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Loan for Export Business

Those who choose Aadhaar authentication will receive a new GST registration within three working days and will not have to wait for physical verification. Those who do not choose Aadhaar authentication for GST registration will be granted it only after physical or documentary verification of the place of business, which may take up to 21 working days or more if a notice is issued.

Introduction:

The Goods and Services Tax, or GST, is an additional tax levied on all goods and services purchased for domestic consumption. All items go through various stages in the manufacturing process, such as purchasing raw materials, manufacturing, warehousing, and selling the product. The GST is a multi-stage tax because it is charged at each stage.

The Goods and Services Tax (GST) is a multi-stage, destination-based tax levied on every instance of product value addition.

What does this mean?

Every item goes through several steps in the manufacturing process. The first stage involves purchasing the raw materials required to manufacture a product. Then comes the manufacturing, or production. Following that is the warehousing of the materials, the sale of the product to retailers, and the final stage is when a retailer sells this product to complete the cycle. Because the GST is levied at each stage of the process, it is referred to as a “multi-stage tax.”

Assume you want to avoid GST registration within the confines of the law. If that’s the case, this article is for you. As news about GST registration continues to circulate, the article below will help you understand how not to register. We will discuss how to avoid tax registration in this section.
But first, one must understand why and when GST registration becomes mandatory.

When is GST registration required?

The following are some examples of when you must register under GST-

• When you cross the threshold (an annual turnover above 20 lakhs)
• Organizing an interstate supply (i.e., supplying from one state to another)
• Exempted and non-exempt goods supply (together)

Please keep in mind that whether the turnover is interstate or not is unimportant.

E-Commerce. You must unquestionably register for GST.

How Can You Avoid This After Crossing the GST Threshold?

Assume you are a supplier/retailer/service provider with an annual revenue of more than 20 lakh. In that case, you must file a tax return. Furthermore, the annual collective turnover for one pan across India is calculated.

As a result, if the invoices are issued under a different PAN, the exemption limit is multiplied by two. For example, suppose you own three different entities: a sole proprietorship, a partnership, and a HUF. In this case, the total basic exemption is 60 lakh, with each business receiving 20 lakh.

How to Avoid GST When Making Interstate Supply

Everyone who moves goods or services from one state to another must register for GST. The turnover has no bearing on this. For example, if the income is less than Rs. 20 lakh but the supply is interstate. It becomes necessary for you to register for the tax.

How Does One Avoid GST When Supplying Both Exempt and Non-Exempt Goods?

Assume an individual is only supplying exempted goods. In that case, no GST registration is required. Still, suppose the same person is supplying both exempt and non-exempt goods. In that case, the exemption will be null and void. The individual must register with the GST.

This is How to Avoid Registration and Compliance –

The only difference is that one can continue to supply exempt goods under their name while also supplying non-exempted goods under another entity.
If you are subject to compulsory registration, you must register or face consequences.

Address Change On IEC

The Import-Export Code is one of the most important documents that Indian import and export companies can obtain. No Indian company can conduct international trade without an IEC. The IEC, issued by the Directorate General of Foreign Trade, or DGFT, assists businesses in entering new markets.

What is the procedure for changing an IEC’s address or making any other changes?

When certain circumstances arise in your business, you will need to change the address on the IEC certificate. This article will go over how to change your address within the IEC. We’ll also look at why this is the best way to change the IEC.

• Modifications to the IEC Certificate using the Modification Application
• IEC Address Modification via Master-Details Edit
• How to Update Your IEC Registration Address Online
• Change the IEC Branch Information Online
• Users Can Pay the IEC Modification Fee Online
• Documents Required for IEC Code Address Change

Modifications to the IEC Certificate using the Modification Application

The Import-Export Code serves as a bridge to international trade for Indian businesses, opening up new avenues for growth and expansion. The government has accelerated export promotion in recent years through a variety of initiatives and schemes. The IEC code enables businesses to take advantage of the advantages provided by trade and commerce authorities.

As a result, ensuring that the IEC certificate is kept up-to-date should be a top priority for business owners. That is why changing your IEC certificate address online is such an important step in maintaining a compliant business. Any change to the IEC is referred to as an “IEC modification,” and it necessitates the submission of an IEC modification application. If a company changes its address, it must use an IEC address change application to ensure that the change is reflected on its IEC certificate.

IEC Address Modification via Master-Details Edit

All import and export businesses that have recently received a new business location must file an IEC modification application. They must then change the address in the IEC code by editing the master details of the certificate. Individuals can make the following changes and edits to their master data by visiting the DGFT’s official website.

