The goods and services tax (GST) is a worth included tax exacted on most goods and services sold for household utilization. It is a goal put together tax with respect to the utilization of goods and services. It is proposed to be required at all stages directly from fabricating up to conclusive utilization with credit of taxes paid at past stages accessible asset off. More or less, just worth expansion will be taxed and the weight of tax is to be borne by the last customer.
The tax happened from July 1, 2017, through the usage of One Hundred and First Amendment of the Constitution of India by the Indian Government. The tax supplanted existing different Central and State Government taxes.
The tax rates, rules, and guidelines are represented by the GST Council which comprises the fund priest of focal and all the states. GST is intended to supplant a large number of aberrant taxes with a brought together tax and is consequently expected to reshape the nation’s 2.4 trillion dollar economy. GST tax rates change from 0% – 28% relying upon the sort of administration or Nature of Goods Your business is selling. The GST is paid by buyers, however, it is dispatched to the legislature by organizations selling goods and services. As a result, GST gives income to the administration.
GST (Goods and Services Tax) is basically an Indirect tax which has been executed to supplant various taxes in India. Online GST registration was passed in the Parliament on 29th March 2017 yet it got viable on first July 2017 in India. According to the adjustments in the 32nd committee meeting, as far as possible for GST registration is 40 lakhs for the provider of goods and 20 lakhs for the provider of services. Alongside that, the North-Eastern States have an alternative to pick between 20 lakhs and 40 lakhs. When you have enlisted under this system, you will get an interesting GSTIN (Goods and Service Tax Identification Number). There are different preferences of GST registration. You can likewise benefit input tax credit and gather GST from beneficiaries of goods and services.
Online GST registration can be effectively done by visiting Online GST gateway. It is anything but difficult to fill the structure on GST online entryway yet simultaneously you require the master’s to fill the structure with precise data and present the archives in like manner. Not many of the terms while drafting for GST registration can’t be comprehended by numerous individuals of the taxpayers. Consequently at the underlying stage GST registration ought to be finished with the assistance of specialists and here at LegalStartup, you will have the option to complete your GST registration with a basic and speedy procedure.
- Aadhaar card
- Address proof of the place of business
- Bank account statement/cancelled cheque
- Identity and Address proof of Promoters/Director with photographs
- Digital Signature
- Proof of business registration or incorporation certificate
- Letter of Authorization/Board Resolution for Authorized Signature
- PAN Card of the Business or Applicant
- You can legally collect taxes from your customers and pass on the Tax Benefits to suppliers.
- Business Becomes 100% tax Compliant
- You can Claim Input Tax Credit which you have paid on your purchases and improve profits.
- GST certificate is important while opening current account or Business Account.
- You can easily apply for various states and Central Government tenders if you have GSTN.
- Expand your business through various channels like Online, Import-Exports
For the filing of GST, transactions need to be classified depending on the nature of customer to whom the sale is done. Following are two different types of GST registration:
The Composition Scheme is for the small taxpayers in order to make ease their tax compliance. This scheme allows eligible taxpayers to pay a percentage in respect of annual revenue as a tax. Like small retailers, eateries and trading businesses. This will relieve the taxpayers/ businesses from collecting taxes from their customers directly and adds benefits as mentioned below:
- File Single Quarterly return, not multiple monthly returns.
- Pay Lower Tax which gives competitive advantage
- Books of Accounts and Accounting Records are easy to maintain under GST norms.
- In short, a person who is having a business which is registered under the composition scheme of GST and having a GSTIN.
In short, this is a customer who has a business which is registered under the composition scheme of GST and has a GSTIN.
These are the basic eligibility criteria to register under GST Composition Scheme :
- Must be a Registered Taxpayer
- Annual Turnover should be less than Rs 1 Crore
- Manufacturers of Goods, Dealers, and Restaurants (Not Serving Alcohol) can opt for this scheme
Casual Taxable Person is a person who involves in supplies of taxable goods or services occasionally like in an event management company which has various events in different states needs to register as a Casual Taxable Person for that particular taxable state before offering or supplying any goods or services.
Suppose Mr. ‘A’ has a business of consulting and who provide services in different states, then he needs to register as a Casual Taxable Person so that his business is compliant with the tax norms of that particular state.
GST stands for goods and service tax. it is an indirect tax which has to be collected from customers when you sell your goods or services and required to be submitted to the government
If business’s annual turnover exceeds INR 40 Lacs* or
If your business related to inter-state sales or
If you are selling products online through an e-commerce portal like-
amazon, flipkart etc. or
If you are in import or export business
If you want to isuee /raise a gst- tax invoice for your customers
If your business participating in exhibition/event which is outside
the State as Casual Taxable Payer
*In case of North Eastern States, an annual turnover threshold
limit is INR 20 Lakhs
For Online GST registration , you can counsel Legalstartup.in
specialists and follow the means referenced beneath:
1. visit to Legalstartup site.
2. Draft the documents.
3. Make the Online Payment.
4. Upload the necessary documents.
5. Generate ARN.
6. You will get the GST number on your Email id.registration
Accordion Content GST registration takes 4-7 working days for the entire process to complete and receive the GST number.
ARN Number is the application reference number that is generated on the official GST Portal automatically after the submission of the GST Registration Application. GST ARN number can then be used for tracking the status of GST registration application until GST Certificate and GSTIN is issued by the Government
GST rate varies from nature of goods/services that you are selling; basically is 0%,5%,12%,18% and 28% find out GST rate related to your business download our GST guide from above .
Yes, you can sell both Goods and Services with your single GST registration, Provided you have to listed such Goods/Services while registering under GST or you an alter or add it later Also.
No, you need only single GST registration if you are supplying goods from single state to all over India. If you are supplying goods from 2 or more states then you require to register under GST of all such states.
an entity intentionally ignoring the gst registration then business is liable to pay the penalty of 100% of the tax due or INR. 10,000 whichever is higher
The documents required depends upon the nature of business you are running as.
Following below documents required for GST Registration: –
Passport Size Photograph
Aadhar card or Passport or Driving License
Pan card of business entity
Address proof of business premises
Bank Statement or Cancel cheque or Passbook
Yes, the account number is mandatory for GST registration.
Yes, one mobile number is required for one GST registration or you can take two gst on same mobile number also.
GST is differentiated in three different types
CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax), IGST (Integrated Goods and Service Tax).
The CGST and SGST rates will be levied by States and Central Government
The taxes you pay on input goods/services is termed as an Input Tax Credit (ITC) against output tax liabilities.
Yes, PAN card is mandatory to apply for GST.
No a person with no GST registration cannot collect GST.
The annual turnover should be above 20 lakh rupees.
No, you can raise GST invoice before GST registration.
Visit Legalstartup website and know the entire procedure to do GST registration.