FAQ

Under GST who is a ‘taxable person’?

Any person who owns his business/firm at any of the states in India, who is already registered under the GST Act or yet required to be registered under the GST. Any person in India, who is involved in economic activity which consists of trade and commerce is considered a taxable person.

‘Person’ here includes individuals, HUF, LLP, company, firm, any corporation or Government company, an AOP/BOI, body corporate incorporated under laws of a foreign country, local authority, co-operative society, government, artificial juridical person, Trust foundation.

So, it does not matter whether you are a registered company or not, if you are doing a business where the annual turnover is more than 20 lakhs a year, you need to apply for GST.

Also, Even if A ‘taxable person’ sales are less than Rs. 20 Lakh, they have to voluntarily opt for GST registration because:

• They will not get any tax refunds on purchases (e.g. if you purchase goods that cost you Rs 50,000 in a financial year, and that have a tax rate of 28% – you can not get a tax refund of Rs. 14,000).

• They cannot sell outside their state, if not registered under GST.

In short, GST registration is a mandated requirement for anyone who is doing a business.

• GST is major indirect tax reform for the next 20-30 years.

• At least an 8 to 11 fold increase is expected in the absolute taxpayers with the implementation of GST.

• 5 to 7 crore taxpayers are expected to be part of GST.

• The GST is primarily based on a monthly tax filing mechanism with invoice level filing.

• Currently, there are not enough Tax professionals and consultants available to serve this huge demand.

• Over 70-80% of the new taxpayer are going to be small business owners.

• Professional Tax consultants charge a minimum of Rs. 25,000 to 35,000 per year for even a small business owner.

So you can imagine from the above points, there is a HUGE GAP in demand and supply. There are a limited amount of Professionals available in the market who can cater to these many ‘taxable people’ like individuals, HUF, firm, company, LLP, any corporation or Government company, an AOP/BOI, body corporate incorporated under laws of a foreign country, co-operative society, local authority, government, trust, an artificial juridical person.

Resolution:

• GST Suvidha Center is aimed to fill this gap with – Simple, Reliable, and Affordable GST services by providing a Licence to GST Suvidha Center Owner and back-office support to GST Suvidha Kendra. A GSK does not need to hire an accountant or professional. Moreover, It is not required to have GST knowledge to GSK owner. Everything will be done at our end (back office)

• GSK shall provide GST and income Tax-related all compliance solutions in an affordable range of Rs 12000 to 15000.

What id GST Suvidha Center ?

GST Suvidha Kendra is one stop gateway which will help SME small and medium entrepreneurs, shopkeepers, individual with turnover above 20 lakhs to file their GST returns on time at a much lower fees charged by tax professional in India.

If you do not know much about GST,

For easy understanding, let’s understand with an example of an entrepreneur Mr. Ajay Gupta. Ajay wants to start a small business without any knowledge of various legal documents required. He asked for his friends’ opinion and was he was referred to a Tax Consultant who helped him out with a company registration process.

What Is GST GOOD AND SERVICE TAX ?

GST Overview

GST (Goods and Services Tax) is India’s biggest indirect tax reform. A comprehensive dual GST was introduced in India from 1 July 2017. Current scenario of world economy depicts that more than 140 nations, worldwide use GST system. Like Canada, India adopted dual GST (CGST and SGST) system

Advantages of GST

GST chiefly removes the cascading effect on the sale of goods and services. Elimination of cascading effect directly impact the cost of goods. Since the tax on tax is eliminated in this regime, it ultimately results into the the decrease of cost of goods and services That benefits the end users or citizens.

Mr. Narendra Modi, Honorable Prime Minister keenly emphasizes on digitalization of all major procedures or documentations since BJP government gained the power in central in 2014. GST is one of the most ambitious and visionary decision by The Government of India.

Entire process of GST is digitalized and technologically driven. GST portal has been launched to simplify entire process, gain maximum accuracy and remarkable speed. Using this portal, one can complete all the steps like registration, return filing, application for refund and response to notice very easily.