Invoicing under GST

Invoicing Under GST: Everything you Need to Know

Almost every kind of indirect tax in India requires the preparation of an invoice. This is because not only it serves as a proof of a sale but also provides information on every other form of supply such as exchange, transfer, barter, etc.

With the implementation of GST however, the way invoices are created will be changed. According to the GST regime, two types of invoices have to be issued either before or on the occurrence of a particular event within a certain period. These invoices are the tax invoice, and bill of supply.

Tax Invoice

If you are a registered taxable person under the GST regime who is supplying goods or services, then you are required to issue a tax invoice for all the supplies involved.

Bill of Supply

If you are supplying goods or services that are exempted from GST, or if have opted for the composition levy scheme (provided under the GST regime itself) then you will need to issue a bill or supply rather than the tax invoice for the supplies. Plus, you can’t use the bill of supply to claim input tax credits.

What are the Differences Between a Tax Invoice and a Bill of Supply?

  • A tax invoice is to be issued to a taxable supplier liable under GST regime, who is supplying good and/or services that are taxable. A bill of supply, on the other hand, is to be issued by the supplier of goods and/or service that are exempt from GST, or in case the supplier is a composition taxpayer.
  • You can claim Input Tax Credits with a tax invoice, but not with a bill of supply.
  • Reverse charge (in which a tax paid is by the recipient of goods/services instead of the supplier) in allowed for the registered GST sellers. However, taxpayers under the composition scheme have to pay the taxes themselves.

How to Issue a Tax Invoice?

If you are a registered taxable person under the GST scheme, then you need to issue a tax invoice either before or at the time of when you have to:

  • Remove goods, in case the supply includes movement of goods.
  • Issue several statement accounts in succession.
  • Deliver goods to the receiver, in case the supply doesn’t include the movement of goods.

You have to issue a tax invoice in accordance with the following timelines:

  • Within 30 days under normal circumstances.
  • Within 30 days from the date of due payment, if there is a continuous supply of services and the due date is ascertainable.
  • Within 30 days from the date of payment, if there is a continuous supply of services and the due date is unascertainable.
  • At the time of cessation, if there is a continuous supply of services and the contract expires/made to nullify.
  • Within 45 days from the supply of service, if you are a bank on NBFC.

The following are the details to be included in your tax invoice:

  • Your name, address, and the GSTIN number or registration number.
  • A consecutive serial number that doesn’t contain any special symbols (alphabets and numbers only) and is different for every financial year. For instance, for the financial year 2017-2018, you can use 2017NameOfCompany.
  • Issuing date.
  • Description of the goods and services involved.
  • The total value of the goods and services.
  • Rate of tax levied (CGST, SGST, or IGST)
  • Place of supply along with State name, if it’s an interstate

If you are an exporter then you need to include some additional information in the invoice, which is:

  • Name of the country along with the address you are exporting the goods to
  • The statement “Supply meant for export on payment of IGST” or “Supply meant for export under bond without payment of IGST”, depending on the case
  • Your name and address
  • Number and date of ARE-1, which is the application for removal of goods for export

If you are a goods transport agency then the invoice issued by you should have the following information:

  • Gross weight of the shipment
  • Name of the consignee and consignor
  • Registration number of the carriage used for transportation
  • GSTIN of the taxpayer
  • Details of the shipment, such as the address of origin and destination

How many copies of tax invoices have to be issued?

If you are supplying goods then you are required to create three copies of the invoice:

  • Original Invoice: This is the original invoice marked as “ORIGINAL FOR RECIPIENT” which you have to issue to the buyer of the goods.
  • Duplicate Copy: This is the second copy of the original invoice marked as “DUPLICATE FOR TRANSPORTER” which you have to issue to the delivery boy (the one transporting the goods). However, if you have an invoice reference number then the delivery boy needn’t carry the duplicate invoice.
  • Triplicate Copy: This is the final copy of the tax invoice (marked “TRIPLICATE FOR SUPPLIER”) that you have to keep with yourself for record purposes.

In case you are supplying services then you need to create just two copies of the invoices:

  • Original Copy: This one is marked “ORIGINAL FOR RECIPIENT”.
  • Triplicate Copy: This one is marked “TRIPLICATE FOR SUPPLIER”.

How to Issue a Bill of Supply?

If you have opted for the GST composition scheme then instead of tax invoice you have to issue a bill of supply, as you are not allowed to collect the tax.

