A new online GST registration process in India allows an individual to avail the benefits of tax benefits as well as assistance from experts. According to a new simplified new online GST registration process, individuals have to apply through a reliable GST portal for new GST registration certification in India where individual can avail assistance of professional giving GST service by paying certain online GST registrations fees. If an individual is successful in availing the benefits offered by the portal then he/she can get the GSTR number as a proof that he/she is eligible to avail new GSTR number or has already availed a GSTR number.
New GSTR numbers are issued to all those individuals who are legally resident in Indian territory and have been in the country for at least 6 months. It is also necessary to make sure that one is not residing outside the Indian territory. Individuals who are required to obtain new GSTR number in India must have some sort of valid income source and must have filed their income tax returns in the last three years. These are some of the things that are considered to be the requirements by the authorities to give you a new GSTR number.
In case you are an eligible individual to avail of new GSTR number but cannot get it because you cannot find it on your tax returns or if you are not satisfied with the status of your application then the best way to solve your problem is to get a tax advisor and ask him/her to make a new GSTR application for you. A tax advisor will be able to explain to you the entire process involved and will also be able to make you aware of all the formalities involved. After getting a new GSTR number a person has to maintain a record of the transaction done under his GSTR number in a prescribed manner so that when he applies for further transactions under the same account, he is not charged any additional fee from the concerned authority.
Individuals have the freedom to do business as per the terms of agreement entered into while obtaining a new GSTR number. However, it is mandatory to provide the tax authorities with updated documentation of the financial transactions related to the business. The purpose of these financial transactions is to ensure that there is no scope for tax evasion and to avoid any legal problems later on.
New GSTR number may be claimed under two categories, the first is the Individual who is legally resident in the territory and has not had a change in tax returns for at least six months before. The second category is the Businessperson who has not had a change in tax returns for at least six months before and is not entitled to avail new GSTR number under this category.
New GSTR can also be claimed by a Businessperson who is a company owner and has had a change in taxable status and is not eligible for the above stated category under the present government policy. He/she has to provide a written statement signed by the CFO of the concerned company, which clearly mentions the income source and expenditure incurred, along with other financial details of that particular year and the tax payable at the end of the year. This will help in proving the change in tax status and eligibility for availing a new GSTR number.
There are several benefits that an individual can avail under new GSTR scheme. If an individual has a regular source of income then he/she is eligible to avail the reduction of tax amount under the benefit of a reduced amount of tax payable, if he/she is a small business owner and if he/she does not have a regular source of income.
He/she can avail the benefit of increased credit limit of expenditure related to business as per new GSTR scheme. Also a person can avail a reduction of tax rate as per new GSTR scheme if he/she is in a business that is eligible to avail the tax credit.
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Ahead of the GST Council Meet on December 18 market experts spooked on the implications of GST Tax Slabs, and shared their viewpoints in an interview to the CNBC TV 18.Sources are suggesting that the Government is likely to increase GST tax rates in order to increase its revenue collections.
Is it the right time to increase GST Tax Slabs?.
Q: The received wisdom from economy says that 5 and 12 per cent are only contributing about 10 or 20% of GST.
If resource mobilisation is a goal should we worry 18% category could be touched or could be hiked?On this, the expert said we could notice the divided views.
Some were expecting at least 22 per cent.
You have real estate, transportation, restaurants, fertilizers, medicines and so many items can it be increased to 8% that’s an issue for each product, category, each industry will have to look at.However, saying that these are the 20 products that deserve to be tax at a higher rate.
Goods and services tax is a form of an indirect tax regime and has replaced any form of indirect taxes such as central excise service tax, VAT and entertainment tax etc.https://www.launchora.com/story/5-things-an-entrepreneur-should-know-about-gst
Goods and Services Tax (GST), a major tax reform in the history of independent India, has marked its 2nd anniversary on July 01, 2019.
Before GST was implemented, India had a web of many indirect taxes complicating the entire tax administration.
It was also the reason why many people didn’t even want to register their businesses for tax purposes.
But on July 01, 2017, GST was rolled out in the country after long delay of 17 years.
Interestingly enough, Congress had promised roll-out of GST in its 2009 manifesto.
4.42 lakh crore in 2017-18 to Rs.
