Any business offering sale of goods with annual turn over of 40 lacs or service with annual
turn over of 20 lacs would require the registration for GST and have a valid GST Number.
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GST stands for Goods and Services Tax, which is levied on goods or services or both in India. GST includes several existing indirect taxes being levied by the Central and State Governments. It comprises Central Excise duty, VAT, Purchase Tax, goods Tax, Entry Tax, Local Body Taxes, Octroi, Central Sales Tax, Luxury Tax, etc.
It provides several advantages to all stakeholders like industry, government, and the citizens. It is required to lower the cost of goods and services, boost the market, and make the products and services globally competitive. West Bengal GST number intends to make a common national market with uniform tax rates, methods and removes the economic difficulties. Thereby, paving the way for an integrated economy at the national level.`
West Bengal GST registration is a destination-based consumption tax. It has been created in a manner so that the tax is received at every stage, and the credit of tax paid at the early stage is available to set off the tax to be paid at the next stage of the transaction, thereby reducing the cascading of taxes. This eradicates “tax on tax” and provides cross utilization of input tax credits, which serves the industry by making the whole supply chain tax neutral.
The advantages of GSTIN verification are:
The following table lists the various types of returns under GST Law:
|Return||Description||Who files?||Date of filing|
|GSTR-1||Outward supplies of Goods or Services monthly statement||Registered Person||10th of the next month|
|GSTR-2||Inward supplies of Goods or Services monthly statement||Registered Person||15th of the next month|
|GSTR-3||Monthly Return for a normal taxpayer||Registered Person||20th of the next month|
|GSTR-4||Quarterly Return||Taxable Person opting for Composition Levy||18th of the month succeeding the quarter|
|GSTR-5||Monthly Return for a non-resident taxpayer||Non-resident Taxpayer||20th of the month succeeding the tax period & within 7 days after expiry of the registration|
|GSTR-6||Monthly Return for an Input Service Distributor (ISD)||Input Service Distributor||13th of the next month|
|GSTR-7||Monthly Return for authorities deducting tax at source||Tax Deductor||10th of the next month|
|GSTR-8||Monthly Statement for E-Commerce Operator depicting supplies affecting through it||E-Commerce Operator||10th of the next month|
|GSTR-9||Annual Return||Those persons who are registered and other than an TDS/TCS Taxpayer, ISD, Casual Taxable Person, and Non-resident Taxpayer||31st December of next Financial Year|
|GSTR-10||Final Return||Taxable Person whose registration has been surrendered or canceled||Within 90 days of the Cancellation date or date of order of cancellation, whichever is later.|
The basic features of the GST return process include automatic filing of returns, uploading of invoice level data and auto-population of information relating to Input Tax Credit (ITC) from returns of the supplier to that of the receiver, invoice-level information matching and auto-withdrawal of Input Tax Credit in case of mismatch. The returns mechanism is meant to assist the taxpayer to file returns and avail ITC.
Under GST, a general taxpayer needs to provide monthly returns and one annual return. There are separate returns for a taxpayer filed under the planning scheme, non-resident taxpayer, taxpayer registered as an Input Service Publisher, a person responsible to deduct or manage the tax (TDS/ TCS), and a person given a Unique Identification Number. It is essential to note that a taxpayer is NOT required to file all types of returns. Taxpayers are expected to file returns depending on the actions they initiate.
GST has given the economy a boost, and an increase in India’s GDP in the long run. As far as direct impact goes, GST has succeeded in increasing the taxpayer base by regulating the threshold for liability. Tax compliance is also working to be more comfortable in the long-term, and an online taxation system means greater performance, responsibility, and therefore reduces the chances of being able to get away with tax fraud.
As a company owner, you may find that currently adjusting to the new GST regime requires time, money, and management. But in the long term, the method of filing GST returns will become a lot simpler. Since all major indirect taxes have been solidified, you will find that you no longer need to manage large departments that are particularly focused on dealing with the previously extensive tax documentation. Additionally, if you are a start-up, you are no longer required to file several individual taxes like VAT and service tax.
