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What Is the advantage of Registering Under GST? By Vishesh Jangir

Easy Compliance to all tax payersas registrations, returns, payments etc. would be available to the taxpayers online, which would make compliance easy and transparent. The complete GST process takes place electronically (from registration to filing returns), and it’s remarkably simple. In particular, it has been advantageous for start-ups, as they don’t have to run from place to place to even get various registrations such as VAT, excise, and service tax.

Fortunately, under GST, there is only one single, unified return to be filed.The number of returns to be filed has, thus, decreased. There are approximately 11 returns under GST, of which 4 are basic returns which apply under GST to all taxable persons. The key GSTR-1 will be manually populated and auto-populated with GSTR-2 and GSTR-3.GST will ensure uniformity and Structural Indirect Tax rates which will be common throughout the country, thereby increasing certainty and ease of doing business.

Key Advantages and Disadvantages of GST for Businesses - Khatabook

The GST is a comprehensive indirect tax intended to put indirect taxation under a common roof. More significantly, the cascading impact of the tax that was visible before would be removed. The ‘tax on tax’ can instead be represented as the cascading tax effect. There will be Removal of Cascading. A system of seamless tax-credits throughout the value -chain ad across boundaries of states, would ensure that there is minimal cascading of taxes. This would reduce hidden costs of doing business.

Improved Competitiveness because of reduction in transaction cost of doing business would eventually lead to an improved competitiveness for the trade and industry.

Gain to manufacture and exporters as there is subsuming of central State taxes in GST, complete and comprehensive set-off of input of goods and services and phasing out of Central Sales Tax would reduce the cost of locally Manufactured goods and services.

Previously, any company with a revenue of more than Rs 5 lakh (in most states) was liable to pay VAT under the VAT system. Please be aware that this cap was state-wise different. For service providers with a revenue of less than Rs 10 lakh, service tax has also been exempted. However, this level has been raised to Rs 20 lakh under the Gst system, which excludes many small traders and service providers.

Smaller firms (with a revenue of Rs 20 to 75 lakh) will prosper under GST as it provides a choice to minimize taxation by the use of the Composition scheme. This step has decimated on many small businesses the tax and enforcement pressure.

The online platforms (such as Flipkart and Amazon) supplying Uttar Pradesh had to file a VAT statement and indicate the shipment truck’s registration number. If the documentation were not created, tax authorities could often seize products. Again, states such as Kerala, Rajasthan, and West Bengal regarded these e-commerce brands as coordinators or mediators, which didn’t involve them to register for VAT. Under GST, both of these unequal treatments and misleading enforcement have been abolished. For the first instance, the regulations applicable to the e-commerce sector have been clearly mapped out by GSTand because these are relevant across India, there wouldn’t be any more problems with respect to the inter-state transportation of materials

 

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GST and its Benefits to Re-Boost on Indian Economy By Vishesh Jangir
GST and its Benefits to Re-Boost on Indian Economy By Vishesh Jangir

GST (Goods and Service Tax) in India is regarded as one of the largest taxation that has taken place in India and also passed by the Indian Government. India has adopted two GST that means GST will be administrated both by the State Government as well as by the Central Government.

In keeping the federal structure of India, it is proposed that the GST will be issued both by the Central Government (CGST) and the State Government (SGST). Prime Minister Narendra Modi introduced GST in India on the midnight of 1st July 2017.

The development of GST took many negotiations as well as revisions before getting launched in India in its final form in the year 2017.

Goods and Service Tax (GST) is an indirect tax in India imposed when a customer buys a good. GST is regarded as an indirect tax imposed on the sale, manufacture, buying of goods. The aim of GST is to remove all the indirect taxes imposed on goods by the Indian Central governments and State governments.

There are three taxes that are applicable under the GST and they are as follows:

a) CGST: CGST is the tax collected by the Central Government of India.
b) SGST: SGST is the tax that is collected by the State Government of India.
c) IGST: This is the tax that is collected by the Central Government of India for an inter- state sale.

