Goods and service tax is an indirect tax levied in India on sales of goods and service. The GST is a dual tax that is levied with both central and states simultaneously on common tax based. GST levied by central on intra state supply of the goods and supply is called as central tax. The goods and services tax levied by states and UT is called as state tax and UT tax. The burden of the GST is abided by the consumer. The duty of collecting the tax and depositing it rests with the suppliers as mentioned in the schedule III of modal GST act. An expert GST consultant in Chennai can give you customized information.
A person who has a business at any place in India is referred as a taxable person as per the goods and service tax act 2016 both in central and state, and also he has to get registered himself under the schedule III of GST act. It can be done from the GST consultant in Chennai. A person who does not run any business cannot be addressed as taxable person and can be exempted from the liabilities of a supplier of output service.
The following are the persons who shall be liable to pay GST and need to get registered for GST under new regime of schedule III
- Suppliers making sales above prescribed limit:
If a supplier makes an annual business turnover of nine lakh and above in a financial year from any state of India other than north eastern states, has to get registered under GST act from GST consultant in Chennai. And if the taxable person is carrying out his business from the north eastern states including Sikkim then he has to get registered under GST act if his annual business turnover in a financial year exceeds four lakh.
- Suppliers already registered under an earlier law which are already included in GST
- The Successor of a business
- Supplier making interstate taxable supplies
- Casual taxable persons
- People those who are required to pay tax under reverse charge
- Non resident taxable people
- People supplying goods and services on behalf of other registered taxable person
- Every electronic commerce operator
- A person who supplies his service under his brand name or trade name
- Input service distributor
The above mentioned people have to get registered for the GST act from GST consultant in Chennai irrespective of their annual income.
Few People Have To Pay GST Under Reverse Charge
Under the proposed act both in the state and the central, under specified categories of supply of goods or services tax is payable on reverse charge basis and hence the tax will be paid by the person who receives that goods or services. Thus only in this case the taxable person needs not to pay the GST.
Payment Of GST By Government
The central or the state government is considered as the taxable person by the type of transactions they engage as public authorities other than transactions as specified in schedule IV to the two act.
