GST registration in Bangalore explains that, it comprises of Technology, Support and Services. It computes IGST and settlement. Initially you need to know what Tax is. A tax is money paid by the people for the Government. So the Government uses this money for development of military, medicine and other aspects of the nation for its growth. So it is one’s responsibility to contribute for the nation. GST registration in Bangalore says Tax is of two types: Direct and Indirect. Direct tax is paid by a person directly to the Government through income tax. Indirect tax is if people use a third party that is it you purchase something in departmental store you pay the amount to the shop keeper and he pays to the Government. So this is Indirect tax. Indirect tax is of two types. Central and state taxes.
This Indirect tax is now disappeared and one tax is levied in the name called GST .GST is Goods and Service Tax which was launched at midnight July 01 2017.The main purpose of GST is to have one unified tax for one nation. Thresholds were setup for hill states and other places. GST registration in Bangalore gives few details about what are the items have 0 %, 5 %, 12 %, 18 % and 28 %. Milk, curd, vegetables, salt, fish, chicken, newspapers, handloom will come under 0% tax. Frozen vegetables, cream products, tea, coffee of course medicines and stent used by doctors have 5% tax. Sewing machines, cell phone, colouring books, frozen meat, dry fruit and Ayurveda medicine have 12% of tax. The computers, camera, monitors, speakers, pasta, juices, refined sugar, jam and instant foods have 18% of tax. The washing machine, motor cycle, car, paint, deodorants, refrigerator have 28% of tax. Now GST registration in Bangalore hints how GST can be calculated. GST amount = (Original cost*GST %) /100.And so the net price=original price+ GST amount. As said earlier there are different percentage slabs. So those % slabs can be taken for calculations.
GST registration in Bangalore says the types of GST. They are: State Goods and Services Tax Central Goods and Services Tax and Integrated Goods and Services Tax. State Goods and Services Tax is levied on all intra state supplies of goods and services by State Government. Central Goods and Services Tax is levied on intra state supplies of goods and services by Central Government. Integrated Goods and Services Tax include imported and exported goods. GST registration in Bangalore gives information about GSTN. GSTN means Goods and Services Tax Network. It is a non-profit company which comes under companies Act. It provides information technology infrastructure for GST system.
GST is a wide system hence and hence good infrastructure is required; GSTN helps. It files tax return and submits to state and central authorities. And also it ensures security. Since the infrastructure is robust fast data is exchanged between GST portals and taxpayers. Thus in a single portal taxpayer registration, Invoice upload, GST returns GST filings, Tax payment, Electronic ledger, MIS reporting for taxpayers are done.
GST Filing in Bangalore
GST registration in Bangalore says that New GST return is now introduced. It is a novel method for GST filing. Now let us see what GST return is. GST return must contain income tax details. Return acts as access point between a taxpayer and the government. Also the new GST return makes GST filing very simple. GST filing has GST Ret-1, GST Anx-1 and GST Anx-2. GST Ret-1 has details about supplies, taxes imposed along with interest. In GST filing Anx-1 has details about outward supplies. GST Anx-2 has details about inward supplies. Online GST registration in Bangalore facilitates the new GST return. Offline demo tool prototype is also used to the taxpayer. Because of this the user can use drop down, upload of invoices. With offline demo tool protocol taxpayer can practically experience and analyse. GST registration in Bangalore helps in learning about this protocol. Only thing is the taxpayer must be updated with the latest technologies.
Reverse Charge Mechanism
GST registration in Bangalore gives an expert advice about Reverse Charge Mechanism. Reverse charge mechanism is the consumer is paying tax with Government on behalf of the supplier. If an unregistered supplier delivers goods for a registered person, then the consumer has to pay the tax. So the registered consumer should do self-invoicing. For maintenance of records, return and other various documents GST registration in Bangalore explains about concept of Audit. Every registered taxpayer can file audit if the turnover exceeds Rs.2 crore. One shall electronically file it. Online GST registration in Bangalore helps in. He should file annual return, audited copy of annual return using GSTR9 and certified reconciliation statement using GSTR9 C.
Online GST Registration
Online GST registration in Bangalore allows a person to register. Firstly go to GST portal. There are two options one is new registration and temporary reference number. Fill with relevant details with name of the company, email id, phone number. Then OTP is received. Temporary Reference Number is saved. Another OTP is sent. This will take you to DSTN dashboard where you can see the status. Online GST registration in Bangalore helps in verification process. Documents are also submitted. Companies must provide DSC. Success message is then displayed with ARN. Online GST registration in Bangalore helps you to check with ARN which is Application Reference Number.
The main objective of implementing GST is to avoid cascading tax. This means Tax on tax. When a manufacturer produces a product he sells along with excise duty (product price+ excise duty).A shop buys for this amount and adds VAT and sells it. In this you will pay VAT along with manufacture price of the product and the excise duty associated with it. So it is tax over tax which is a burden. Hence GST reduces this burden. It reduces black money. Because PAN and Aadhar are included in GST registration in Bangalore. So it explicitly shows the tax evader. And also it helps in easy flow of goods across nation. For more details on gst registration, click here.