GST Migration from VAT TIN to Composition Scheme & Regualr Scheme

By | January 31, 2020

GST stands for Goods and Service Tax and it can be downloaded from the official GST portal.in this we can tell you how to download the GST in India. After completing all the procedures filling the application with your details one can easily downloaded it the registration certificate. It will contain the user name and password from which you can login in to the GST portal.

Open the portal by clicking the link www.gst.gov.in

After that fill the details with your user name and password and login in to the portal

Click on the services tab and after that click again the services tab which will show you the registration details

From that one can easily down loaded the GST certificate. In this article you will know how to migrate your GST

Know everything about GST:-

Now a day’s lot of discussion is going on implementation of GST which is going to affect your small and medium scale business but it is not going to effect on large scale business organizations. In this article we will discuss how SME must prepare for themselves to face current issue.

Tax credit on input:-

The persons who has migrated from ITC should fill the TRAN-1 and includes service tax and central tax. In this a taxable person should accumulate all the credits of taxes paid by them and carry them for this you should carry the old regime.

Input credit on capital goods:-

For applying new regime one should carry a old regime and providences must be clear for all references to such approval.

Additional customs duty:-

This will lead to distortion of prices under this scheme no tax is allowed to pay your scheme and tables will be changed in case of new regime which may affect the manufacture before he appointed new persons.

Composition scheme:-

In this scheme one should know how to transfer or migrate from place to another and this may happen if goods they are dealing to qualify under such assumption. GST turnover should not exceed 50 lakhs.

 1:-AVAILED CENVAT AND INPUT VAT CREDIT:-

In this closing balance of CENVAT must be shown before last return filed by tax payer otherwise GST should be implemented on this. Those who turnover of business exceed turnover of 4 crore should fill an application of ER form

VAT:-

VAT comes under value added tax and it returns should be monthly or quarterly basis and input credit is carried forward as SGST input tax credit. First that input VAT should be 5000 must be shown and GST  will approves of same income tax credit and then you have to carry and forward VAT as SGST credit.

SERVICE TAX:-

In this a person should have to pay liable for registration if his value added tax is above 10 lakh and it should be paid in format of 14% for excise liability and swach bharat at rate of 0.5% and this credit is not allowable in cess liability.

 2:-UNAVAILED CENVAT AND INPUT VAT CREDIT:-

It is safe to say that combination of various indirect taxes under the GST has brought about significant positive changes. Business in India has also improved with these changes in the tax system. The future is bright for start-ups and established businesses. 50% CENVAT comes around 6250 for 2016-2017 and rest comes from next based years

Category: Tax

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