The Goods & Services Tax (GST) is applicable to Indian service providers (including freelancers), traders and manufacturers. GST combines a variety of central and state taxes including Service Tax, Excise Duty, CST, and Octroi, VAT as of July 1, 2017.
Every product goes through multiple stages along the supply chain, which includes the purchasing of raw materials, manufacturing, sale to the wholesaler, selling to the retailer and then the final sale to the consumer. All steps of the supply chain are to be charged GST, with a full set-off available. The procedure for GST is entirely online and requires no manual intervention.
GST has 3 components i.e; Central (CGST), State (SGST) and Integrated (IGST). Intra-state transactions will attract SGST levied by state and CGST levied by the centre, whereas Inter-state transactions will attract IGST levied by the centre.
GST registration and GST return filing serve as proof of business activity and create track record for a business. Banks and NBFCs lend to businesses based on GST return data.
To become a supplier of reputed companies, GST registration is often times a must during the supplier onboarding process.
Entities having GST registration are eligible to collect GST from customer for the supply and offset the liability against GST taxes paid while purchasing various goods and services.
GST registration is a must to sell online and through various platforms like Amazon, Flipkart, Snapdeal, Zomato, Swiggy, etc.,
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There are four GST types namely
- Integrated Goods and Services Tax (IGST)
- State Goods and Services Tax (SGST)
- Central Goods and Services Tax (CGST), and
- Union Territory Goods and Services Tax (UTGST)
Note: The taxation rate under each of them is different.
If a business operates in more than one state, the taxpayer must register for GST in each state separately.