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GST for Travel
What is GST?
GST stands for Goods and Service Tax and was passed on 29th March, 2017 in the Parliament. It is an indirect tax solely imposed on the supply of services and goods, and not on one’s profits or income. With this tax, India becomes one collective market, unified as a whole.
GST in India
Based on the taxes imposed by the Central and State governments, there are three types of GST where the revenue is shared equally between the State Government and the Central Government.
• CGST (Central Goods and Service Tax): This is the type of GST where the Central Government will collect the tax when there is a sale made with the intra state supply of goods and services.
• SGST (State Goods and Service Tax): In this type of GST, the State Government collects the tax when a sale is made with the intra state supply of goods and services.
• IGST (Integrated Goods and Service Tax): This is the type of GST where the tax is imposed on the sales made with inter-state supplies of goods and services. It is also applicable to all the import sales in the country. Export sales of goods and services under IGST are zero-rated which means that there is no GST charged.
GST News
After the GST Council Meet held on 10th March, 2018, it was decided that the current file return system would continue for 3 more months. The GST e-way bill for the supply of inter-state of goods and services was implemented from 1st April, 2018.
GST Benefits and impact on Indian economy
GST is not only beneficial for business and the Central and State governments, but it is equally advantageous for the consumer.
• GST rates remain the same throughout the country that makes it easier to do business.
• Due to the transparent rules online, taxpayers can now conveniently register, make returns and payments.
• Cascading of taxes remains minimal with this system, as the value added to the supply chain can be easily known.
• Transaction costs while trading would reduce significantly, which will increase the healthy competition in the industry. This would help small businesses significantly by making them grow.
• The consumer has to pay one single transparent tax rate and due to the indirect taxes levied by the Central and State governments earlier, there are hidden taxes on products. Especially, the GST rates would differ accordingly with the types of properties and they would have much lower rates.
• With the GST, consumers can benefit the significant reduction of the tax burden.
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GST Helpline
For any information on GST and registration, you can simply call on the toll free number: 1800 1200 232, or visit https://selfservice.gstsystem.in/. You can check GST updates by logging on to the website https://www.gst.gov.in/
Common GST Rules
• Suppliers, in order to register under GST, must be listed under Central Excise, Service Tax, State Sales Tax or VAT, Entry Tax, Luxury Tax, and Entertainment Tax.
• Any supplier who is not registered under GST is not permitted to collect GST from customers.
• To conduct business activities across the different states with a single PAN number, a supplier must have more than one GST registration number. One must, in fact, have separate GST registration numbers for each state.
• The GST-invoice should have the name, address, the supplier’s GSTIN and issue date.
• The GST- invoice should also contain the recipient’s name, address, GSTIN, delivery address with the name of the state along with its code.
• The descriptions along with the goods’ HSN code and the services’ Accounting code should be available on the GST – invoice.
• The GST-invoice must contain a signature or a digital signature of the supplier. The invoice can also contain a signature from an approved representative.
Input Tax Credit
When a consumer purchases a supply of goods and/or services, the GST that is charged is known as Input Tax. With an Input Credit, one can reduce the tax on the services or goods that have been purchased with Input and Sales or Output Tax, by paying the remaining balance. Input Tax Credit (ITC) is important for businesses that are registered under GST, as it can resolve issues related to tax liability. The following are the important criteria for availing an Input Tax Credit:
• Input Tax Credit can only be claimed for business purposes.
• One has to be a registered taxpayer.
• One must have the debit note or the tax invoice that is issued by a dealer who is registered.
• One’s supplier is also required to provide the filed GST Returns in the required time.
• All input credit can only be availed after certification.
Corporate travel with GST
Under the Goods and Service Tax regime, corporate companies can significantly reduce the amount on business travels by claiming the Input Tax Credit. The Input Tax Credit for business travel is only available for business class fares and for business purposes. This benefit is not applicable for personal use. With the GST, airlines can provide up to 12% of deduction on business class seats and this helps companies that have to spend a lot on travelling expenses for business purposes.
Business travellers are required to provide their companies’ GST information to the airline company or a travel agent while booking their tickets after which the airline or the travel agent will provide the invoices.
The GST invoice must contain the following information before availing the benefit of the Input Tax Credit from a travel agent:
• A registered GST number of the company.
• A registered contact number and email id of the company.
• A registered billing address of the company.
• A registered GST number of the respective airline company.
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Understanding GST
In the GST, value is added to every stage of the supply chain of a product from the manufacturer to the consumer -from buying raw materials; to manufacturing; to storing the finished product; to selling it to the wholesaler; to selling it to the retailer and finally, selling it to the consumer. Explained simply, the process is based on the destination that goes through multiple stages. The tax revenue is collected by the state where the product is bought and not where it was produced.
GST Return Rules
• Any general supplier who is registered under GST is required to file returns on a monthly basis while a supplier who chooses a composition scheme must file returns quarterly.
• An Input Service Distributor (ISD) must file GST returns monthly showcasing the distributed details of credit for the specific month.
• Companies or persons who deduct (TDS) and collect (TCS) taxes are required to file returns on a monthly basis.
• A non-resident taxpayer is also required to file GST returns during the stretch of business activity.
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Case Studies
myBiz powers many of the small, medium & large size organisations to help them save on their travel budget and achieve more from their business travels. Read interesting stories from these organisations.
Sattva Consulting, Delhi
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