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GST REGISTRATION

 

GST REGISTRATION

 

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WHAT IS GOODS AND SERVICES TAX (GST)

Goods and Services Tax (GST) was introduced in India on 1st July, 2017 and applicable throughout India which was replaced by the multiple layered tax structure in India consisting of 17 taxes and 23 cesses has changed its form to take form of a new body which started the concept of “ONE TAX, ONE NATION”.  In simple words, GST is an indirect tax levied on the supply of goods and services. 

All those entities in India except North East India whose annual turnover in a financial year exceeds Rs 20 Lakhs and for those entities in North East India when annual turnover in a financial year exceeds Rs. 10 lakhs are required to register under GST within 30 days. There are many other criteria for registration under the GST irrespective of annual turnover.

Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State Governments. For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the Central Government.

The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs (Rs. 50 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers.

GST registration process will be online through a portal maintained by Central Government of India. The registration of GST can be done through COMPLIANCESBIZ. 

WHAT IS INCLUDED IN OUR GST REGISTRATION PACKAGE?

1 ) GST registration
2 ) Free consultation
3 ) GST certificate
4 ) GST Invoice formats
5 ) Board Resolution/Letter of authorization

PROCEDURE FOR GST REGISTRATION

1

Submit the Detail

2

Compliancesbiz Team will Call you

3

Arrange basic documents as Mentioned

4

Team of Compliancesbiz will prepare & file GST documents

5

Congratulation Get You GST Number

DOCUMENTS REQUIRED FOR GST REGISTRATION?

PAN Card Proprietor/Company
Address Proof of Proprietor/Company.
MOA/ AOA /Partnership Deed/LLP Agreement
1 Passport size Photograph of Proprietor/Director/Partner
Copy of Cancelled Cheque /First Page of Bank Statement
Address Proof of Proprietor firm/ Company/ Partnership
Rent Agreement (in case premises are rented)
Board Resolution for authorization to register under GST
Digital Signatures is required for the authorized signatory to sign and submit the GST application.

ADVANTAGES OF GOODS AND SERVICES TAX (GST)

1. Replaces Multiple Indirect Taxes 

GST replaces 17 indirect tax levies and 23 cesses and taken a new concept of ONE TAX, ONE NATION.

2. Single And Transparent Tax Proportionate To The Value Of Goods And Services

Under GST, there would be only one tax from the manufacturer to the consumer, leading to transparency of taxes paid to the final consumer.

3. Simpler Online Procedure Under Gst

The entire GST process starting from registration to filing returns and payment of GST tax is online. Startups do not have to run around to tax offices to get various registrations under excise, VAT, service tax.

4. Less Number Of Compliance 

GST reduces the number of returns and the time spent for tax compliances of various taxes. There are about 11 returns under GST, out of which 4 are basic returns which apply to all taxable persons under GST.

5. Technology Driven Process

GST is largely technology driven. It will reduce the human interface to a great extent and this would lead to speedy decisions.

6. More Transparency To Indirect  Taxation

GST will bring more transparency to indirect tax laws. Since the whole supply chain will be taxed at every stage with credit of taxes paid at the previous stage being available for set off at the next stage of supply, the economics and tax value of supplies will be easily distinguishable. This will help the industry to take credit and the government to verify the correctness of taxes paid and the consumer to know the exact amount of taxes paid.

7. Lesser Cost Of Logistics And Inventory 

As the GST tax will mark the end of 17 other indirect laws, there won’t be much of logistics and inventory costs as of now. Also, the slow movement across the state levels of goods carrier will be stopped with the transit speed increasing tenfold.

WHO ARE ALL LIABLE FOR GST REGISTRATION

1. Any business whose turnover in a financial year exceeds Rs 20 lakhs (Rs 10 lakhs for North Eastern and hill states).

2. Every person who is registered under an earlier law (i.e., Excise, VAT, Service Tax etc.)  needs to register under GST, too.

3. When a business which is registered has been transferred to someone/demerged, the transferee shall take registration with effect from the date of transfer.

4. Anyone who drives inter-state supply of goods

5. Casual taxable person 

6. Non-Resident taxable person 

7. Agents of a supplier

8. Those paying tax under the reverse charge mechanism.

9. Input service distributor

10. E-commerce operator or aggregator

11. Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person

FREQUENTLY ASKED QUESTIONS

DSC is mandatory in case of Company, Limited Liability Partnerships and Partnership Firm

On approval of application, a 15 digit Goods and Service Tax Identification Number (GSTIN) is assigned, based on the following format:- 

First two character for the State Code
Next ten characters for the PAN or the Tax deductions and Collection Account Number
Next two characters for the entity code
Last digit is a check sum character

(i) all taxable and non-taxable supplies,
(ii) exempt supplies, and
(iii) exports of goods and/or service of a person having the same PAN.

Where the application for registration has been submitted within thirty days from the date on which the person becomes liable to registration, the effective date of registration shall be date of his liability for registration.

Where an application for registration has been submitted by the applicant after thirty days from the date of his becoming liable to registration, the effective date of registration shall be the date of grant of registration.

In case of suomoto registration, i.e. taking registration voluntarily while being within the threshold exemption limit for paying tax, the effective date of registration shall be the
date of order of registration.

The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.

GSTIN is allotted within 7 working days, after submission of all the documents under GST online. 

Within 30 days from the date on which the entity becomes liable for registration under GST. 

Yes, anyone can voluntarily register with GST and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.

Yes is mandatory requirement under GST for all type f tax payers except non- resident taxable person.

No, a person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.