information GST in India

[Keral_Patel]

To all my fellow Namepros members.

As we all know from today the GST applies (Goods and Service Tax) all over the India.

It is a great move and maybe it will curb this black money issue and all.

But my own problem was that I was not able to understand the new laws as there was very less information provided OR even if it was provided I was not an accountant.

Moreover the online businesses and domaining wasn't specially covered as it is quite a rare phenomena over here in India.

So as per my research and running around and chasing down the Chartered Accountants here is what I have found out:

They all started talking Bullshit with me. (I wished I could talk about HTML/CSS and PHP Loops with them)

But anyway overall what I understood is that:

If your annual turnover is more then 20 lacs. (OR 10 lacs for North Eastern States)

Then you have to compulsorily register for a GST number and you fall under this category.

Now coming onto second part if you are a business that is totally reliable on Total export of services then the older exemptions of total export will still apply to you. That is what I am told but that is not clear as of now. (Which means you cannot take a single INR as a payment otherwise you are not exempted from this exemption scheme)

Source: My CA and Newspaper
Confirmation Source: https://cleartax.in/s/gst-registration/

[Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. This process is of registration is referred as GST registration.

GST will apply when turnover of the business exceeds Rs 20 lakhs and Limit is Rs 10 lakhs for the North Eastern States.]

Taxes and Death are part of life Enjoy!!!

 

[siddardha]

To all my fellow Namepros members.

As we all know from today the GST applies (Goods and Service Tax) all over the India.

It is a great move and maybe it will curb this black money issue and all.

But my own problem was that I was not able to understand the new laws as there was very less information provided OR even if it was provided I was not an accountant.

Moreover the online businesses and domaining wasn't specially covered as it is quite a rare phenomena over here in India.

So as per my research and running around and chasing down the Chartered Accountants here is what I have found out:

They all started talking Bullsh*t with me. (I wished I could talk about HTML/CSS and PHP Loops with them)

But anyway overall what I understood is that:

If your annual turnover is more then 20 lacs. (OR 10 lacs for North Eastern States)

Then you have to compulsorily register for a GST number and you fall under this category.

Now coming onto second part if you are a business that is totally reliable on Total export of services then the older exemptions of total export will still apply to you. That is what I am told but that is not clear as of now. (Which means you cannot take a single INR as a payment otherwise you are not exempted from this exemption scheme)

Source: My CA and Newspaper
Confirmation Source: https://cleartax.in/s/gst-registration/

[Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. This process is of registration is referred as GST registration.

GST will apply when turnover of the business exceeds Rs 20 lakhs and Limit is Rs 10 lakhs for the North Eastern States.]

Taxes and Death are part of life Enjoy!!!

Helpful

 

[DKN]

They all started talking Bullsh*t with me. (I wished I could talk about HTML/CSS and PHP Loops with them)

Thank you for your valuable insights!

 

[Furquan]

It is a great move and it will curb this black money issue and all.

No it's not for black money, this type taxes give boost to black money.

If your annual turnover is more then 20 lacs. (OR 10 lacs for North Eastern States)

Well, again it's not true, because our PM told us One Nation One Tax.

But my own problem was that I was not able to understand the new laws as there was very less information provided OR even if it was provided I was not an accountant.

If you watch our PM Midnight GST launch video you get surprised insisted of complaints lol.

We are the first nation which government celebrated after imposing huge tax on us.

Overall ,

It's a bad news for all of us, as previously we only need to pay 15% service tax on every domain register but now we need to pay 18% tax. Here is email which I received today from a one of big register .

IMPORTANT: Upcoming Tax Changes / GSTIN

Hi,

Please note that starting July 1st, 2017 applicable rate of tax on hosting, domains and related service under GST will be at 18% instead of the currently prevailing Service Tax at 15%.

The funny part of this, it's a move by a government which opposed this GST tax back in 2014 when Congress tried to impose it.


You can know more about GST here,
http://www.cbec.gov.in/htdocs-cbec/gst/gst-faq-regn-lang
.

 

[ntjedge]

Oh wow, what a civilized discussion!

GST is a Tax reform - one which might change the very course of India's destiny. Be patient. Things will be clearer in a few days as more information is available from the official sources. I understand your frustration about non-availability/non-clarity of specific information, it is normal. It is still Day 1 of GST!!!

 

[Riya Suman]

GST registration in India with the help of a Leading consultant.Thank you so much for providing such amazing and informative content.

 

[private123]

GST registration in India with the help of a Leading consultant.

You have GST registration no. ??
My domain registration price go high 18% GST tax after.