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In case you have purchased excisable goods, directly from the manufacturer / 1st stage dealer / 2nd stage dealer, you will have an invoice with the excise duty paid mentioned – that will serve as documentary evidence. However in the case of goods purchased from a wholesaler, where there is no invoice available, getting the 60% / 40% credit becomes a challenge. In order to combat all these challenges, the GST law has come up with the concept of “Credit Transfer Document”. As per this, an excise registered manufacturer may issue a Credit Transfer Document evidencing the payment of excise duty, to a registered dealer who is not registered under excise but is liable to pay CGST under the GST regime. To understand more, please refer to our blog - Input Tax Credit
For all business establishments within a single state, a single registration is sufficient. However, a person having multiple business verticals in a State may obtain a separate registration for each business vertical. Subject to conditions, as may be prescribed. To know more, about single registration and other positive impact points on manufacturers.
For each state, in which you have your business establishments, you will need to take a separate registration, irrespective of whether you are dealing in goods or services. To understand the impact of GST on the wholesale market spread across multiple states, please refer to our blog - How will GST Transform the Indian Wholesale Market?
You may register multiple businesses under the same GSTIN registration, provided they are all within the same state. However, there is always an option to take multiple registrations for businesses within the same state, but belonging to different business verticals. However, if businesses are spread across multiple states, each state will require separate GSTIN registration. To know more about GSTIN, and its applicability in the business process, refer to our blog - GST Invoice
No charges for registration is required. To understand more about the process to obtain a fresh registration, please refer to our blog - Step-by-Step New GST Registration Guide
Job work as such is not taxable under GST - provided the Principal takes back the goods provided for job work from the job worker OR completes supply of the goods from the premises of job worker, within the time period of 1 year from the time of supply. Failing this, GST on the goods supplied, will have to be borne by the Principal. To understand more about job work and similar special supplies under GST, please refer to our blog - http://blogs.tallysolutions.com/supply-determine-goods-services/
The GST law has defined the time limit for issue of GST tax invoices, revised bills, debit notes and credit note. The following are the due dates for issuing an invoice to customers:
All components of CENVAT Credit would be carry-forwarded into one single Input Tax Credit (ITC) under the CGST credit ledger, subject to certain conditions. The taxes being subsumed lose their individual identity under the GST law.
No. A registered taxpayer opting to pay tax under the composite scheme is not liable to collect GST tax and is thus, not eligible to obtain the Input Tax Credit (ITC).
No. They will need to migrate their existing registration to GST registration by visiting the GST portal and validating their email ID and mobile number, post which, a provisional registration will be provided. Fresh / New registration will only be for new businesses, or for those businesses who were unregistered earlier, and are now eligible to be registered under GST.
No. It is a central registration at the common GST portal (gst.gov.in). However, if one has separate business operations in multiple states (be it for supplying goods or services), separate registration will need to be taken for each state. However the registration still remains a centralized activity, and is not bound with individual state authorities.
In the GST regime, goods will be classified under the HSN code, and services will be classified under the SAC code. You can click here to access the final GST tax rates booklet/code list for goods and here for the final GST tax rates booklet/code list for services.
e-Invoice from 1st October 2022 for Businesses with Turnover Exceeding 10 Crore
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