What is GST?
GST stands for Goods and Services Tax. It is a comprehensive indirect tax levied on the supply of goods and services across India. Implemented on July 1, 2017, GST replaced various indirect taxes that were previously imposed by the central and state governments, such as excise duty, service tax, value-added tax (VAT), and others.
The GST system is designed to create a unified taxation structure, simplifying the tax regime by streamlining different taxes into a single tax. It operates on a dual model, involving both the central and state governments:
Central GST (CGST): Collected by the central government on intra-state supplies of goods and services.
State GST (SGST): Collected by the state government on intra-state supplies of goods and services.
Who Needs to Register for GST?
Under India’s Goods and Services Tax (GST) regime, registration is mandatory for businesses exceeding specified turnover thresholds, varying from ₹40 lakhs (₹10 lakhs for some special category states in Northeastern India) for most states to ₹20 lakhs for inter-state suppliers. Specific entities, regardless of turnover, such as those involved in inter-state supply, e-commerce operators, non-resident taxable persons, and those liable under reverse charge, must also register. GST registration for proprietorship, GST registration for private limited company, and GST registration for service provider are crucial to ensure compliance with GST laws. Voluntary registration is an option for businesses below these thresholds, offering benefits like input tax credit and business expansion.
Benefits of GST
- GST registration enables access to Input Tax Credit (ITC), allowing businesses to claim credit for taxes paid on purchases.
- Reducing overall tax liability and encouraging compliance throughout the supply chain.
- It facilitates wider market access by enabling inter-state trade without constraints, potentially expanding business horizons
- GST registration for online business offers the option to enroll in the Composition Scheme, easing compliance burdens and providing a fixed tax payment structure based on turnover.
- It also grants legal protections, access to government schemes, and the ability to participate in e-commerce transactions more efficiently, among other benefits.
Goods and Services Tax Identification Number (GSTIN)
- First two digits: State code.
- Next ten digits: PAN of the taxpayer.
- Thirteenth digit: Entity code based on the number of registrations within a state.
- Fourteenth digit: Alphabet Z by default.
- Fifteenth digit: Checksum digit for verification purposes.
Frequently Asked Questions
Property owners and tenants can claim and track their property to monitor the estimated value and learn about recent sales for similar properties. By understanding your relationship to the property, we can tailor what we show and send you to make it more relevant to your situation.
There is no limit to the number of properties you can track. Once you have tracked a property you will be able to track additional properties, make changes to your property relationship and change your primary property.
Price estimates are calculated by PropTrack Australia by looking at multiple properties and local market data points, which together can provide insight into the approximate value of a property. The data that informs the estimate range includes property and local market data including: Property types, Recent sales & local price trends, and Land area. To learn more about privacy and Property Value pages.
The Australian arm of PropTrack was acquired by REA Group In May 2018. A combination of unique data, industry expertise and analytical precision has made PropTrack a trusted leader in property data and automated valuations. From November 2018, PropTrack has been providing REA with most of the property insights used in consumer and customer experiences. More information about PropTrack is available on their website.
A combination of unique data, industry expertise and analytical precision has made PropTrack a trusted leader in property data and automated valuations. From November 2018, PropTrack has been providing REA with most of the property insights used in consumer and customer experiences. More information about PropTrack is available on their website.