Goods and Services Tax, which is also called as GST, has replaced almost all the indirect taxes in India. The GST Act was passed on 29 March 2017 in Parliament. Later, it came into force from 1st July 2017. India started enforcing the act from then on to all the taxpayers.
Since 1947, India's largest indirect tax reform finally looks like it has the ‘goods and service’ levy. The Constitution (122 Amendment) Bill, 2014 seeks to amend the Constitution to implement goods and service tax (GST). The GST incorporates various indirect central taxes, including central excise duties, countervailing duties, service tax, etc. This also includes the tax on the value-added tax of the economy, tax on loans, tax on luxury, etc.
The GST is being implemented not only to get rid of the existing indirect taxes which keeps muddling our income throughout the year and, mostly causes multiple rates with fewer privileges and exemptions, but also to boost tax grievances and privileges. There is an exclusive Mizoram GST website and GST number.
GSTIN is a 15 digit unique number provided to the taxpayer under the GST. The GST code is the first two digits of the GSTIN. The GST code is usually used by the taxpayer while registering for GST.
Mizoram is a state in India and the GST code for Mizoram state is 15, as per the Indian Tax System.
The Council on Goods and Services Tax (GST), led by Union Finance Minister Arun Jaitley previously, has finalized tax rates for all services in India. Also, the taxes are exempt from healthcare and education as well.
The multiplication of service tax rates would add difficulty to enforcement under the GST regime. On other goods, the GST council narrowly approved GST prices for products at 0%, 5%, 12%, 18%, and 28%. Let’s talk about the five tax slabs in-detail:
The absolute exemption is an exemption without any conditions. For instance, transmission or distribution of electricity by an electricity transmission or distribution utility or even the services by the Reserve Bank of India (RBI).
A conditional exemption is an exemption which is subject to certain conditions. For instance, services by a hotel, inn, guest house, club, lodge or campsite, by whatever name called, for residential or lodging purposes, having acknowledged tariff of a unit when accommodated in any of these with less than Rs.1000/- per day.
Intra-State supplies of goods and/or services received from an unregistered person by a registered person is exempted from payment of tax under reverse charge, on condition that the aggregate value of such supplies received by the registered person from all or any of the suppliers does not exceed Rs.5000/- in a day.
The late fee is a sum paid for delay in filing GST returns, in compliance with GST legislation. It can be considered as an unpaid fee.
When a GST Registered Company fails to file GST Returns within the specified due dates (refer to the Government website for the due dates), some late fees are paid accordingly. The late fee for the delay in filing NIL returns is also valid. There are, for example, no figures in the GSTR-3B to announce sales or acquisitions for December 2018. Now, you need to file your return.
The duration of the delay will depend on the number of days from the due date. The GST return is filed in GSTR-3B on 23 January 2019, 3 days after the specified due date, i.e. 20 January 2019. Late payments are estimated for three days, and cash deposits are made.
Nevertheless, the GST platform is currently only configured to charge a late fee on GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-8, GSTR-7, and GSTR-9 returns.
There are 4 essential components of GST. They are:
The full form of CGST is Central Goods and Services Tax. It is collected by the Central Government on the intra-state supply of goods and services in India. For instance, the transaction happening within the state of Orissa)
SGST is otherwise called the State Goods and Services Tax. SGST is collected by the State Government on the intra-state supply of goods and services in India. For instance, the transaction happening within the state of Maharashtra)
The full form of IGST is Integrated Goods and Services Tax. It is collected by the Central Government on the inter-state supply of goods and services in India. For instance, the transaction happening between Orissa and Maharashtra or vice versa.
UTGST stands for Union Territory Goods and Services Tax. It is an indirect tax levied and collected by the Union Territory on the intra-state supply of goods or services in India.
CGST, SGST, and IGST have replaced all the below-mentioned taxes.
There are 5 essential documents required to register for GST in Mizoram. They are:
PAN is mandatory for becoming a Director in a company, it is required for GST purposes as well. It is highly important to apply for a PAN if you don’t have one. PAN will make your GST registration process in Mizoram easy.
Each director of the company should submit any of his/her identity proof. The ID proof can be a Passport or Voter Card or Driving License or any other ID proof for GST Registration in Mizoram.
Though an Aadhaar Card is not necessary to register for GST in Mizoram, it is always good to own one. Aadhaar number can be linked to your respective mobile numbers so that the process of generating the Digital Signature Certificate (DSC) would rather be done within minutes.
Each Director of the company should submit any one address proof in their name which can be either the Bank Statement or Gas bill or Water bill or Electricity bill or Telephone bill. Most importantly, the address proof should not be more than 2 months old. Also, remember that an Aadhaar card and bank passbook is not a valid address proof.
The director should submit the office address proof for the proposed office address which can be an Electricity Bill, Water Bill, Gas bill, Telephone bill or any other utility bills. These bills can be in anyone’s name, which doesn’t matter. Also, these bills which will be submitted need to be less than 2 months old. The electricity bill can also be in the house address or the father’s name.
The above mentioned are common for any type of businesses i.e. Sole proprietorship, Private Limited Company, One Person Company, HUF, Partnership firm, etc.
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