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GST has been one of the most significant tax reforms this country has seen. It is a single tax that replaced all the multiple taxes that were applicable previously, such as Central Excise, Octroi, VAT, Entry Tax, Service Tax, etc. The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian Government. The tax replaced existing multiple Central and State Government taxes.

The Goods and Services Tax is a destination-based tax that follows a dual model in which both the State as well as Central government levy tax on all the 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.

Advantages of GST Registration

1. GST eliminates the cascading effect of tax

GST is a comprehensive indirect tax that was designed to bring indirect taxation under one umbrella. More importantly, it is going to eliminate the cascading effect of tax that was evident earlier.

2. Composition scheme

In GST, small business can opt for the Composition scheme with the turnover of Rs 20 lakh to 75 lakh. It gives you benefit of lower tax payable. This move has brought down the tax and compliance burden on many small businesses.

 3. Lesser Compliances

Before GST, there was VAT and Service Tax, each of which had its own return and compliances. But in GST, one unified portal allows you to file returns easily. There are total 11 return in GST and 4 out of them are basic return that apply for the all taxable persons.

 4. Defined treatment for E-commerce operators

In earlier taxation, E-commerce sector was not defined. It had variable VAT laws. But in GST E-commerce sector has been clearly mapped out the applicable provisions.

 5. Regulation of Unorganized sector

Earlier, industries like construction and textile were largely unregulated and unorganized. However in GST, there provision made for such industries.

Who Should Register for GST?

• ·         Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
• ·         Businesses with turnover above the threshold limit
• ·         Casual taxable person / Non-Resident taxable person
• ·         Agents of a supplier & Input service distributor
• ·         Those paying tax under the reverse charge mechanism
• ·         A person who supplies via e-commerce aggregator
• ·         Every e-commerce aggregator
• ·         Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person