Q. A firm dealing exclusively in exempted products has GST registration, does it need to file return?
A. If registered, then you need to file returns. You may choose to cancel your registration since you are dealing only in exempted products. Q. If I'm starting new business today, still need to get TIN and then apply for GST? Or can I directly register with GST? A. You may directly take GST registration on www.gst.gov.in Q. My all outward supplies are export services. In this case is it compulsory to register under GST? A. Yes. Since exports are zero rated, one needs to register for GST to claim refunds. Q. Can a person operating two different companies with different names but with same PAN get two GST registrations? A. One PAN holder gets one registration in every state, but he has the option of getting different registrations for different business verticals. Q. Whether job worker is required to register? Whether composition scheme is available to a job worker? A. Job workers making taxable supplies above the threshold aggregate turnover need to register. Composition scheme is not available to job-workers. They, however, can avail benefit of section 143 of the CGST Act. Get more information about GST registration in an easy way through GST Android mobile app and get instant solution for queries by experts.
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Indian government finally rolled out GST (Goods and Service Tax) Bill on Wednesday 1st July 2017. It is a good step to turn India into “one nation, one tax, one market” form. Every parson wants to know that how GST will be better prove for a common man and it can affect the Indian economy.
Here is the list of GST impact on different sectors in India 1.Banking & Insurance Sector: Current Tax Rate: 15% GST Rate: 18% Negative Impact 2.Consumer Staples: Current Tax Rate: 22% GST Rate: 18% Positive Impact for Asian Paints, Dabur, HUL, Emami Negative Impact for ITC, UBL 3.Consumer Discretionary: Current Tax Rate: 15% GST Rate: 18% Negative for jubilant foods, cafe coffee day, restaurant businesses 4.Media & Entertainment: Current tax rate 15% + 7%(State entertainment tax) GST Rate: 18% Positive for dish TV, videocon D2H, big TV 5.Telecom: Current Tax Rate: 15% GST Rate: 18% 6.Auto & Auto Ancillary: Current Tax Rate: 27% GST Rate: 18% Positive impact for M&M, Maruti Bajaj Auto, Eicher Motors, Ashok Leyland etc 7.Metals: Current Tax Rate: 18% GST Rate: 18% No Impact 8.Cement: Current Tax Rate: 27% GST Rate: 18% Positive Imapct 9.Pharma: Current Tax Rate: 15% GST Rate: 18% Negative Impact 10.Real Estate: Current Stamp Duty: 15% GST Rate: 16% No significant impact 11.Logistics: No change in tax rate after GST 12.FMCG: Current Tax Rate: 24-25 % GST Rate: 18% Positive Impact 13.Tech & Ecommerce: Positive GST impact on tech & e-commerce |
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