What is GST number?

What is GST number?

All the business entities registering under GST will be provided a unique identification number known as GSTIN or GST Identification Number. ... Similarly, service tax registration number is assigned to a service provider by Central Board of Excise and Customs (CBEC).

What is the GST formula?

The Goods and Services Tax (GST) in Australia is a standard 10%. This means that to find the GST of an item, which does not already include GST, all you have to do is find 10% of the price. ... The formula for finding GST is: P x 0.1 = G where P is the original price and G is the amount of GST.

How do I pay GST?

Here is a step-by-step guide that will help you make GST payment with ease –

Step 1 – Login to the GST Portal. Enter your username, password, and captcha code

Step 2 – Once you log in go to Services > Payments > Create Challan

Step 3 – Enter the amounts and select the method of payment i.e. e-payment,  over the counter or NEFT/RTGS. Click on Generate Challan once all the details have been filled in.

There are 3 methods of payment here:

• Internet banking and debit/credit cards of authorized banks
• Over the counter payment through authorized banks
• Payment through NEFT/RTGS from any bank.

However, there is a limit of Rs. 10,000/- per challan, for over the counter payment through authorized banks.

Step 4 – A summary page will appear containing all the details of the challan. Select the ‘Mode of Payment’. You can either choose ‘Over The Counter’ to make payment by going to the bank in person or choose ‘E-Payment’, ‘NEFT/ RTGS to make online GST Payment. Click on ‘MAKE PAYMENT’.

Step 5 – Make an online payment of GST through Net-Banking or take a printout of the challan and make payment in Bank.

Once the payment is made you will receive a challan containing all the details of tax paid. Thereafter the tax paid challan (CIN) will be credited to the cash ledger account of the taxpayer.