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GST benefits are as follows:-

• Uniformity in Taxation
• Helping Government Revenue Find Buoyancy
• Cascading of Taxes
• Simpler and Lesser Number of Compliances
• Common Procedures
• Unified Portal
• Lowered Tax Burden on Industry and Trade
• Regulation of Unorganised Industries

If you have multiple entities and are doing the intrastate transaction, then you can avoid the GST registration up to a certain limit.

The GST rate for various goods and services are sub-classified into four slabs: 5% GST, 12% GST, 18% GST, & 28% GST.

GST calculation can be explained by a simple example: If goods or services are sold at INR 100 and the GST rate applicable is 5%, then the net price calculated will be = 100+ (100X(5/100)) = 100+5 =INR 105.

OR

The formula for GST calculation:
Add GST: GST Amount = (Original Cost x GST%)/100. Net Price = Original Cost + GST Amount.

Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount.

GST registration is not required for businesses whose turnover does not exceed 20 lakhs annually.

According to the Goods and Services Tax Act, 2017, any business that has a turnover of Rs. 40 lakh or above must register for GST. For north-eastern and hill states, the turnover threshold for GST registration is Rs. 10 lakh.

Any business that has a turnover of over 20 lakh INR is required to register for GST. If you are a supplier of goods to more than one state, you are required to get registered for GST in all the states you supply goods.

The four types of GST charged are as follows: -

• The Central Goods and Services Tax (CGST)
• The State Goods and Services Tax (SGST)
• The Union Territory Goods and Services Tax (UTGST)
• The Integrated Goods and Services Tax (IGST)

To see if the chargeable GST is correct or not, one can check the applied GST Rates on the CBEC portal.

To check the GST rate follow this: Go to https://cbec-gst.gov.in/ On the main page, hovering the mouse on Services will give an option of GST Rates, select it.

Also, one can follow the steps below on the GST web portal to check if the GSTIN mentioned on the invoice is correct:

• Go to https://www.gst.gov.in and click on Search Taxpayer and Search by GSTIN/UIN.
• Input the GSTIN and then click Search.

If GSTIN is correct, it will display the name of the company/organization, state, date of registration, status, principal place of registration, etc

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. Goods and Service Tax (GST) is borne by the ultimate consumer of goods and services. It is collected and deposited to the government by the businesses selling the goods and services.

HSN stands for Harmonized System of Nomenclature code. It is mandatory for both B2B and B2C tax invoices on the supplies of Goods and Services. This was introduced for a systematic classification of goods both national and international.

This is a 6-digit code that classifies various products. India has been using HSN codes since 1986 to classify commodities for Customs and Central Excise. HSN code applies to both Customs and GST. The codes prescribed in the Customs tariff are used for GST purposes too.

HSN is used all over the world. There are different HSN codes for various commodities. HSN codes remove the need to upload details about the goods making filing GST returns easier.

Masters India is a GST Suvidha Provider (GSP) appointed by the Goods and Services Tax Network (GSTN), a Government of India enterprise. Our mission is to build intuitive software solutions for complex problems that are faced by businesses across the globe.

The services offered by Masters India are -

1. Customizable GST Software
2. E-way bill Software
3. E-Invoicing Software
4. GST API
5. E-way bill API
6. GST Verification API
7. Accounts Payable Software
8. Invoice OCR

One can check if a company is GST registered by following the below-mentioned steps:

Step 1: Go to GST Web Portal

You can visit www.gst.gov.in and select Services > User Services > Search Taxpayer.

Step 2: Enter the GSTIN Number

Enter the GSTIN number of the supplier or customer in the place provided and complete the CAPTCHA.

Step 3: GST Registration Application Status

On Clicking Search, the portal displays the GST registration status along with active or inactive status.