As a private taxpayer, you will find that the value of some products has decreased, such as the reduction in the tax levied on private taxis from 6% to 5%. For air travel, flying economy class has become marginally more affordable with a tax of 5%. The price of eating out hasn’t seen any main changes. Although it depends on the nature of the enterprise - whether it has air conditioning or not, whether it serves alcohol or not, or whether the turnover is less than Rs.50 lakh per annum.
On the other hand, you will find that businesses that focus on unprocessed grains like rice and wheat, unprocessed milk, vegetables, seafood, meat, and unbranded flours, don't have to pay GST. With this data in hand, be abreast of the latest GST updates and deadlines. This way, you can make sure that you register GST returns and charge GST on customers properly.
The West Bengal GST code is 01. The Goods and Services Tax (GST) started on 1 July 2017 at a memorable event in the Parliament. It was aimed at clarifying the existing tax structure of India. The main purpose of the implementation of a new tax regime is one nation, one tax, one market. West Bengal GST code has returned a dozen central and state levied taxes such as excise, VAT, and service tax.
As an outcome, business objects will now need to file under GST and get a unique 15-digit Goods and Service Tax Identification Number (GSTIN). This will return the previously existing Tax Identification Number (TIN) which was given to businesses by respective state tax officials for registering under VAT.
In the new GST management, all registered taxpayers will be connected to a single platform for compliance and management plans and will be registered under a single authority. Around 8 million taxpayers were moved from various programs to GST.
A unique code identified as GSTIN is assigned to each taxpayer, which will be state-wise and PAN-based. Here is the analysis of the 15-digit West Bengal GST code or GSTIN format:
For example let us consider a GST number 19AAAAAAAAAA1Z5
West Bengal GSTIN number is important for business entities as it provides several advantages that are possible under the GST regime. A GSTIN is compulsory by the government for businesses with annual turnover surpassing Rs.20 lakh. If you are a certified dealer, you need to file GST returns and create a payment if GST liability exists. Also, if the GST paid by you is higher than the GST liability, you can claim a refund through your GSTIN.
Additionally, a GSTIN also assists when you are viewing to avail of a loan to fund your business. Financiers provide company loans for businessmen to buy inventory, develop commercial space, and increase their business. Your business should be filed with the Government of India and have a correct GSTIN to be available for a business loan.
Verifying GST Number or GSTIN is very essential as there are many instances where people manage GST Number (GSTIN). In addition to this, the GST Number search will assist you to support clarity in all the business activities and will assure you that you are registering exact GST Returns for the particular tax period. Moreover, GSTIN verification will also assist you to maintain input tax credit that you might lose because of fake GSTIN.
Verifying GSTIN or GST Number is the necessity of the hour to assure that your paid GST taxes land up in the right pockets. It also provides an opportunity to contribute to nation-building.
The important documents for GST filing include a PAN card, proof of business registration, identification, photos, and address proof of persons in charge, the business’ address proof, and bank account records. You can verify your bank details using a bank statement, canceled cheque, or an extract from your passbook. Furthermore, an address proof can take the form of an electricity bill, rent agreement, purchase documents, property tax statement, and so on.
A society or club wants to give the following GST filing documents to make the process and obtain GSTIN.
What are the advantages of registering a company under GST?
Registration under Goods and Service Tax (GST) regime will present the following benefits to the business:
What is the valid date of GST registration in Himachal Pradesh?
If a person is operating in different states, with the same PAN number, can he/she work with a unique Registration?
No. Every person who is preferred to get a registration will have to register individually for states where he/she has a sales process and is capable of giving GST in times of Sub-section (1) of Division 19 of Model GST Law.
Is the removal of GST registration from the West Bengal certificate permitted?
Yes. Any registration given under this Act may be removed by the proper officer, in circumstances defined in Section 21 of the MGL. The proper officer may, either on his/her motion or an application filed, in a directed manner, by the certified taxable person or by his legal heirs, in case of loss of such person, cancel the registration, in such manner and within such period as may be prescribed.
Is there any process for a digital signature in GSTN enrollment?
Taxpayers will have the chance to validate the offered application using valid digital signatures (if the candidate is supposed to take DSC under any other prevailing law, then he/she will have to give the registration form using the same). For those who do not have a digital signature, alternative mechanisms are available as per the GST Rules on Registration.
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