GST Registration
The GST is a value-added tax charged on most goods and services sold for domestic consumption. The goods and services tax is paid by shoppers, however, it’s remitted to the govt by the companies merchandising the products and services. In effect, GST provides revenue for the govt. In fact, GST registration in Ahmedabad will benefit in different ways.
GST Registration and it's Benefits
Aggregate turnover under the act includes all taxable supplies, exempt supplies, Zero-rated supplies, interstate supplies, but doesn’t include the inward taxable supplies under the Reverse Charge Mechanism. Process of GST registration is much simpler and electronically supported. That is a major advantage for GST registration process and filing. GST or goods and services act came into use from July 2017, by replacing a number of old taxes. At the same time, the government of India introduced four types of GST bill for GST registration including central GST, Integrated GST, GST bill of Union Territories and GST bill. This tax was implemented and enacted with the aim to collect tax on behalf of the government and to avail Input Tax Credit (ITC) for the taxes on his inward supplies. The act mandates that every person who has an aggregate turnover of your than Rs 20 lakhs in the relevant financial year.
GST registration process is completely web-based. GST registration means all in one tax, i.e. so many previous taxes have included in GST like VAT, CST, Luxury tax, Excise Duty and so on. There are so many state taxes and central taxes which has gone away with the implementation of GST.
ADVANTAGES OF GST:
- GST Registration eliminates and eradicates the piling effect of the tax.
- Simple and online GST Registration process.
- GST registration for normal taxpayers and GST registration under composition scheme for small businesses help the unorganised sectors.
- The number of compliances under GST registration is lesser than the previous tax structure.
- Through the introduction of the E-way bill through the GST registration portal, improves efficiency in logistics.
- GST registration certificate and return copy can be obtained through GST portal by downloading the document as many time required.
- GST is a comprehensive indirect tax built to bring the total indirect taxes under one umbrella, hence reduces the total tax burden.
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Frequently Asked Questions (FAQs)
What is the use of GeM Portal?
Government e-Marketplace (GeM) is a one-stop portal to facilitate online procurement of common use Goods & Services required by various Government Departments / Organizations / PSUs. GeM aims to enhance transparency, efficiency, and speed in public procurement. It provides the tools of e-bidding, reverse e-auction, and demand aggregation to facilitate the government users to achieve the best value for their money.
Is registration on GeM Portal free?
Yes and No. GeM Registration is free however you have to deposit caution money which will allow Seller to create Catalogues and Sell items on Government e-Marketplace.
What is Caution Money?
Caution money provision is being introduced for bringing discipline among sellers. All Sellers on GeM would be required to deposit a fixed amount with GeM as Caution Money deposit.
What are the fees for GeM registration?
| Seller Turnover less than 1 Crore | ₹5,000/- |
| Seller Turnover in between 1 Crore and 10 Crores | ₹10,000/- |
| Seller Turnover more than 10 Crores | ₹25,000/- |
| Vendor Assessment Fees | ₹11,200 + GST |
What is Vendor Assessment on GeM?
Vendor Assessment is a process, compulsory for OEMs, to get the OEM panel on Gem to register your brand as a manufacturer in the related category with help of a Trademark certificate and website. Manufacturers on GeM would be required to get an assessment of their organization profile and the items that are enlisted for an offer on GeM.
What is Vendor Assessment Exemption?
A manufacturer can initiate vendor assessment exemption by providing required documents in below listed category
- Central / State PSUs.
- OEMs holding BIS License for the particular product category
- NSIC Registered MSEs
- EMs having Unique Certification Code (UCC) issued by DRDO/ OFB/ SITRA
- Sellers recommended for exemption for specific categories and specified validity period by any CPSE, Central and State Government Departments/ Authorities.
- Sellers who are Registered Societies/ Trusts/ other bodies, if these concerns have Government Representation.