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GST Era - One Nation, One Tax, One Platform

Cometh 1st July 2017 and it will mark a significant day in the economics of our country. Promoted as the “One Nation One Tax”, GST is being hailed as the revolutionary step which will only untangle the web of prevalent tax policies in India. What it means for the buyers and sellers, especially, the B2B e-commerce is that they will be able to carry out online business in a streamlined process vis-a-vis tax structure with sorted GST policies.

Excesss2sell, as always, leads the charge in the e-commerce sector to fine-tune its services in sync with the updated tax structure. Under GST, both the sellers and the buyers stand to gain a lot on Excesss2sell. To give you an insight into how post GST era is going to promote healthy e-commerce, here is what Excesss2sell is going to offer.

What One Nation One Tax means for the buyers?

Simply put, online shopping of industrial goods is going to be cheaper. Yes, with the implementation of GST you will save up to 10% of pre-GST prices. Excesss2sell is a fully compliant B2B e-commerce portal which boasts of strong partnerships with the top-notch brands across the world. Our reliable network comprises of 200 Large enterprises, 100,000 SMEs and 5000 vendors and OEMs, and 4000 Franchise Partners. With the implementation of GST, we are going to be a force to reckon with online. In our constant endeavor to be the best B2B online portal, we guarantee fewer returns and minimal reconciliation issues.

Excesss2sell offers you to reduce your dependency on the vendors in the post-GST era. With 100% tax credit you can purchase branded industrial goods on the GST compliant online marketplace. Irrespective of if it's a single purchase or a bulk order we assure best prices online.

How does Sellers stand to gain with fully compliant GST platform?

Excesss2sell is one of the leading B2B e-commerce portals which boasts of Pan India reach. When you align with us you are automatically introduced to the 2 Million Business Customers per Month. Excesss2sell delivers to 15,000 pin codes across India. Established in 2016, today, Excesss2sell caters to the market expectations and provides with the branded industrial tools sourced directly from the brands. We offer full professional assistance to consolidate multi-state CFAs to aggregated Excesss2sell CFA services across all the states and also help sellers reach out to the Tier2/3 regions without appointing distributors or tax registering in multiple states.

All in all, GST is perceived to bring forth the fruitful side of online shopping with a sorted tax structure. GST along with the boost to digitization is going to fuel the already buzzing e-commerce marketplace. One can expect streamlined tax credits, improved e-commerce competition, certain benefits for manufacturers and exporters and the much-needed ease of doing business.

Excesss2sell is an ideal platform for both the sellers and buyers to reap the rewards of the e-commerce market. So, without any delay Start selling on Excesss2sell to broaden your business horizon.

What is GST?

It has been long pending issue to streamline all the different types of indirect taxes and implement a “single taxation” system. This system is called as GST ( GST is the abbreviated form of Goods & Services Tax). The main expectation from this system is to abolish all indirect taxes and only GST would be levied. As the name suggests, the GST will be levied both on Goods and Services.

GST was first introduced during 2007-08 budget session. On 17th December 2014, the current Union Cabinet ministry approved the proposal for introduction GST Constitutional Amendment Bill. On 19th of December 2014, the bill was presented on GST in Loksabha. The Bill will be tabled and taken up for discussion during the coming Budget session. The current central government is very determined to implement GST Constitutional Amendment Bill.

How is GST applied?

GST is a consumption based tax/levy. It is based on the “Destination principle.” GST is applied on goods and services at the place where final/actual consumption happens.

GST is collected on value-added goods and services at each stage of sale or purchase in the supply chain. GST paid on the procurement of goods and services can be set off against that payable on the supply of goods or services.The manufacturer or wholesaler or retailer will pay the applicable GST rate but will claim back through tax credit mechanism.

Levy of GST

Both the Central Government and State Governments would simultaneously levy GST across the value chain. GST levied and collected by the Central Government would be Integrated Goods and Services Tax (IGST) and the State Governments would levy and collect (SGST) on transactions within the State.

Under GST, both the IGST and CGST would become payable at the “time of supply”, as defined in the GST Law. In terms of goods, time of supply would be on removal of goods or receipt of payment or issuance of invoice or date on which the buyer shows receipt of goods. For services, time of supply is on issuance of invoice or receipt of payment or date on which recipient shows receipt of services.

Integrated Goods and Services Tax (IGST) Integrated Goods and Services Tax is a tax levied on the supply of any goods or services in the course of inter-state trade or commerce. IGST would be applicable to all of India.

State Goods and Services Tax (SGST) SGST is tax levied under the GST regime on intra-state supplies of goods and services. SGST will be administered by the respective State Government.

Goods under GST

Section 2(49) of the model law on GST defines goods as every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under the contract of supply. Hence, as per the definition, goods would include movable property, actionable claim, growing crops/grass, things attached to land or forming part of land, materials, commodities and articles. Goods as defined by GST Model Law does not however include money, securities, immovable property and land.

Services under GST

According to the Model Law on GST, Section 2(92) defines services as “anything other than goods”. Hence, anything or any activity would fall under the GST tax coverage, and anything not defined as a goods will be defined as a service. Further, as per GST Law, service is defined as any activity relating to use of money or its conversion by cash or any other mode, from one form, currency or denomination to another form, currency or denomination, for which a separate consideration is charged. However, though services include transactions in money, it does not include money and securities.

GST Network

GST is backed by a robust Information Technology (IT) infrastructure for registration of taxpayers, processing of GST returns, managing GST remittances, refunds, auditing and levy of penalty. The Information Technology infrastructure behind GST, is controlled by the GSTN or GST Network, a Section 8 Company (not-for-profit company) promoted by Central Government, State Governments and other non-Government Institutions. The Government of India holds 24.5% stake in the GSTN, while state Governments combined hold 24.5% state and the balance 51% is held by Non-Government Institutions. Thus, GSTN will act like a clearing house that is self-sustaining through levey of charges on taxpayers and tax authorities using the GST Network.