Goods and Services Tax (GST)

GST full form: Goods and Service Tax

What is GST?

Goods and Service Tax (GST) is a comprehensive tax on the supply of goods and services in India. This tax was enacted in 2016 to replace the numerous taxes levied by the government and the non-levy of major taxes such as octroi, entry tax, etc. GST is an ever-growing system that aims to provide easier compliance with fewer types of taxation on a single platform. It is a unified process by which products are sold from one state to another, eliminating double invoicing of taxes for businesses under varying regulations.

How many types of GST?

There are four types of Goods and Services Tax (GST) in India. The categories are CGST, which stands for Central GST, SGST or State GST, IGST which is Integrated GST, and UTGST (Union Territory GST). At the time of a supply of goods or services, all these taxes are levied as per the provisions of the law.

CGST and SGST each have a respective rate based on the type of goods or services being supplied and can be levied only within a particular state; for inter-state supplies, IGST is applicable as per the provisions laid out by Central Government. UTGST is applicable when a supply is made in Union Territories like Delhi or Chandigarh.

All these four types have their own rates depending upon different products, time period or place of purchase, offering various exemptions and concessions according to individual circumstances.

How to download GST certificate?

Downloading a GST certificate is an easy process if you are familiar with the GST portal. All registered businesses must have access to the government's GST portal in order to access the relevant documents. Once there, you will find a 'Download Certificate' button that you can click on. You may then need to enter your GST Identification Number and the invoice or reference number associated with the transaction for which you wish to download your certificate. Upon submission of this information, your certificate will be available for immediate download.

Before downloading, ensure all details are correct and in accordance with documents issued during the transaction. Keeping accurate records of GST certificates is essential and should be stored securely for future reference.

How to cancel GST registration?

Cancelling GST registration can be a straightforward process. Firstly, the taxpayer needs to login on the official government website that provides GST services. They then need to provide particulars like their GST number and PAN in order to access the portal. From there they can select ‘cancellation of registration’ as an option which will then require them to explain why they are seeking cancellation and provide relevant documents regarding the same.

Once all information is provided and verified, GST registration will be cancelled within 7 working days. It is advisable for taxpayers to refer to the official website, or seek assistance from professionals if needed, in order to ensure that all necessary steps are taken properly in such a situation.