GST 2017 every product and service has been provided by a special code. The code will signify the product and will provide a uniformity amongst the buyers and the sellers.
What is HSN Code?
The full form of HSN is Harmonic System of Nomenclature. HSN codes are given to all categories of product for easy classification and identification. All products under the same HSN code will have the same rate of GST. These codes are uniform throughout the country and also in sync with the global classifications. This greatly reduces chances of errors made while doing inter-state trades as previously, every state had it’s own code for each product (for purchase and sale of the product).
HSN Code List for GST
What is SAC Code?
SAC stands for Services Accounting Codes. SAC Code is same as the HSN Code. As we know GST includes all the goods and services. As HSN codes are provided to all the products SAC Codes are provided to all the services.
SAC Code List
CGST, SGST and IGST
GST has three sub divisions, these are:
- CGST (Central Goods and Services Tax)
- SGST (State Goods and Services Tax)
- IGST (Integrated Goods and Services Tax)
GST Model India
What is CGST?
- Full form of CGST is Central Goods and Service Tax
- CGST will also be charged on Local Sales within State
- It will be charged and collected by Central Government
- It will replace taxes like Central Excise and Service tax
What is SGST?
- Full form of SGST is State Goods and Service Tax
- SGST will also be charged on Local Sales within State
- It will be charged and collected by State Government
- It will replace taxes like VAT, Luxury tax and Entertainment tax
What is IGST?
- Full form of IGST is Integrated Goods and Service Tax
- It will be charged on Central Sales (Sales Outside State)
- It will replace taxes like CST(Central Sales Tax)
- It will be charged and collected by Central Government on Interstate Supply of Goods and Services
Levy and Collection of CGST, SGST, IGST
GST Rates
Under GST government has abolished the previous tax rates and applied new rates on the products and services which is in accordance to the new tax reforms. There are total Six rate slabs under which all the products are listed. These GST Rates are:
GST Rate in India
GST Rate Slabs 5%, 12%, 18% & 28%
For more information kindly visit the links provided for the detailed knowledge of the given topics. You can also contact us for any query regarding GST under the comment sections below.
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