What are the useful GST seminars to attend online?

As GST is still a new concept in India to tax payers hence we will have to learn about it thoroughly before you can register for it and even if you register you might still take time to completely adapt to the new tax system. In order to learn every detail there are GST seminars online that can help you figure out what about all that you want to know about GST.

Here are some of the useful GST seminars that you will find online:

In the country GST will soon be replacing almost all the indirect taxes except customs, stamp duty and property taxes. The cost of tax on all commodities is expected to go down after the implementation of GST this is because GST eliminates tax on tax and provides tax credit adjustment without breaking credit chain. For example currently when a manufacturer sells to a trader he charges him excise, when the trader sells again he charges VAT but cannot adjust the excise credit against it. This causes the excise paid by him to be added to his cost.

But, after GST manufacturer sells to trader and charges him GST. When the trader sells again he charges GST and avails input tax credit thereby, eliminating the taxes paid becoming a cost.

If you run a business in India you will have to register for GST. If your business turnover is over 20 lakhs per annum, if you already have an indirect tax registration, you will have to convert that into a GST registration. There will be three tax components in GST, if you run a business within the state then state GST and central GST will apply. If you export or sale across states integrated GST will apply. All the businesses will have to now apply for three returns every month against 1 large. GST payment must be made digitally only and hence would bring a wide spread adoption of technology. Businesses with multiple branches will have to adopt twice a technology to facilitate branch transfers which is apparently GST charged and will have to re-plan their location since the advantage of state wise differential taxes will eliminated and the country would become a single market.

GST seminar on how to register for GST

New business

In case of new business you are liable to register if your turn over is expected to cross 20 lakhs per year. The categories of suppliers that need to mandatorily register irrespective of turnover are:

• Interstate suppliers
• Casual and non-resident taxable person
• Businesses liable to pay tax under reverse charge
• Agents supplying on behalf of taxable person
• Input service distributor
• Ecommerce sellers
• All e-commerce operators
• Online information and database access
• Retrieval services from outside India to an unregistered person
• Aggregator supplying services under the brand name
• Persons responsible to deduct TDS

GST seminars  for process of registration for new business are as follows

Step 1:

• Fill part A of form GST registration 01
• Provide your pan and mobile number, email id and submit the form
• The pan is verified on the GST portal
• Mobile number, email id are verified with a OTP
• You will receive an application reference number on your mobile and via email

Step 2:

• Fill part B of form GST registration 01
• And specify the application reference number that you have received
• Attach other required documents and submit the form
• Following the list of documents to be uploaded and they are
• Photographs of proprietor, partners, managing trustee, committee, etc
• And authorized signatory

Constitution of Tax Payer

• Partnership deed
• Registration certificate
• Or other proof of constitution
• Proof of principal and
• Additional place of business

For own premises

Any documented in support of the ownership of the premises like

• Property tax receipt
• Municipal khata copy
• Or copy of electricity bill

For rented or leased premises

• Copy of rent
• Or lease agreement along with owner’s documents like
• Property tax receipt
• Municipal khata copy
• Copy of electricity bill

Bank account related proof

• Scanned copy bank pass book
• The first page of bank pass book or bank statement

Authorization forms

For each authorization signatory

• Authorization copy
• Or copy of managing committee
• Or board of directors in the prescribed format

Step 3:

If additional information is required

• Form GST registration 03 will be issue
• Respond must be given in GST registration form 04
• With required information with 7 working days from the date of receipt of form registration 03

Step 4:

If you have provided all required information through GST form 01 or 04

• A certificate of registration in form 046 will be issued within 3 days from date of receipt of form GST form 01 or 04
• If the details submitted are not satisfactory the registration will be rejected using form GST 05

Existing business

In case of existing business you are already registered at your VAT, service tax or excise. You will have to register under GST by default, let us see the process of registration.

GST seminars for Process of registration or existing business are as follows:

All dealers registered with central or state tax authorities and having a valid pan number will be auto migrated and allotted with a provisional certificate of registration in form GST registration 21 within 6 months. Dealers are required to submit form GST registration 20 in the GST portal along with information and documents as prescribed which are:

• Pan card of the company
• Registration certificate of the company
• MOA or AOA
• Copy of bank statement
• Declaration to comply with the provision
• Copy of board resolution

If the information provided is complete and satisfactory final registration certificate will be issued in form GST 06. If the details submitted are not satisfactory a short cause notice will be issued in form GST registration 23

And there will be a hearing before cancelling the provisional certificate registration. If the show cause hearing is not successful or the details are not provided within the stipulated period the provisional registration allotted will be cancelled by issuing an ordering form GST registration 22.

How to be ready for GST?

GST among other benefits like

• Common market
• Logistics inventory costs will fall
• Investment boost
• Make in India
• Less developed states get a lift
• Freeing up online

With the above benefits it will also help you grow your business and reduction in prices and will give you access to pan India market with unified taxes on the other hand to avail these benefits and make compliances easier you will have to adopt superior next generation technology.

To get the benefits of next generation technology you will have to apply for a software that is GST ready. Now finding the right software for your business will require a thorough research and earning about accounting software. Get a software that is cloud based and is an intelligent software that will help your business grow along with managing it from all sides.

Reach accountant has several products for any business it is customizable and is easy to use. Reach is completely cloud based and takes care of your business from every angle. It understands your business and helps in better performance as well.

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Sumathi

I’m a tax expert with over 10 years of professional experience. I’ve gained practical insights on GST and other Taxes during my tenture as a Tax expert and GST Trainer in Reach Accountant.