GST Migration

Goods and Services Tax or GST has been implemented in India from 1st July, 2017 and GST migration started from 2016. Since all entities registered under VAT or Central Excise or Service Tax did not migrate to GST, the time-limit for GST migration has been extended by another three months until end of September, 2017. Further, all entities having VAT or Central Excise or Service Tax registration are mandatorily required to obtain GST registration by migrating their data to the new system without fail.
To complete GST migration, entities registered under VAT or Central Excise or Service Tax would have received a provisional userid and password. Using the provisional userid and password, GST migration can be completed by providing additional information required under GST. Once, the GST migration application is completed, provisional GSTIN is provided to the business. Provisional GSTIN can be used by the taxpayer to transact business and the provisional ID would be confirmed and made final GSTIN by the Government automatically.

Our Process

Need of GST

  • Multiple taxes lead to double taxation & cascading effect
  • Structure involving multiple taxes / rates not in sync with global practices
  • High cost of tax compliance and double taxation leads to higher prices of goods & services
  • Lack of uniformity in provisions of different law and interpretations
  • High cost of tax collection leads to lower tax yield to the Government

Features of GST

  • Origin based tax to destination based tax
  • All stages of value chain – Primary/Secondary /Tertiary including retail
  • Taxable event is ‘supply’
  • Centre GST & State GST to operate concurrently
  • CGST & SGST on intra state supplies in India
  • IGST on inter state supplies in India.
  • Exports – zero rated
  • Imports – [BCD + IGST]

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