The main objectives of GST in India are:

a) To remove Indirect Tax issues.
b) Increase the number of tax payers.
c) To entertain consumption-based tax rather than manufacturing.
d) Diminish Tax corruption.

The benefits of GST to re- boost on Indian economy are as follows:

i) GST increase in export by removing the custom duties applicable to exports.
ii) GST supports Small and medium- sized enterprises (SME).
iii) GST increases revenue by extending the tax base.
iv) GST enhanced Pan India operations.
v) GST reduces burden of tax on producers and increases the growth through more production.
vi) GST provides transparency as the customers will exactly know about the taxes they are being charged.
vii) GST abolishes the cascading effect of tax.
viii) GST defined treatment for the operators of E- commerce.
ix) GST has reduced taxes on some goods by 2% while on the other hand it reduces taxes on other goods such as smartphones and cars by 7.5%.
x) GST has a positive impact on India’s GDP as it is expected to increase by at least 80% within the couple of years.

 

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IS THE GST APPLICABLE FOR LABOR CHARGES By VISHESH JANGIR
IS THE GST APPLICABLE FOR LABOR CHARGES By VISHESH JANGIR

The sector of service is without any doubt the most significant field in the country because of accounting 57 percent to India’s GDP. Till June of 2012 Service ad its very own meaning and legal challenges added to it. Although the definition has now narrowed down to a totally distinct procedure to meet the ends.

Goods and Services Tax has been added to every sort of service unless it is exempted by the regulations assigning the same. To do the same the government broadens well as narrowed the definition of “Service” underneath the Taxation system of GST.

Now the following things are counted under the Services rendered and are taxed under GST –

1. Service of transacting money but not including the security and money within it.
2. Services transacting money by including money as well as the use of it through conversion or by any other mode. By one from to another currency or denomination to another one. (different consideration being charged)
3. Service Provision through the way of labor

GST ON LABOUR IN INDIA?

‘Agreement of work’ means a contract to build, construction, production, completion, assembly, installation, fitting out, upgrade, modification, repair, maintenance, reconstruction, alteration, commissioning of any immovable property involving the transfer of property in goods (whether as goods or in some other context) to the implementation of such agreement.This means Supply of the both goods and labor — The provider is involved in the supply of labor (hired labor from outside) as well as the supply of materials of its own, including such as cement, steel, sand and other resources, that would be known as a ‘work deal.’

The other one is Supply of only hired labor-If the distributor only provides hired labor from the outside and the supplier supplies the products, these agreements would be referred to as “pure labor contracts”

There are some Instances in GST on Labor in India when exemption is allowed. That is when,Services rendered by pure labor contracts for the design, erection, commissioning, installation, completion, installation, repair, maintenance, reconstruction or modification of a civil structure and any other original material related to the construction or modification of the individual property under the Housing for All (Urban) Mission or Pradhan Mantri Awas Yojana by the beneficiary. The other instance is when,Services by means of pure labor contracts for the construction, construction, commissioning or installation, rather than as part of a residential complex, of original works relating to a specific residential unit.


Although there are some instances which do not approve if the supplier is doing the following –

1. Building work as a whole, including labor
2. Multiple units of such construction include (more than one dwelling unit)

LABOUR CHARGES according to GST with Service Accounting Code is 18 % to everytype. That includes Executive or Retained personnel search services (998511); Permanent Placement Services (998512); Control Staffing Services (998513); Long Term staffing /Pay rolling Services (998515); Temporary staffing to permanent placement services (998516); Co-employment staffing services (998517), Other employment and labor supply supply services nowhere else classified (998518)

About Author:

Mr. Vishesh Jangir is a reputed GST practitioner in new Delhi,north-west-Delhi. is recognized for GST Advisory and tax optimization works. Here one can accept full spectrum of work like Accounting Planning, GST tax optimization, GST reconciliation Services are tailored here as per clients requirement.

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