An Overview of GST
- Blog|GST & Customs|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 18 July, 2022
Latest from Taxmann
The main objective of GST is to remove cascading effects of taxes and keep a check on the unorganized sector by regulating it. How a person would assess whether he is liable to pay taxes in GST or not.
What are the benefits of GST?
The major benefits of GST are:
-
- Make compliance easy by providing all taxpayer services like registration, returns, payment etc. online through use of Information Technology.
- Same tax structure across the country making One Nation, One tax.
- Seamless flow of credit of all taxes paid in earlier stage and therefore reduce inflation by removing cascading effect.
- More transparency in “Doing Business” and creating competitiveness in Industry.
- Uniformity of taxes and Compliances will reduce compliance costs for the industry.
- Fewer chances to avoid taxes and more control over tax evaders will help in better administration.
- More revenue collection and decrease cost of collection due to the use of IT by GSTIN.
- The tax burden will reduce due to seamless credit and prices of commodities and services will reduce eventually.
Buy Taxmann's GST Made Easy – Answer to all Your Queries on GST
Read also: What is GST
When would one be liable to pay taxes under GST?
A person would be liable to pay taxes if he is registered or liable to be registered under GST. A person would be liable to be registered in GST:
- If he is mandatorily required to be registered under GST
- If he is making a taxable supply of goods or services or both and his aggregate turnover under the same PAN in the entire country exceeds the threshold limit as provided in GST. The threshold limit in GST is Rs.10 Lakh/ 20 Lakh (for persons in Specified States/Non-Specified States) for persons having only within State supplies and there would be no threshold limit for persons having Inter-State Supplies.
The concept of liability of a person liable to pay tax in GST revolves around a registered person or person liable to be registered under the law.
What would be the time limit for registration in GST once a person is liable to pay taxes in GST?
A person would have to register himself within 30 days from the day when he becomes liable to be registered. He can also register himself voluntarily under GST.
Also Read:
GST Tax Rate: What are Rate of Taxes under GST?
GST Registration Online
Types of GST in India
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