• Revise branch information.
• IEC certificate address change
• View, add, and delete branch information.
• Change the IEC director’s information.
• A name change for the company
• Furthermore, changes in business activities
• Changes to the registered email address and phone number
• Changes to the company’s banking information

How to Update Your IEC Registration Address Online

Let’s take a quick look at how to change the address on an IEC certificate online.

• To begin, applicants must go to the DGFT’s official website.
• The applicant must then use their credentials to log in to the platform.
• They must then enter their PAN number, date of birth, company name, and file number, as well as an OTP received on their registered mobile number.
• They will see an option labelled “IEC Modification” after clicking “Submit.”
• They can update their master details after clicking on this option and entering the OTP they received.
• They must select the IEC Master-Details option from the main page, which will display all of their business information.
• They can then use this page to change their business address and fill out the IEC modification form.
• When they are finished, they must click Save and then Update after double-checking all of the details.
• On successful submission, the system will display the following message: “Task Completed Successfully.”

Even if there is no change, applicants must choose and update the branch and director details to complete the process of an address change in the IEC code.

Change the IEC Branch Information Online

• After logging in, users must select the “Branch” option from the main menu.
• A new screen will appear, listing all possible branches with the classifications listed below. V represents view details, E represents edit or update branch details, and D represents delete branch details.
• Users can complete the tasks listed above by pressing the appropriate button.
• Applicants must click E to access a screen that allows them to edit and update branch information.
• They can then go ahead and carefully make all of the necessary edits.
• When finished, applicants should click the Edit/Update button at the bottom of the page.
• When the request is accepted, the system will display the message “Task Successfully Completed.”

Users Can Pay the IEC Modification Fee Online

• Applicants must select the Application Fee option from the Modifications tab of the Pay Online menu.
• Applicants must select the Application Fee option from the Modifications tab of the Pay Online menu.
• A new screen will appear, displaying information such as the applicant’s IEC number, fee amount, amount already paid, and number of previous transactions.
• To proceed from the Payment Initiation screen to the Payment Confirmation screen, click Submit, and then proceed if all of the details match.
• You will now be redirected to the payment portal, where you can pay the IEC modification fee in one of the following ways:
• Making use of a credit or debit card
• In addition, using the debit card and ATM PIN
• Using online banking
• Following payment, applicants must select the “Verify Fee” option to ensure that the payment was successful.

Documents Required for IEC Code Address Change

• IEC original certificate
• Documents proving the address change
• An affidavit describing the change

Conclusion

We tried to paint a clear picture of how to change the address on an IEC certificate so that you could understand the procedure. If you require assistance, our team is always available to provide you with end-to-end changes.

GST Rates for Mobile Phones, Smartphones, and Accessories Have Changed

The Finance Minister announced during the presentation of Budget 2020 that GST returns will be simplified from April 2020 onwards. Let us know more about GST rates for Mobile Phones, Smartphones And Accessories.

Under the Goods and Services Tax, most commodities sold in India will be subject to one major tax bracket. This would result in lesser calculations and more ease in payment of the tax. Most of the revisions have been readily accepted by members of the public, while some have been heavily criticised. As each revision updates and improves the previous template, the current GST trends remain as the finance department coordinates with the banking institutions to set a reasonable slab. Here is the GST rates for mobile phones and their accessories.

Prior to the GST, the primary form of tax levied on mobile phones was VAT, and because VAT rates vary by state, setting a standard price for the phone was difficult. The GST tax rate is uniform across the country. As a result, the Indian market has gained much-needed consistency. As a result, mobile phones currently have a 12% GST rate and the HSN code 8517. The government profits handsomely from the GST levied on mobile phones, which sell like hotcakes. Economists believe that as GST levels fall, phone prices will fall even further.

GST Rates in the Present Scenario

The modern world has declared smartphones to be their primary concern, and with annual sales increasing year after year, the trend is here to stay. Several small and medium-sized businesses sell mobile phones and accessories, and the industry is thriving and expected to grow even more in the coming years.

In India, mobile phones and accessories are subject to the goods and services tax. The current GST rate on mobile phones is 12%, regardless of whether the device is a smartphone or a feature phone. On mobile electronic accessories, the GST rate is 18%.

