#gst features

As we know GST (Goods & Services Tax) has been properly implemented on July 1, 2017, in India. The main aim of applied new tax system is to make the overall tax system and payment process as transparent, responsible and simple as possible. Because the complete GST system is dependent on an online method from registration to payment.

Payment Process Under GST

There are 3 types of method have been finalized for GST payment processing.

Payment through Internet Banking, credit/debit cards of the authorized banks.

Payment through NEFT/RTGS of any bank.

Over the Counter (OTC) payment in any authorized bank. This mode will allow payments of up to Rs. 10,000/- per Challan.

Features of GST payment processing system

Only electronically generated challan from GSTN Common Portal will be eligible for all modes of payment.

Anytime, anywhere mode of tax payment.

Electronic format based logical tax collection data.

Paperless tax transactions

Online payment facility

Online receipts

Digital challan warehousing

Faster tax remittance to the Government accounts

Fast accounting and reporting

Easy maintenance of input tax credits

GST is one indirect tax for the whole nation, which will make India one unified common market.

GST is on supply of goods and services rather than on production, trading or service rendered. It is destination based tax i.e. it is taxable in state in which goods or services are consumed.

It is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.

The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Presently most of the items are levied at 40%-50% tax rates but due tointroduction of GST flat tax rate shall be applicable which will reduce tax burden on consumers.

Applicability of GST        

·         With the 101st Constitution Amendment Act coming into force on 8th September, 2016 and notification of the GST Council on 15th September the road to GST rollout is clear. Government is keen on introducing GST the biggest indirect tax reform, with effect from 01 April 2017. One of the biggest challenges is to train the indirect tax officials of both Centre and State, as well as the trade on the concepts, processes and procedures of GST.

·         GST shall be applicable on following persons:

·         Manufacturers who produces and sells (local or inter-state) goods.

·         Traders who sells good (within state or interstate)

·         Service provider or Service Receiver in case of Reverse Charge

 ·         Commodities that are kept outside the purview of GST

There are some commodities are kept outside the purview of GST, they are alcohol for human consumption, petroleum products and electricity. In such commodities the existing taxation system (VAT & central excise) will be continuing. However in case of tobacco and tobacco products GST will also be levied and the central government also have the power to levy the central excise.               

 Features of GST

·         Manufactured goods could become cheaper due to Lower logistics and tax costs

·         Less developed states get a lift

·         Logistics, inventory costs will fall 

·         It is destination based tax

·         Life gets simpler as GST will replace 17 indirect tax levies and compliance costs will fall 

·         More transparency

·         Due to less evasion of tax the revenue of government will get a boost

 Vincyte solution is India Based business services platform brought up by professionals to help individuals as well as business houses to efficiently start and develop their business, at a reasonable tag price.

We aim to be “The Most Trusted Service Provider” that helps entrepreneurs in all the aspects possible and help you to grow beyond imagination.

GST is one indirect tax for the whole nation, which will make India one unified common market.

GST is on supply of goods and services rather than on production, trading or service rendered. It is destination based tax i.e. it is taxable in state in which goods or services are consumed.

It is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.

The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Presently most of the items are levied at 40%-50% tax rates but due tointroduction of GST flat tax rate shall be applicable which will reduce tax burden on consumers.

Applicability of GST        

·         With the 101st Constitution Amendment Act coming into force on 8th September, 2016 and notification of the GST Council on 15th September the road to GST rollout is clear. Government is keen on introducing GST the biggest indirect tax reform, with effect from 01 April 2017. One of the biggest challenges is to train the indirect tax officials of both Centre and State, as well as the trade on the concepts, processes and procedures of GST.

·         GST shall be applicable on following persons:

·         Manufacturers who produces and sells (local or inter-state) goods.

·         Traders who sells good (within state or interstate)

·         Service provider or Service Receiver in case of Reverse Charge

 ·         Commodities that are kept outside the purview of GST

There are some commodities are kept outside the purview of GST, they are alcohol for human consumption, petroleum products and electricity. In such commodities the existing taxation system (VAT & central excise) will be continuing. However in case of tobacco and tobacco products GST will also be levied and the central government also have the power to levy the central excise.               

 Features of GST

·         Manufactured goods could become cheaper due to Lower logistics and tax costs

·         Less developed states get a lift

·         Logistics, inventory costs will fall 

·         It is destination based tax

·         Life gets simpler as GST will replace 17 indirect tax levies and compliance costs will fall 

·         More transparency

·         Due to less evasion of tax the revenue of government will get a boost

 Vincyte solution is India Based business services platform brought up by professionals to help individuals as well as business houses to efficiently start and develop their business, at a reasonable tag price.

We aim to be “The Most Trusted Service Provider” that helps entrepreneurs in all the aspects possible and help you to grow beyond imagination.

We provide GST Registration Service and Consultants in Delhi, India.

GST is one indirect tax for the whole nation, which will make India one unified common market.

GST is on supply of goods and services rather than on production, trading or service rendered. It is destination based tax i.e. it is taxable in state in which goods or services are consumed.

It is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.

The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Presently most of the items are levied at 40%-50% tax rates but due to introduction of GST flat tax rate shall be applicable which will reduce tax burden on consumers.

Applicability of GST

·         With the 101st Constitution Amendment Act coming into force on 8th September, 2016 and notification of the GST Council on 15th September the road to GST rollout is clear. Government is keen on introducing GST the biggest indirect tax reform, with effect from 01 April 2017. One of the biggest challenges is to train the indirect tax officials of both Centre and State, as well as the trade on the concepts, processes and procedures of GST.

·         GST shall be applicable on following persons:

·         Manufacturers who produces and sells (local or inter-state) goods.

·         Traders who sells good (within state or interstate)

·         Service provider or Service Receiver in case of Reverse Charge

·         Commodities that are kept outside the purview of GST

There are some commodities are kept outside the purview of GST, they are alcohol for human consumption, petroleum products and electricity. In such commodities the existing taxation system (VAT & central excise) will be continuing. However in case of tobacco and tobacco products GST will also be levied and the central government also have the power to levy the central excise.               

Features of GST

·         Manufactured goods could become cheaper due to Lower logistics and tax costs

·         Less developed states get a lift

·         Logistics, inventory costs will fall 

·         It is destination based tax

·         Life gets simpler as GST will replace 17 indirect tax levies and compliance costs will fall 

·         More transparency

·         Due to less evasion of tax the revenue of government will get a boost

 Vincyte solution is India Based business services platform brought up by professionals to help individuals as well as business houses to efficiently start and develop their business, at a reasonable tag price.

We aim to be “The Most Trusted Service Provider” that helps entrepreneurs in all the aspects possible and help you to grow beyond imagination.