The bill of supply should include the following:

  • Your name, address, and GSTIN
  • Date of issue.
  • A consecutive serial number that doesn’t contain any special symbols (alphabets and numbers only) and is different for every financial year. For instance, for the financial year 2017-2018, you can use 2017NameOfCompany.
  • Description of the goods and services involved.
  • The total value of the goods and services.
  • HSN code (in case of goods) or Accounting code (in case of services)
  • Your Signature (either digital or non-digital).

Also, if the total value of the goods supplied is less than Rs. 100 then you are not required to issue a bill of supply unless the receiver insists.

GST Registration

How Will GST Impact the e-com Industry in India?

The e-com industry is booming ever since it ventured into the Indian business industry. Unfortunately, it has to deal with a very complicated taxation system. There are all kinds of indirect taxes levied by both the State and the Central government. The digital payment systems such as e-wallet and credit card/net-banking, etc. also add more woes for the dealers/operators. However, this will change soon.

From 1st July(tentative), the government is going to replace the current taxation regime with a new GST regime. This is expected to bring a number of significant changes that will not only make tax calculations easier but also bring transparency in the entire system.

If you are a merchant who is selling goods/services online, then you are required by the GST law to get your registered irrespective of your turnover. But there’s more.

In this post, we will learn about how the GST will impact the e-commerce industry specifically.

Elimination of Tax Arbitrage Advantage

In the current taxation system, the rates of several taxes such as VAT vary from one state to another. For instance, the rate of VAT on mobile phones in Goa is 12.5%, but in Kerala, it is a modest 5%. So, the merchants based in Kerala can offer low prices to their customers on the e-commerce portals and have an arbitrage advantage over others.

With the implementation of GST, however, all the states will have to levy the same tax all across India. Thus, no merchant will be able to get an unfair advantage on the pricing over others.

Faster Delivery of Shipments

The supply chain of the e-com industry is today crippled by a variety of regulations and compliances that not only make transportation of goods complicated but also lead to huge delays. However, with GST the process is expected to become a lot smoother. E-com operators will be able to deliver the goods to their customers faster, mainly because of the elimination of tax collection at the check posts which cause long queues today.

Easier Identification of non-Complaint Merchants

Once GST is implemented, it will become almost impossible for the merchants to misrepresent their sales. This is because they will need to report their sales online through a common portal. They will need to file the report on a monthly basis along with the GSTIN of their aggregator (owner and manager of the online portal such as Flipkart, Snapdeal, etc.). Even the aggregators will have to disclose their sales and returns along with the details of their merchants.

Another major change that GST will bring is the implementation of public compliance rating. Through these ratings, the aggregators will able to easily identify the merchants who are irresponsible with their tax filings and detach them from their platform for a better customer experience.

Tax Collection at Source (TCS)

According to GST every e-commerce aggregator has to collect a 2% tax called the TCS on the total value of the taxable goods supplied on their platform.  Consider the example below to get a better idea how this works:

Let’s say E-biz is an online shopping portal, and MobileZone is a seller on this portal. So, if MobileZone sold goods of the total value of Rs. 100,000 in a day, then E-biz will collect Rs. 2,000 from it in the form of TCS. The same follows for all the other sellers on the platform.

GST is to bring many major changes in the Indian business realm, and e-commerce is no different. While the existing online sellers may find it troublesome to adapt according to the new regime, they are likely to benefit in the long run.

Everything You Need to Know About Filing GST Returns

The GST Council recently released the final draft of the laws governing CGST (Central GST) and IGST (Integrated GST), and efforts are in full swing as we get closer to the implementation date i.e. 1st July 2017.

According to the GST regime, every taxable person has to submit their Tax details online through the GST portal at https://www.gst.gov.in.

There are in total 4 types of forms that every normal taxpayer will have to fill and submit in the new GST regime. These are:

Return Form What to file? By Whom? By When?
GSTR-1 Details of the outward supplies that are taxable under GST Registered taxable supplier 10th of every month
GSTR-2 Details of the inward supplies that are taxable under GST Registered taxable recipient 15th of every month
GSTR-3 Monthly GST returns that are based on the details of outward supplies and inward supplies Registered taxable person 20th of every month
GSTR-9 Annual Return Registered taxable person 31st December of the next financial year

GST filing

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Details to be added in the returns:

GSTR-1

  • Your business name, GSTIN, and the period for which the return is filed.
  • Details of the invoices issued in the previous month along with the taxes paid on them.
  • Details of the advances paid for a supply to be delivered in the future.

