What is GST?
Goods and Services Tax was launched in India on 1st of July. It is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. To understand this more, please check the material presentation given below.
How will it affect me (as a seller in O My Furniture)?
Ø Registration: For being a seller at O My Furniture, you should be mandatorily registered under GST and share (provisional) GSTIN details with us.
Ø Tax rates: The tax rates for the items you have listed with us will be determined based on the HSN code tagged to it Confused about HSN. ? Please refer the following section.
Ø Payments: Your remittances will be now fall under the GST tax regime (SGST, CGST and IGST - as applicable.)
Note: - We are here to help you in this transition to GST.
Help us help you - GST transition
You need to ensure your updated GSTIN, HSN codes and Signature are available with us come 1st July, 2017
GSTIN Details: For us to remain partners in GST regime, we would need all the GST related details. If you haven't shared them already please do it immediately. Add your GSTIN with us.
HSN Codes: Harmonized System of Nomenclature (HSN) is a globally accepted codification of goods and services, to avoid misinterpretation across multiple parties. In GST regime, the tax rates will be determined based on the HSN codes mapped to a particular traded good.
To ensure a smooth transition on 1st July, please ensure the HSN codes is updated for your SKU's in your Seller dashboard panel. Products without any HSN code cannot be sold as per the new law.
Signature: GST law mandates that every invoice should have signature or digital signature of the supplier or his/her authorized representative. To enable hassle free order processing and fulfilment, please ensure you upload a scanned copy of your signature in your Seller panel.
FAQ'S
What is an HSN code?
It is an internationally accepted coding system wherein each product is classified into different section based on its nature and usage. Currently, in India it is used under Excise, Customs and VAT laws. Once the transition to GST happens, it has been proposed that the same will be used for classification of goods/services.
Why is it important to us.?
When all the traded goods and services are recognized in a globally accepted codification framework, it reduces the possibilities of misinterpretation. The HSN code tagged to a particular good/service will determine the tax rate applicable. Also, while GST filing returns, this HSN code has to be provided.
If you are a merchant partner, you should provide this HSN mapping for all your items listed with us for our partnership to continue post GST implementation.
How do I find my GST Rate, HSN or SAC code.?
Still have questions or need help with something? Please don't hesitate to reach out to us on info@omyfurniture.com