Get Informed and Make Timely GST Payments Today
The furor in the financial world that was first bought with demonetization. It keeps on increasing after the sudden implementation of GST (Goods and Services Tax) in the country. Never had one seen such drastic changes overnight and within a year. As a result of the political upheaval to the financial questioning of means and more, everything came under the light. The biggest question though came with the implementation of GST and the new tax rates that it brought with it. The confusion over GST payment to registration under GST was all confusing. To solve it, the government of India and many new websites came forward and took the job of explanation forward.
Registering under GST
The commercial businesses with Rs 20 lakhs turnover come under the category of those who register themselves under GST as compulsory. The northeastern states, those in hilly areas although finding some difference under the law. They have to register if they have a turnover of around Rs 10 lakhs. Existing businesses that were available under pre-GST laws like VAT, SAT, service tax, already come registered for GST by default. As responsible citizens, you have the duty to follow the GST rates as declared by the government. It can be found online and ensure that all GST payment are carrying out accordingly.
All goods and services with taxes levied by the state or central come divided into 5 categories by the GST Council. The division of tax rates is done accordingly for a unified structure. The best part today of a digitalis country comes here as it enables easy and secured GST payments. One can find the support of their bank with secured and easy to navigate web portals or gateways to facilitate easy online payment options on new GST enabled rates.
The kind of GST payments to be made, fall under three categories
- IGST for when making Interstate supply.
- CGST for when making supply within the state (paid to center).
- SGST for when making supply within the state (paid to state).
In addition to this one also has to pay certain other taxes which includes TCS (Tax Collected at Source), TDS (Tax Deducted at Source), interest, penalty, fees, reverse charge etcetera. A person registered with GST needs to maintain 3 types of ledgers: Cash, Credit, and Liability. These include the three types of payments received and require a regular update. The payment for the same can be made in 2 ways i.e. either through credit ledger or cash ledger. Generation of Portal for both online and offline payment is important. If a tax liability comes for more than Rs 10,000, payment needs to be done online. Every registered merchant should pay their taxes before the due date and in cases of delay or lapse, a late payment at a rate of 18% is done. Now be armed with this knowledge and make informed and timely GST payments today.