GSTR-2

GSTR-2 will be prefilled based on the details provided by you through GSTR-1. You will need to just go through it, and make changes if required.

For instance, if you have bought raw material from a certain company A. Then company A will file a GSTR-1 form and put your name as the buyer in it.  As you will check your GSTR-2 form, you will find these details already filled. You will just need to verify the auto-populated details of the purchases made by you.

GSTR-3

GSTR-3 is just GSTR-1, and GSTR-2 put together. Just like GSTR-2 the GSTR-3 form is also auto-populated from the information received. You just have to approve the details provided in it, which are:

  • Details of the cash ledger, liability ledger, and ITC ledger.
  • Tax payment details of different taxes- SCGT, CGST, and IGST.
  • The option of claiming a refund for excess payment.

GSTR-9

GSTR-9 sums up the transactions and tax payments made in a financial year. So, you need to fill all the details of all the monthly returns along with the collective tax payment details.

Composition Businesses

The government has issued a Composition Scheme to make GST compliance easier for small businesses. If your annual turnover does not exceed Rs. 50 lakhs then you can opt for GST payment under the composition scheme. By doing so, you have to file returns in the following manner:

Return Form Frequency Due Date Details to be included
GSTR-4A Quarterly NA This form will be prefilled/auto-populated with the details provided by your supplier via form GSTR-1
GSTR-4 Quarterly 18th of the next month Details of all the outward supplies of goods and services along the prefilled details of the form GTSR-4A. If there are any changes required in the Form GSTR-4A then you can also add those in the Form GSTR-4.
GSTR-9A Yearly 31st December of the next financial year Combined details of all the quarterly returns along with the tax payment details.

 

How to file GST Returns?

Since GST returns can only be filed online in a digital form, you need to login in the GST portal with your credentials. Otherwise, you can also prepare the returns yourself and submit the same through a facilitation center or a tax return preparer (TRP).

Every business will be assigned a unique identification number called the GSTIN number. You will be filing your returns against the very same number.

GST has also proposed to impose an automated late fine for those who don’t file the returns on time. This is to discourage non-filers. For each day of delay, you will have to pay a fine of Rs. 100 (tentative), with a maximum limit of Rs. 5,000. In the case of annual return again the fine is Rs. 100 per day, but the maximum limit is 0.25% of the aggregate turnover. Thus, be sure to file the returns on a timely basis.

GST uplifts india

What is GST Input Tax Credit? How Does it Work?

The Goods and Services Tax is a game-changing reform for the Indian economy as it will bring the net applicable tax on goods and services down to a great extent, and make the very act of doing business simpler and easier. However, one of the biggest features that GST will bring to the table is the elimination of cascading effect of taxes through Input Tax Credit. But what is it anyway?

Simply put, Input Tax Credit allows you to reduce the total tax you pay on the goods/services you are selling. For instance, in the traditional system when you buy raw materials as inputs to produce and sell a certain product you pay tax on them. Similarly, when you finally sell the finished product you again have to pay a tax on it. Input tax credit allows you to eliminate this repeated tax. So, using the Input Tax Credit, you can deduct the tax you have paid on the inputs from the total amount or the final amount at the point of outputs.

Let’s consider an example to understand how ITC makes a difference in our current taxation system.

Selling a Product in the Current System

Let’s say a dealer A from Mumbai sells a product worth Rs. 1,000 to another dealer B in Nagpur. After levying VAT @ 10% the cost of the product becomes

Rs. 1000 + 10% of Rs. 1000 = Rs. 1000 + Rs. 100= Rs. 1100

Now, dealer B keeps the profit margin at Rs. 1000. So, the selling price of the product becomes:

Rs. 1,100 + Rs. 1,000 = Rs. 2,100.

Before selling he also has to levy a CST (Central Sales Tax) @10%. Thus, the actual selling price, i.e. the price the dealer C in Chennai will have to pay becomes:

Rs. 2,100 + 10% of Rs. 2,100 = Rs. 2,100 + Rs. 210 + Rs. 2,310.

GST Registration india

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Selling a Product in the new GST System

Taking the same example, the product is sold by the dealer A to dealer B at Rs. 1,000. However, in the GST regime, there are just two indirect taxes instead of VAT, which are CGST (Central GST and State GST). Let’s say they are both levied @ 5% each.

