What is Goods and Services Tax Identification Number (GSTIN)?
Goods and Services Tax Identification Number (GSTIN)
digits state-wise PAN-based number – which can be used to classify businesses registered under GST regime. For more details, do visit www.alankit.com website. The website clarifies all your queries related to GST & GSTIN.
Is PAN mandatory for GST application / registration?
Yes, PAN is mandatory for GST application / registration.
Q. Who is a prevailing taxpayer?
An existing or prevailing taxpayer is an entity presently registered under any State or Central laws. Like for instance, Value Added Tax (VAT) Act, Central Excise Act, and Service Tax Act and so on. Existing or prevailing taxpayers include taxpayers previously registered under:-
- Central Excise Tax
- Service Tax
- State Sales Tax or VAT
- Entry Tax
- Luxury Tax
- Entertainment Tax
What all taxes at the Centre and State level are being listed into GST?
the Central level, the following taxes are being listed:
- Central Excise Duty,
- Service Tax,
- Customs Duty and so on
Whereas, At the State level, the following taxes are being listed:
- Sales Tax,
- Entertainment Tax,
- Central Sales Tax,
- Leisure Tax and so on
What is e-way bill on GST software?
At Alankit, we offer a complete solution for the GST e-way bill together with registration, updation, generation etc. tasks
What is GST compliance rating?
Goods & Services Tax compliance rating is a numerical rating which includes the taxpayer’s name along with his/her GST identification number (GSTIN). It is majorly given to businesses depending on their level of compliance with GST rules.
How to enroll for Goods & Services Tax?
You can enroll for GST via the common portal of Goods & Services Tax. Alankit can help you with the right enrollment process. For more details visit www.alankit.com website.
Can you have multiple registrations?
Yes, one can have multiple registrations. Alankit representative can guide you in detail. You have to obtain a separate registration for each business vertical in each state. For more details visit www.alankit.com website
What are the Benefits of Goods & Services Tax (in points)?
- Tax on tax will no longer exist
- Improved productivity in logistics
- Easy reward of Input tax credit
- Returns & compliances will be consolidated
- Subsumes variety of indirect taxes
- Higher threshold for registration
- Composition scheme for smaller businesses
- Online simpler procedure
- Regulating the unorganised sector
What all taxes GST replaced?
It has replaced all the taxes currently levied and collected by the Centre (i.e. Excise duty, service tax, and CVD etc.) and by the State (i.e. VAT, Luxury tax and Entertainment Tax etc.), on businesses.
How does Alankit GST ensures data security?
Data security is a top priority at Alankit. Here, we ensure that your data remains safe with us. Alankit encrypts sensitive data using industry safety measures and uses standard, well-reviewed cryptographic protocols and message formats. Even when the data is transmitted over public networks, we ensure that it flows in an encrypted form. In addition to this, we also install security updates on our servers on a daily basis. So user can rest assured.
Why Alankit GST Software India stand bigger?
Alankit GST Software India stand bigger because of below-mentioned features:-
- Platform Independence
- Nifty & Quick
- Database management
- Constant Improvement
What are the unique features of Alankit GST software?
The Alankit GST software will be the most innovative GST software available in the market now-a-days. This unique software will have ample features like platform adaptability, database security, import and export of data from anywhere, to name a few.
How many types are there in GST?
There are 3 types of GST as of now
CGST: Central Goods and Services Tax, which is collected by the Center.
SGST: State Goods and Services Tax, which is collected by the States.
IGST: Integrated Goods and Services Tax, which is collected by the Center.
Is Goods and Services Tax (GST) charged on exported goods and services?
No, GST is not charged on exported goods and services because GST is a consumption-based tax. And because the place of consumption is outside India, hence there are no Goods and Services Taxes (GST) on exported goods and services.
Will there be a Central and State GST levied on transactions within India?
Yes, every single transaction of supply in India will be subject to:
CGST and SGST OR CGST and IGST.
Will stock transfers subject to GST?
Yes, stock transfers between 2 states within the same organization will trigger GST.
How will returns or replacement products be managed?
GST has certain rules for returns or replacement products, returns will trigger a tax credit, on the other hand, replacement products will be subject to GST, so cash flow might get affected by returns.
Any promotional materials or free samples are subject to GST?
Yes, the stock transfer of promotion items or free samples will be subject to Goods and Services Tax and supply of those promotion things/free samples to the retailers who stock your products, will also be subject to Goods and Services Tax.
How will GST be managed in India?
There will be two components of GST administered in India – Central GST (CGST) and State GST (SGST).
GST is the single indirect tax for the whole country, which will make India one unified market, so it should be administered with decent purposes. GST is compulsory for all taxable persons having a prevailing registration. If you are not registered yet, you can visit the official GST portal - https://www.gst.gov.in/ and under the services tab, choose Services > Registration > New Registration.
How to get the refund of IGST, CGST or SGST? What is the accurate practice for applying refund or money back of GST interest?
Everything happens online these days. Hence, the refund of GST or the interest on GST has to be applied online.
How long will it take to get reimburse of GST?
Depends, if any application for refund of CGST, IGST or SGST is in order with relevant papers, the amount of GST refund is given within ninety days i.e. 90 days from the date of refund application.