Indiacrafts

These are Some Frequent Questions, I generally get, So thought to write a blog about it. Q.1) What is GST? GST is Goods & Service Tax basically the main form of Commercial TAX that comes in to effect in India from July 1, 2017. It replaces all the existing types of taxes like VAT, CST & EXCISE etc. Q.2) What is GST tax slab rate? There is basically 5 slab rate for Product & 1 Slab for Service. For Product it is , 0%, 5%, 12%, 18%, 28% For Service, It is 18% Q.3) Has it replaced all the Previous Taxes like VAT, CST & EXCISE? Yes. But for some exceptional cases like Liquor, the Value Added Tax still exists & GST is not been implemented. Q.4) How do I apply for GSTIN (GST REGN NUMBER) online? Simply go to GST PORTAL http://gst.gov.in & apply online. Remember if Your annual gross revenue is more than 20 lakhs then you are required to register, the slab is 10 lakhs in north east states. NOTE - For eCommerce sellers & interstate sellers it

As we all know it is Goods & Service Tax. Basically it a single tax which replaces various kinds of taxation that was there earlier like VAT (Though VAT is still there for Liquor Items ), CST, EXCISE, SERVICE TAX, etc. So ultimately it a very good thing to have theoretically but the practicality it is bit different. It has impacted both buyer & seller but it has really impacted severely to the small traders & small eCommerce sellers in EBAY or Amazon. See my article below. TAX SLAB Product - 0%, 5%, 12%, 18%, 28% Service - 18% GST IMPACT ON SMALL TRADERS / ECOMMERCE SELLERS From Buyers Prospective, Always no matter whatever the taxation system is the buyer has to carry the burden of it, so see below how it affect a buyer, Leather Items like Bags, mobile cover, laptop bags & other leather items becomes costlier. (GST 28 % SLAB) Service TAX changed from 15% to 18%, so directly or indirectly you will have to pay a lot money for that. eg,

Friends, I started the registration process for GST on 1st July 2017 & literally it took me almost 19 days to finish it. I was doing the registration as Proprietorship for Indiacrafts . After trying it for almost 50 times then finally I completed the process. The process is not that complicated but the manner the question & some of the data are there may bowl you over.  So let me get to the point straight, The documents you require for Proprietorship registration, 1) PAN CARD, (Individual PAN is Required, No Company PAN required) 2) BANK STATEMENT or BANK BLANK CHEQUE 3) AADHAAR CARD NUMBER (Mobile Number Should be Linked for E-Signature) 4) Address Proof (Electricity Bill, Land Docs or Rent Agreement) Document doesn't Necessarily clear your doubt how to fill the form, So please note down some important points, i) Legal Company Name is Your Name (GST REGN PART-A) eg, Your Name is Hari Das, So Your Legal Business Name is Hari Das (For P

GST is the hot topic & the country is really thinking long & hard about how to tackle it. From selling Shoe as a single piece to selling clothes as a separate entity to rumors about various slabs which does not exist at all in whatsapp. As I have already mentioned in another article how GST has hit hard for the small businesses , now it is the time to let you know what to do if you are a small business. If you want to read the previous article about GST please click here . Basically, if small businesses are generally two types. 1) Proprietorship 2) Partnership  So, today we will shed some light on the above though both the process are very simple & you barely need to pay any money for that. So the registration is almost free. 1) Proprietorship: 2 things you have to do if you are coming in this category.         i) TAN Registration  If you don't know what is TAN,  it stands for Tax Deduction and Collection Account Number. It is a ten digit alp

GST is a revolutionary tax reform in India since last 200 years & almost the whole country is talking about it. Having said that no one really understands how it actually works & everyone is having their opinion on it. When general people welcome it in open arm, for sellers it is their worst nightmare. We are one of them. Though it is a very good thing for a customer & most of the business, but it actually hit hard towards the eCommerce business Especially for the third party sellers. In the country like India, where third party sellers are really controlling the marketplace it is very difficult for them to adjust to it. With many items' price suddenly hiked because of the new tax slab small sellers are really struggling to cope with it. Either they are changing their product or they have no options but to opt out of the business. Some examples are Tablecloth, handkerchief, socks, college bags, school bags etc. GST made two things very complicated for the eCommerce