Thus, the price becomes:

Rs. 1,000. + 5% of Rs. 1,000 (CGST) + 5% of Rs. 1,000 (SGST)= Rs. 1,000 + Rs. 50 + Rs. 50= Rs. 1,100

Now, dealer B sells the product to the dealer C in Chennai after adding his profit margin i.e. Rs. 1,000. Thus, the selling price is:

Rs. 1,100 + Rs. 1,000 = Rs. 2,100.

Since it is an inter-state supply of goods and services; the center will collect another tax called Integrated GST (IGST).

If IGST is levied @ 10% then the tax amount is:

10% of Rs. 2,100= Rs. 210

However, the credit of both CGST and SGST can be taken against IGST.

Thus, the net applicable tax will be:

IGST- CGST-SGST= Rs. 210 – Rs. 50 – Rs. 50= Rs. 110

and the final price of the product is:

Rs. 2,100 + Rs. 110 = Rs. 2,210

Thus, this is how GST eliminates repeat taxes and makes the final cost of a product more reasonable.

Now, ITC has its advantages, but not everyone can avail them. You must satisfy the following conditions in order to use GST Input Tax Credit:

  • You must be registered under the GST Common Portal.
  • You can only claim ITC on those goods and services that have been used for commercial purposes.
  • You can only claim ITC for zero rated (exports) or other taxable supplies.
  • If you have sold or transferred your business then the unused ITC have to be transferred to the new business.
  • You must possess a valid tax invoice or relevant customs importation documents (in the case of imports).
  • The tax invoices must be issued under the name of the registered person.

Practical/Relatable Examples on How to Claim ITC under GST

Broadly speaking, there can be three different situations in which you can claim ITC:

  1. When you are liable (or have already applied) for GST registration

If you have been registered for GST then you are allowed to claim ITC. However, you must to do it within 30 days from the date you become liable for GST registration to avail the benefit. For a better understanding take a look at the example below.

Let’s say that you are a manufacturer of blankets and have crossed the threshold limit for GST registration on 5th November 2017. You have raw wool in stock worth Rs. 2 lakhs and have paid a GST @ 18% i.e. Rs. 36,000 on it. So, you must apply for GST registration before 5th December 2017 (within 30 days) if you want to claim the ITC i.e. Rs. 36,000.

  1. When you decide to register for GST on your own accord

Even if you have not crossed the threshold limit for GST registration and thus not liable, you can still apply for it voluntarily. By doing so, you automatically become eligible for claiming ITC.  However, in this case you can only claim ITC on inputs on the goods held in stock on the day before the registration has been granted. Let’s consider an actual example now.

GST Registration india

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Let’s say you run a shoe store and even though you are not liable for GST registration you apply for it voluntarily on 26th September 2017. Thus, you are eligible for ITC on inputs held in stock as on 25th September 2017.

Circumstances in which you are ineligible for ICT

There are certain circumstances that make you ineligible for claiming ICT. These are:

  1. When purchased goods and/or services are used for personal consumption

Say you bought electronics worth Rs. 1 lakh from the manufacturer and paid a GST of Rs. 18,000 (18%). However, you picked a TV worth Rs. 10,000 out of the complete order for yourself. Thus, you can’t claim for the GST paid on the full amount but only on:

Rs. 1,00,000- 10,000 = i.e. Rs. 90,000

Since GST on Rs, 90,000 is = 18% of Rs. 90,000= Rs. 16,200. Thus, you can only claim an ITC of Rs. 16,200 instead of Rs. 18,000.

  1. When goods are stolen, damaged, lost, or disposed of as free samples or gifts

Taking the previous example, if you have bought electronics worth Rs. 1 lakh from the manufacturer and paid a GST of Rs. 18,000 (18%), and if one TV worth Rs. 10,000 gets damaged to the point that it is useless then again you can only claim an ITC of Rs. 16,200.

  1. When payment has not been made within 3 months from the date of invoice of a certain service received by you

For example- say you have received marketing service from a certain company and they have charged you:

Rs. 30,000 (cost of service) + Rs. 5,400 (GST at 18%) = Rs. 35,400

If it has been over 3 months and you haven’t cleared the invoice then the ITC i.e. Rs. 5,400 will be added to your liability and cannot be claimed.

