Zero Rated supply means

  • Export of goods or Services or both or
  • Supply of Goods or Services to  or both to a Special Economic Zone developer or a Special Economic Zone unit.

In Zero Rated supply the GST rate will be Zero and Input Tax Credit can be availed by the Taxpayer.

Input Tax Credit on Zero Rated Supply : 

Subject to the provisions of sub-section (5) of section 17 of the Central Goods and Services Tax Act, credit of input tax may be availed for making zero-rated supplies, notwithstanding that such supply may be an exempt supply.

Refund of Credit In case of Zero Rated Supply: 

A registered person making zero rated supply shall be eligible to claim refundunder either of the following options, namely:––
(a) he may supply goods or services or both under bond or Letter of Undertaking, subject to such conditions, safeguards and procedure as may be prescribed, without payment of integrated tax and claim refund of unutilised input tax credit; or
(b) he may supply goods or services or both, subject to such conditions, safeguards and procedure as may be prescribed, on payment of integrated tax and  claim refund of such tax paid on goods or services or both supplied,

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Goods and Services Tax (GST) has come into force from 1st July 2017 by abolishing Indirect Taxes like Excise Duty, VAT , CST and Service Tax. Earlier business are required to take registration under these taxes separately and are required to file return and maintain records. Now there is only one Indirect Tax i.e. GST . Business are required to take only one registration of GST.

Step by Step Procedure for GST Registration  :

Step 1: Visit //www.gst.gov.in/ and Select Taxpayer

Step 2: Fill the required information like State in Which registration is sought, District, Legal name of Business, PAN number, Mobile Number and Email Id.

Step 3: Provide OTP and validate , System will create Temporary Reference Number (TRN) and will be sent to you on email and Mobile Number.

Step 4: Login with TRN number and OTP on email/Mobile

Step 5: New Application form will be displayed , fill required details like

  • Business Details
  • Address of Business: upload Supporting Documents
  • Details of existing Registration like , Company Registration, LLP Registration , Partnership Registration and upload supporting Documents
  • Provide details of proprietor/ partners/ Directors/ Designated Partners/Authorized Signatory and upload Photograph
  • Provide details of Goods and Services of your business
  • Provide  details regarding type of Business: Retailer/ wholesale/ Manufacturer/ Service Provider/ Work Contract
  • Upload Details regarding Bank Account of business and Upload supporting Documents
  • Provide details of specific ward and services tax area
  • Provide state specific tax information , if any

Step 6 : Sign and Submit the Application, Once application for GST Registration is submitted , you will receive ARN on registered email id and Mobile Number.

Step 7: Track Status of application with ARN

Step 8: Receipt of Certificate or Clarification from Department, if any clarification is sought than resubmit the Application from available on GSTN portal.

Fastlegal Provide Online GST Registration Support All over India   , if you need any help feel free place your requirements here

 

GST Rates Fastlegal

Normally most of the services under GST is Covered under GST rate of 18% but there are some services where GST Rate are fixed at NIL rate , 5% 12% and 28% also.

In 5% Services of Transport Agency and selling of space for  Advertisement in Print Media are included-

List of all Services at 5% GST Rate : 

  1. Transport of passengers by rail in first class or air conditioned coaches with Input Tax Credit of Services.
  2. Transport of passengers, by-
    • (a) air conditioned contract carriage other than motorcab;
    • (b) air conditioned stage carriage;
    • (c) radio taxi – With No Input Tax Credit 
  3. Transport of Passengers by air in economy class with Input Tax credit of Input Services
  4. Transport of passengers, by air, embarking from or terminating in a Regional Connectivity Scheme Airport with Input Tax credit of Input Services. 
  5. Renting of motorcab where the cost of fuel is included in the consideration charged from the service recipient without ITC.
  6. Transport of goods by rail with Input Tax credit of Input Services. 
  7. Transport of goods in a vessel with Input Tax credit of Input Services. 
  8. Services of goods transport agency (GTA) in relation to transportation of goods [including used household goods for personal use] without ITC.
  9. Leasing of aircrafts by a scheduled airlines for scheduled operations with Input Tax credit of Input Services. 
  10. Selling of space for advertisement in print media.
  11. Supply of tour operators services  without ITC.
  12. Services by way of job work in relation to-
    • (a) Printing of newspapers;
    • (b) Textile yarns (other than of man-made fibres) and textile fabrics;
    • (c) Cut and polished diamonds; precious and semi-precious stones; or plain and studded jewellery of gold and other precious metals, falling under Chapter of HSN;
    • (d) Printing of books (including Braille books), journals and periodicals;
    • (e) Processing of hides, skins and leather falling under Chapter 41 of HSN.

GST Rate : CGST+SGST