An invoice is a prime tool used by the government to assess and calculate the valid taxes being imposed on the taxpayers. The invoice is ascertained on the goods and service provided by the seller and is noted down in the tax file for future reference in the tax department. But the goods and service tax in India is a latest and revised format for invoicing which will facilitate the overall computation and eligibility of tax on all the invoiced goods and services.
strong>Goods and Service Tax (GST) is one of the taxation systems which affect common people or consumers in India. Usually, all the old taxation systems in India is complicated, so it’s difficult for the common people to understand the about the GST concept. You must know some basic points about GST before we proceed further.
Taxation Structure System in India
The Indian Constitution amendment divides the taxation powers into central and state government. Both the government have some exclusive areas where they can levy tax from the common people. Income tax is a direct tax, it is levied on the income or company profits, it is the exclusive area of central government.
GST is an indirect tax and it will be applicable to professionals, service providers, freelancers and businesses whereas it is not applicable to salaried individuals.
Is it Mandatory register for the GST?
You should register for the GST in the cases mentioned below:-
- If your sale or turnover exceeds Rs. 20 lakh ( Rs. 10 lakh in case of the Northeastern states).
- If you are selling goods online. You are selling goods through your website or through e-commerce portal.
- You can make inter-state sales, in case if you are living in one state and selling goods in another state. Let’s understand with an example, if you are living in Jaipur and selling goods to Kolkata, this is considered an inter-state sale.
- If you are selling goods on behalf of another taxable person (i.e. you are an agent).
- If you are dealing in goods/ services in which reverse charge implements- where the buyer has to deposit the tax instead of the seller.
Who will not be applicable for GST?
Agriculturist and farmers are not applicable for the GST. For example, If you are growing your own vegetables and selling it, then you are not required to pay GST. If you are dealing business in exempted goods or services, then you are not applicable to pay for GST.
GST helpline application is a mobile application for GST. It has been developed by SAG Infotech PVT. LTD. based out in Jaipur, India. The application has been made to run smoothly on both Android and iOS platforms. It is available on Google play store over android devices (OS Version 4.0 and above). The GST helpline app offers secure login feature along with wide range of information on GST India.
Recently the Goods and Services Tax (GST) in India has rolled out various heavy implication over the financial maintenance industry in which it has mandated the business entities to regularize the accounts and records of the transactions. In fact, each and every law prevailing has the government the taxpayer community to maintain certain accounts and registers in which records must be maintained for a certain period of time. The records of transactions are the very basis which is required to file the taxes and to be presented in front of official authority in case of any checkout. Then there is a series of assessment which will determine the tax liability of a taxpayer under GST scheme.
The term “Assessment of tax” means acknowledgment of the tax liability of an individual. The tax liability of a person is determined by the amount of tax paid by him/her during the tax timeline. However, the types of taxes in the GST is same as the old regime. There are commonly two types of tax assessments, namely, assessment by the taxable individual by themselves, also known as self- assessment and the other one is the assessment by the tax authorities.