What is Indian GST?
GST (Goods And Services Tax) is the consumption tax. India's consumption tax (GST) and TDS are the two common taxes that Indian companies are mainly involved in.
Classification of Indian GST:
The full name of GST is Goods and Service Tax, which is similar to our country's value-added tax. India's GST is levied by the central government and state governments on product or service suppliers. It is divided into three categories: CGST, SGST, and IGST, depending on whether the product or service is circulated within or across states in India.
CGST – Central Goods and Services Tax, levied on sales within the state and collected by the federal government (equivalent to the “Central” in India)
SGST – State/Union Territory Goods and Services Tax, a tax levied on sales within the state and collected by the state or union territory government
IGST – Integrated Goods and Services Tax, levied on intra-state sales and collected by the federal government
IGST is the sum of CGST and SGST; SGST is deducted from the state where the consumption occurs.
Indian GST registration process:
1. Log in to the GST official website - https://www.gst.gov.in/, select Services > Login > Register
2. Fill in the required information (including PAN account), email address and mobile number on the registration page.
3. After entering the information, click "Continue". You will receive different OTPs (dynamic passwords) via your authentication mobile phone and email. The OTP is valid for 10 minutes. If necessary, you can request to generate OTP again.
After completing the above steps, a temporary registration account (TRN) can be generated.
4. Click "Continue" or "Service" > Login > Register, select the TRN radio button and enter the TRN to log in.
5. Enter the temporary registration number and verification code, as shown in the figure below.
6. Enter OTP as required. Different from the OTP received previously, the verification mobile phone and email will receive the same OTP. Please enter the new OTP received.
7. Enter the "Saved Application" page. Fill in the form with your details and submit within 15 days. After submission, the applicant's number and saved form will be deleted. Click "Edit" to enter the second part of the operation.
GST filing time in India:
1. On the 10th of each month, you need to fill in the sales information of the previous month on the GSTN official website, including the information of GST that needs to be paid. At the same time, the suppliers who supply you (usually many) will also submit their GST information, which contains the GST information you have paid to the merchant;
2. You receive the GST you have paid (for purchases of raw materials and services) and check and confirm it before the 15th;
3. On the 17th of the month, the revised GST information, including the GST information you need to help your consumers pay and the GST information you have already paid, is confirmed;
4. On the 20th of the month, formal confirmation and tax declaration shall be made.
This is the end of the knowledge about India's GST. If you want to get more information about India's GST, please pay attention and we will continue to answer you~