There are many other situations in which you cannot claim ITC. For instance, you cannot claim ITC on motor vehicles and other conveyance, cosmetic surgery, outdoor catering, food, and beverages, etc.

Any more questions regarding GST? Ask in comments below.

GST Checklist

GST Checklist

 

GST Checklist

The procedure for registration for GST system portal is as follows

 1 – Paperless procedure: The whole system of registration will be paperless; hence no hard copies shall be accepted by the department. Further, all the aforesaid registered taxpayers will need to visit the GST portal.

Further, it is mandatory for every entity to register for GST, if the turnover is more than 20 Lakhs – the exemption limit.

 2 – Provisional ID and password: Business entities must obtain provisional ID and passwords which are provided by your concerned state authorities.

3 – Documents and Information required: Be ready with these to get GST ID.

For the process to go hassle free for you, please ensure that the following information is handy.

  • Provisional ID as explained in point 2.
  • Password as explained in Point 2.
  • Valid email Address (it should not be off professional – Use your own email ID)
  • Valid Mobile Number
  • Bank Account number
  • IFSC code

Please ensure the following documents are available with you in digital format as per specification mentioned.

  • Proof of constitution of Business:
    • In a case of Partnership deed – Partnership deed (PDF or JPEG in the maximum file size of 1 MB).
    • In a case of others: Registration Certification of the business entity (PDF and JPEG format in a maximum file size of 1 MB).
  • Photograph of Promoters/Partners/Karta of HUF (JPEG format in a maximum file size of 100 KB).
  • Proof of appointment of authorized signatory (PDF and JPEG format in the maximum size of 1 MB).
  • Photograph of authorized Signatory (JPEG format in a maximum file size of 100 KB).
  • Opening page of Passbook/Statement containing the following information:
    •  Bank account number
    •  Address of branch
    •  Address of account holder
    •  Few transaction details  (PDF and JPEG format in maximum file size of 1 MB).

Documents may slightly vary for you, Please see as per your registered company.

Additional Documents as per your legally registered entity are mentioned below:

OPC (One Person Company):

  • MOA/AOA and Certificate of Incorporation of Company
  • Mobile no and Email Address of Applicant Director and Nominee Director

Private Ltd Company/Public Limited Company:

  • MOA/AOA and Certificate of Incorporation of Company

Partnership Firm:

  • Partnership Deed of Firm

LLP (Limited Liability Partnership):

  • LLP Agreement and Certificate of Incorporation

Trust/Society/Section 8 Company:

  • Bye laws / Moa of Organization

Looks cumbersome task, you can connect with NUMBERZ and enjoy hassle free registration with us.

 

GST and YOU

 

Our government has taken a paramount step in the direction of reforming the age-old tax regime. All taxes are to be subsumed into one amalgamated tax GST. The SMEs and startups are rejoicing, as the new taxation system is deemed to bring much-awaited relief to entrepreneurs and businesses.

According to the govt. GST will increase “Ease of doing business” and “Unleash the animal spirit” of startups. GST could pump the much-needed fuel that the startups are starving without. Let’s have a look at how GST is going to affect new and existing businesses.

Starting your business was never easier: In the initial stage of starting a business, every business need to have a VAT registration. In India, every state has its own taxation procedure. It could prove hassle- some for a person trying to start his new business. With 100 of problems already with the businessman, related to starting a business. This tiresome bureaucracy does not help one bit. But, come GST this will all be streamlined.

No distinction in sales and services: Businesses like restaurants have to pay VAT for sales and services separately. This makes the whole process of computing tax very complex. After the introduction of GST in April, both are to be calculated together as one.

A brief sector wise impact of GST:-

1.Automobile:

Positive: The current effective tax rate levied on this sector ranges between 30-47 percent. This is expected to mellow out to 20-22 percent. GST will spur growth in this sector, as the end user is expected to enjoy a reduced cost by 10 percent.
Negative: Commercial vehicle market may take a hit due to this. GST will eliminate local taxes, quicker passage through check posts, reduce logistic overheads. Improved efficiency with current capacity, operators may delay their expansion plans.

2.Consumer Durable:

Positive: Implementation of GST is big boost for consumer durable industry as also for makers of building materials. New tax regime will lower the end prices of products as manufactures are likely to pass on the price benefit. Also it will reduce the price gap between organized (branded) and unorganized (unbranded) market players. Reduction in logistic overheads will also lower the end cost

Negative: Manufacturers have to watch out for whether benefit is applied to excise duty exemptions zones or not. If not then production units in such zones will incur higher cost and will increase the cost of end product.

