By: Indiacrafts | July 24, 2017
These are Some Frequent Questions, I generally get, So thought to write a blog about it.
Q.1) What is GST?
GST is Goods & Service Tax basically the main form of Commercial TAX that comes in to effect in India from July 1, 2017. It replaces all the existing types of taxes like VAT, CST & EXCISE etc.
Q.2) What is GST tax slab rate?
There is basically 5 slab rate for Product & 1 Slab for Service.
For Product it is , 0%, 5%, 12%, 18%, 28%
For Service, It is 18%
Q.3) Has it replaced all the Previous Taxes like VAT, CST & EXCISE?
Yes. But for some exceptional cases like Liquor, the Value Added Tax still exists & GST is not been implemented.
Q.4) How do I apply for GSTIN (GST REGN NUMBER) online?
By: Indiacrafts | July 21, 2017
As we all know it is Goods & Service Tax. Basically it a single tax which replaces various kinds of taxation that was there earlier like VAT (Though VAT is still there for Liquor Items ), CST, EXCISE, SERVICE TAX, etc. So ultimately it a very good thing to have theoretically but the practicality it is bit different.
It has impacted both buyer & seller but it has really impacted severely to the small traders & small eCommerce sellers in EBAY or Amazon. See my article below.
TAX SLAB
Product - 0%, 5%, 12%, 18%, 28%
Service - 18%
GST IMPACT ON SMALL TRADERS / ECOMMERCE SELLERS
From Buyers Prospective,
Always no matter whatever the taxation system is the buyer has to carry the burden of it, so see below how it affect a buyer,
By: Indiacrafts | July 20, 2017
Friends, I started the registration process for GST on 1st July 2017 & literally it took me almost 19 days to finish it. I was doing the registration as Proprietorship for Indiacrafts. After trying it for almost 50 times then finally I completed the process. The process is not that complicated but the manner the question & some of the data are there may bowl you over.
1) PAN CARD, (Individual PAN is Required, No Company PAN required)
2) BANK STATEMENT or BANK BLANK CHEQUE
3) AADHAAR CARD NUMBER (Mobile Number Should be Linked for E-Signature)
4) Address Proof (Electricity Bill, Land Docs or Rent Agreement)
Document does...