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GST Means Better Business

The Goods and Service Tax (GST) is one of the most significant tax reforms post independence and has rightly attracted heightened interest from all stakeholders. It will replace our current complex Central and State indirect taxes to create a common market for India with a seamless indirect tax regime. GST will significantly boost investment and growth of the economy. Find out how, with this handy Axis Bank GST guide.

Impact of GST

GST can have great long-term benefits for consumers as well as businesses. But these benefits vary from sector to sector.
Use the Axis GST guide to choose your sector and domain, and find out exactly how you can gain!

Video Guides

GST Essentials

Do I need PAN to apply for GST registration?

PAN card is mandatory to apply for GST registration.

Is there any time Limit for GST Registration?

Yes, GST is applicable from 1st April, 2017 and the registration limit is until 31st Jan 2017.

Who are exempted from GST Registration?

The following shall not be required to obtain registration, and will be allotted a UIN (Unique Identification Number) instead. They can receive refund of taxes on notified supplies of goods/services received by them:

  • Any specialised agency of UNO (United Nations Organisation) or any multilateral financial institution and organisation notified under the United Nations Act, 1947
  • Consulate or Embassy of foreign countries
  • Any other person notified by the Board/Commissioner
  • The central government or state government may, based on the recommendation of the GST council, notify exemption from registration to specific persons.

What are the steps for applying for GST?

  • Every person, other than a non-resident taxable person who wants to register under GST must provide his Permanent Account Number (PAN), mobile number and e-mail address in Part A of FORM GST REG-01.
    • The PAN shall be validated online via the Common Portal from the database maintained by the Central Board of Direct Taxes
    • The mobile number is verified through a one-time password sent to the said mobile number.
    • The e-mail address is verified through a separate one-time password sent to the said e-mail address.
  • On successful verification of the PAN, mobile number and e-mail address, an application reference number (ARN) is generated and sent on the mobile number and e-mail address provided.
  • Using the application reference number or ARN generated Part B of FORM GST REG-01 has to be submitted. It must be signed and documents specified in the Form must be submitted at the Common Portal either directly or through a Facilitation Centre, notified by the Board.

How can I view a full guide on registration?

To view the artefacts, you need to perform the following steps:

  1. Access the www.gst.gov.in URL. The GST Home page is displayed.
  2. Under the Help menu given below the GST Home page, click the relevant artefact option. The relevant artefact is displayed.
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GST Payment

How will I pay GST?

  1. GST will be managed through the GST Network, GSTN – http://gstn.org/. All taxes will be paid online and there will be no manual filing of returns.

What are the modes of payments through which a dealer can pay their taxes?

  1. Three modes of payment through which dealers can pay their tax are as follows:
    1. Payment by taxpayers through Internet Banking through authorized banks and through credit card/debit card;
    2. Over The Counter payment (OTC) through authorized banks; (available for payments up to Rs. 10,000/- per challan only.)
      Find your nearest branch using the Axis Bank Branch Locator
    3. Payment through NEFT/RTGS from any bank (including other than authorized banks). Enter challan details in the portal and take the print out of the challan for payment of GST. OTC payment is selected and 30 days if NEFT/RTGS is selected for payment)

Special Offers

Clear Tax

Axis Bank customers get special assistance on registration of GST and its impact analysis at a 75% discount

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GST Builder

Axis Bank customers can now enjoy 15% discount on GST Impact Assessment and Decision Simulator Tool for construction, real estate, infrastructure and other ongoing projects.

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Cygnet GSP

Axis Bank customers can now avail special assistance for smooth transition and complete digitization of return filing with 40% discount.
P: +91-79-67124000
Email : inquiry@cygnetinfotech.com

WEP

10% discount on GSP services for Axis Bank Customers
P: +91-8884132288
Email : GST-axis@wepdigital.com

FAQs

What is GST?

GST stands for Goods and Services Tax. GST will be a single destination based consumption tax that will replace existing taxes, including CENVAT, Octroi, Sales Tax, and Excise Duty, etc. Unlike the old tax structure, where the state of origin received tax revenue, in the new GST model the state in which goods and services are consumed is the state that will receive the revenue.

What are the types of GST?

1CGST

Central Goods and Services Tax, paid on all transactions, collected by the Center

2SGST

State Goods and Services Tax, paid on all transactions within a State, collected by the States

3IGST

Integrated Goods and Services Tax, paid on all inter-state transactions, or import of goods into India, collected by the Center

4UGST

UTGST is applicable on every Intra UT supply of goods and service in the union territories in absence of legislature and has similar properties as that of SGST.

What will trigger GST?

The ‘supply’ of goods and/or services to any person or entity in India.

What are the taxes proposed to be subsumed under GST?

The central taxes proposed to be subsumed under CGST include:

  • Central Excise duty
  • Additional Excise duties
  • Excise Duty levied under the Medicinal and Toiletries Preparation Act
  • Service Tax levied under Chapter V of the Finance Act, 1994
  • Additional Customs Duty, commonly known as Countervailing Duty (CVD)
  • Special Additional Duty of Customs (SAD)
  • Central Sales Tax
  • Surcharges
  • Central cesses.

The state taxes proposed to be subsumed under GST are:

  • VAT/Sales tax
  • Entertainment tax (unless it is levied by the local bodies)
  • Luxury tax
  • Taxes on lotteries, betting and gambling
  • State cess and surcharges in so far as they relate to supply of goods and services
  • Entry tax
  • Octroi.

Will there be a Central and State GST levied on all transactions in India?

Yes, every transaction of supply in India will either be subject to:

CGST and SGST OR CGST and IGST

Unless the good or service is exempt.

What goods and services are exempt?

The list of exempt goods and services includes (but is not limited to) petroleum products, entertainment and amusement, alcohol/liquor for human consumption, stamp duty, customs duty, and electricity.

Will B2B transactions be subject to GST?

Yes, all procurement will be subject to GST but businesses will get a credit for B2B transactions. Please note that GST will have to be paid before a credit is received.

Will stock transfers subject to GST?

Yes, stock transfers between two states within the same organization will trigger GST.

What is GSTIN?

Goods and Services Tax Identification Number (GSTIN) is a 15 digits state-wise PAN-based number to be used to identify businesses registered under GST.

How does GST apply to business?

GST regulations are applicable if your annual turnover is Rs. 20 lakh or above. In case of North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura) and hilly regions i.e. Himachal Pradesh, Uttarakhand, Jammu & Kashmir and Sikkim, the threshold limit is Rs. 10 lakh.

The registration is mandatory on crossing the limit of Rs.19,00,000 ( for special category states it is Rs. 9,00,000).

Key pointers:

  • If your turnover includes supply of only those goods/services which are exempt under GST, then registration is not required
  • While calculating the turnover both taxable and non-taxable goods and services are to be included
  • One registration shall be required for each state. The taxpayer can choose to get separate registrations for its different business verticals in the State.

Who are GST Suvidha Provider or GSP?

GSTN has developed a robust platform for taxpayers to access the GST Systems, however, that would not be the only way for interacting with the GST system as the taxpayer via his choice of third party applications, which will provide all user interfaces and convenience via desktop, mobile, other interfaces, will be able to interact with the GST system. The third party applications will connect with GST system via secure GST system APIs. All such applications will be developed by third party service providers who have been given a generic name, GST Suvidha Provider or GSP. Axis Bank has tied up with various GSPs for its Axis clients at discounted rates.