3.FMCG:

Positive: Companies will be saving substantially in logistics and distribution costs as there will be no need for multiple selling points. FMCG today pays nearly 24-25% tax including all components. Once GST comes in the picture it will be lowered to 17-19%.

Negative: As per recommendation of GST council, there is 40% tax on “demerit” products which includes aerated beverages and tobacco products. Prices may surge by 20%.food companies enjoying concessional rate of excise may be affected.

4. Cement:

Tax rate is expected to drop from 27-32 percent to 18-20 percent. So, companies in this sector should prepare themselves for increased demand and growth. A company currently running 550 depots can bring down to 100 depots.

 5. IT & ITES:

Positive: GST will eliminate multiple levies for IT companies. It will also allow deeper penetration of digital services.

Negative: Tax rate in this sector is 14 percent, after April it is expected to surge to 18-20 percent. Companies in this sector might prepare themselves to take hit revenue wise. Also IT companies mostly work on same project from different data centers. Hence each center will need to generate separate invoice for every different project they have taken.

6.Telecom

Positive: Cost of mobile handsets and laptop will eventually come down.

Negative: Call charges and data charges are bound to go up if GST regime exceeds 15%.

7.E-commerce

Positive: Reduction in logistic cost and whole country as one unified market will reduce the end cost for consumer. Cascading effect of taxes will be also be eliminated once GST is implemented.

Negative: TCS (Tax collection at source) will increase the administrative, documentation workload for eCommerce companies.

You need to prepare yourself for this historic change, whether you are on the gaining side or the losing side. If you are on the gaining side, tighten your belt as the demand is going to surge with the 7th pay commission and GST pumping disposable income into the economy. With GST everyone will be a winner in the long run.

Will GST change your business? We break it down

gst

What’s the big deal about the GST bill? For your business, it can mean huge, awesome changes!

It is the first overhaul in our taxation system since 1947, yep, that’s right the first major change since Independence. (It’s the 101st Amendment Bill- a fact for your history trivia buffs)

So, what it GST?

Let’s keep it simple- GST is the Goods and Services Tax.Right now, across India there are different taxes and tax rates. The GST Bill aims to say adios to all that confusion and implement a single tax and rate. Sounds good, so far, right? Let’s dive into how it’ll impact your business:

  1. Can the Indian Tax System be Tamed? Earlier you had to work with various tax departments of each state and compile your returns based on several regulations. With the new GST, these issues will be a thing of the past as all taxes will be integrated and the process of filing taxes is much simpler.
  2. Sales Tax, Service Tax, VAT- too many taxes?:Currently you have to pay many different taxes and it can take a lot of time to compute them separately. Now GST will combine all taxes and give you a uniform payment rate.
  3. Can you imagine a world of easy logistics?: When transporting your goods from one state to the next, your vehicles are now stopped at the borders for checks. Interstate movement will change drastically as these checks will be shorter and these taxes will be eliminated with the GST.
  4. Open, Click, Startup: All new businesses require a VAT registration to function and this can be complicated when operating in many states and following different procedures and fees. The introduction of GST will allow a single process of registration and help new startups enter and expand easier than before. With the Digital India and Startup India initiatives, you can also register your startup online.
  5. Who doesn’t love exemptions?: Businesses having to pay a higher VAT for a turnover of more than Rs. 5 lakhs will now be exempt upto Rs. 10 lakhs and above. If you have a higher turnover, fret not, here’s your reason to cheer as tax on turnovers between Rs. 10 to 50 lakhs will be considerably lower.

The GST is here to help your business grow and develop with the added advantage of exemptions and lower total taxes.

Here are the Tax rates:

The GST Council recently put forth a four-tier tax rate system of slabs fixed at 5%, 12%, 18% & 28%:

  • There are two standard rates of 12% and 18%
  • There will be a 5% tax rate on goods that fall under the category of mass consumption
  • The tax on essential items have been reduced while that on luxury goods will be higher
  • Roughly 50% of goods that fall under the consumer inflation basket will be kept at 0% to tackle inflation, while the items that will incur the 28% tax rate were previously taxed at 30-31%

Does it sound like too much for your business to keep track of? We have the simplest solution with Numberz! At Numberz, we are getting ready for new GST regime and at launch will be GST ready, and with your business can be ready too!