Why GST

Prior to the GST, the primary form of tax levied on mobile phones was VAT, and because VAT rates vary from state to state, it was difficult to set a standard price for the phone. The tax rate under the GST is the same across the country. As a result, much-needed uniformity has crept into the Indian market. As a result, the current GST rate for mobile phones is 12%, and they have the HSN code 8517. As mobile phones sell like hotcakes, the government profits handsomely from the GST levied. Economists believe that as the GST levels fall, phones will become even more affordable.

The Goods and Services Tax (GST) is a value-added tax that is levied on all goods and services purchased in the country. We provide a GST rate finder service that displays the GST rates for all goods and services sold in India. This service is also referred to as the HSN finder.

Why GST

Prior to the GST, the primary form of tax levied on mobile phones was VAT, and because VAT rates vary from state to state, it was difficult to set a standard price for the phone. The tax rate under the GST is the same across the country. As a result, much-needed uniformity has crept into the Indian market. As a result, the current GST rate for mobile phones is 12%, and they have the HSN code 8517. As mobile phones sell like hotcakes, the government profits handsomely from the GST levied. Economists believe that as the GST levels fall, phones will become even more affordable.

The Goods and Services Tax (GST) is a value-added tax that is levied on all goods and services purchased in the country. We provide a GST rate finder service that displays the GST rates for all goods and services sold in India. This service is also referred to as the HSN finder.

GST rates differ between states.

As customers, we are entitled to 12% GST when purchasing a new phone. When a purchase is made from a dealer who lives and operates in the same state, the GST is split evenly between SGST and CGST. Meanwhile, if purchased from a foreign or migrant dealer, an IGST of 12% would apply, as would importing phones from abroad.

HSN Codes

Most phones and mobile accessories fall under HSN Chapter 85, with several tax slabs available. To file your invoice correctly, you must know the correct HSN code. Here are a few HSN codes for commonly purchased and used commodities.

The GST rate is 12%, regardless of whether the phone is a smartphone or a feature phone. The GST rate on mobile accessories is 18% and varies slightly depending on the product. Because mobile phones use wireless networks, they are included in Chapter 85 of the GST schedule. Here’s a look at the GST slab for the products.

Battery Issue

Indian phone manufacturers had requested that the government change the GST for lithium-ion batteries and charge a 12% tax on them because they are used in the manufacturing of the phone. The telephone parts were charged 12%, while the batteries were charged 28%, and it was this disparity that prompted the complaint. They did, however, report that having the SGST, IGST, and UGST affects the supply chain. It complicates interpretation and reduces the viability of small-scale production.

“The 12% GST on mobile manufacturing parts covers batteries that are to be inserted into the mobile.” “This measure has no revenue implications, but it will greatly alleviate the pain that our manufacturers are experiencing,” argues the Indian Cellular Association in a meeting with Revenue Secretary Hasmukh Adhia.

After the petition gained traction, the government reduced the GST rates on approximately 50 items, including washing machines and mobile accessories. The electric companies have assured customers that the benefits will be passed on to them in the form of lower prices.

For example, Rajeev Bhutani, Senior Vice President of Samsung India, stated, “Samsung is a consumer-centric company.” We are pleased to provide full benefits, i.e., a 7.81+% GST rate reduction, to all of our customers. It will increase demand for consumer electronics products both now and during the upcoming festival season. The decision also aided India’s mobile phone industry by lowering the tax on lithium-ion batteries.

How long is the GST certificate valid?

Once issued, the GST certificate is valid until it is cancelled, surrendered, or suspended. However, the GST certificate issued to taxable individuals has an expiration date. Learn about the GST registration and return process here.

According to the notification, what are “specified enterprises”?

According to the MSME Development Act of 2006, specified companies are those that have received goods and services from MSMEs but have not been paid within 45 days. More information on income tax return filing

What are the various methods of filing an income tax return?

You can file your income tax return on paper or electronically. When filing returns electronically, you may need to use a digital signature to validate the return forms. Find out more about ISO certification.

Is anyone eligible to join ISO?

ISO is not open to businesses or individuals. However, ISO membership is open to national standards organisations and other organisations that promote standardization. More information about NGO registration in India

What are the various acts under which an NGO is registered?

Societies, trusts, and profitable non-profit organisations are governed by the Indian Trust Act of 1882, the Societies Act of 1860, and the Companies Act of 1956. More information on MSME Registration Online.

Conclusion

GST (Goods and Services Tax): https://www.gst.gov.in/ (Goods and Services Tax) aims to bring all commodities in the country into a single tax bracket. Tax calculations and payments will be simplified as a result of the implementation of this new tax initiative. In this article, we attempted to gather detailed information on how GST applies to electronics, including smartphones and accessories.