Before going through the GST registration process, you must know about what is GST and all the other related information. GST means Goods and Services Tax. It is an indirect tax that has replaced a lot of indirect taxes like VAT (Value Added Tax), Excise Duty and others. 

So, have a step-by-step look at what GST is, its divisions, and how it works.

However, one point to be mentioned is that a private limited company also has to e-file the GST form. So, you can take assistance from the experts regarding how to register Private Limited Company.  

The Brief Description of GST in Goods & Services

1st July 2017 is the date when GST came into force. The GST is applied to the supply of Goods and Services. To replace more than one indirect tax is the prime reason for introducing Online GST. Another reason for GST introduction is to control the tax evasion that became a normal process in India. Due to the stricter GST rules and regulations, the Government is hoping that tax-evading will be on the wane in India for Good and Services Tax in India.   

What Are The Prime Segments Of GST

CGST, IGST, and SGST are the three prime segments of GST. You can have a look at what these divisions are.

• CGST: CGST tax is collected by the Central Government on intra-state sales.
•  SGST: State Government collects the SGST tax on the intra-state sale. 
•  IGST: Central Government collects the IGST tax for inter-state sale.     

Has Online GST Filing Made Everything Easy

Previously, indirect tax filing was a complex job as a taxpayer has to deal with different tax authorities. But now, GST online has made the filing process easy. From registration, to return filling, to assessment to refund procedure; now the entire GST formation has turned online.

What Are The Advantages Of GST

There are several advantages of GST that you can have a look at.

1. GST is ideal for regulating the unorganised sector.
2. GST is mandatory for completion of the registration process in any e-commerce portal.
3. The working procedure of GST is very simple in comparison to other indirect tax segments.  
4. GST is beneficial for registering small businesses.
5. GST has a positive effect on removing the various indirect taxes with a uniform indirect tax.

How GST Has Helped In Transforming India 

The aim of GST registration is to remove the taxation barrier between Indian states and it has also made the taxation process simple. To many economic pundits, GST has created freedom for Indian traders.

A few people assume that GST is only beneficial for business persons. It is not the case. Both the consumers and business persons will get advantages with GST. Ordinary people may get a few advantages with GST. For example, taxes are going to be collected at the consumption point.

What Is The Latest GST Updates In India

Let’s check the updates about GST in the month of August.

• 17th August 2021

The GSTR 9C reconciliation statement e-form is available in the GST web portal for FY 21. 

• 12th August 2021

The CBIC (Central Board of Indirect Taxes and Customs) department has released an advisory while filing the GSTR 1 form.

• 5th August 2021

The CBIC has also organised a webinar that is related to the GST Audit.

• 4th August 2021

The Central Government with its press release has disclosed that it has caught Rs. 1,900 crore that was meant to be for tax evasion.

• 3rd August 2021

In the GST official web portal, the GSTR 9 form is available for e-filing.

Overall, these are the latest updates on GST till now (August 2021).  

Why Should You Take Help From Online Legal India™ Professionals?

You may have read the article thoroughly with the subject line of latest updates on GST. But what to do with GSTIN Registration?

Well, you can take the help from Online Legal India™ GST firm and GST professionals for solving all kinds of GST problems.