Any business offering sale of goods with annual turn over of 40 lacs or service with annual
turn over of 20 lacs would require the registration for GST and have a valid GST Number.
We help you get a Secure GST Identification Number.
We make it easy for you to get your GST from the comfort of your own home.
We will file your returns and complete all other compliances as and when required.
Goods and service Tax is destination-based consumption tax from manufacturer to consumer in the same pattern and same rate. It has replaced many indirect taxes in Indian and the government has successfully achieved the “One Nation One Tax” Agenda.
Launched on July 1 2017, the Goods & Services Tax (GST) applies to all Indian specialist co-ops (including freelancers, consultants), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are absorbed in one tax – GST, implemented on 01.07.2017. GST is to be charged at every step of the supply chain, with full set-off benefits available. The methodology for GST is altogether on the web and requires no manual intervention.
Also, taxpayers with a turnover of less than Rs.1.5 crore can opt composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.
The input tax credit means that it lets the taxpayer reduce the tax that the taxpayer has paid on inputs or purchases and the amount left can be paid in cash.
The taxpayer pays taxes on the purchase when a product is purchased from a registered seller, and when the taxpayer sells the product, you too collect the tax. Thus, the collected tax can be adjusted while paying the tax return, which helps to reduce the burden of taxpayers.
The businesses carrying out business transactions i.e. buying and selling of goods and services have to get registered for GST. The threshold limit of getting registered is the businesses of turnover more than 20 lakhs (for services) and 40 lakh (for sale of goods) are mandatory to get registered.
All businesses making interstate outward supplies of goods have to register for a GST too. The same applies to businesses making taxable supplies on behalf of other taxable persons, example Agents and Brokers.
Also, as per the recent notification, e-commerce sellers/aggregators need not register if total sales are less than Rs.20 lakhs.
Detailed list of taxes for all the products: https://cbec-gst.gov.in/gst-goods-services-rates.html
A GST Return is a record containing details of income that is needed to be documented according to the law with the tax authorities. Under the GST law, a citizen needs to submit two returns on a monthly basis and one such return annually. All returns have to be filled online. If it's not too much trouble, note that there is no arrangement for revising the returns. All invoices for the past year that went unreported must be included in the current month.
Under GST, a registered dealer has to file GST returns that include: Purchases, Sales, Output, GST (On sales) and Input tax credit (GST paid on purchases).
GSTIN full form is Good & Service Tax Indentification Number, which is 15 digit, unique identification number given to each GST taxpayer registered under GST. To verify a GSTIN number, 1: Through GST portal. 2: Via GST Seva Kendra authorised by the Government.
GSTN is often confused with GSTIN. GSTIN is the unique code given to dealer/ supplier by the GSTN (GST Network). The Goods and Service Tax Network (or GSTN) is section 8 (non-profit), non-government, private limited company. GSTN is a one-stop solution for all your indirect tax requirements. GSTN is responsible for maintaining Indirect Taxation platform for GST to help you prepare, file, rectify returns and make payments of your indirect tax liabilities.
Every taxpayer under GST is provided with a State + PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN). It is a GST Identification Number or a GST Number.
The general structure of GSTIN be broken down into 3 parts, as given below.
00 PANNUMBERS 1Z0
The list of documents required for registration of GST for various business are as follows:
Private Limited Company
The following can be shown as proof of address of a director:-
Add what works as identity proof, One can use a PAN Card, Aadhar Card as identity proof. For address proof, any of the director’s can show their voters ID, passport, telephone bill, electricity bill and telephone bill.
One of our GST representatives will collect all the required documents and process the GST application through the iCFO platform.
Once all the documents are collected, the application will be processed and filed. Then immediately the ARN number will be issued.
GST Registration Certificate
The GST registration certificate and GSTIN will be issued upon verification of GST application and other mandatory documents by the GST officer. Be aware that no hard copies of the certificate will be issued and the GST registration certificate can be downloaded from the GST Portal.
Penalties For Failure To GST Registration
As per the Section 122 of the CGST act, in India, there is a direct penalty for all those taxable persons who fail to register for GST.
Voluntary Registration Under GST (for Companies With A Turnover Below Rs.20 Lakhs)
Any small business with turnover less than 20 lakh can voluntarily register for GST even though it is not compulsory by law. Voluntary GST registration has its own advantages and some of them are:
A GST Return Filing is a return document that contains details of the income of the taxpayer. It has to be filed with the GST administrative authority. The document is used tax authorities to calculate the tax liability of a GST taxpayer. A GST Return Filing form has to include the following details.
For filing a GST Return, you need to have GST compliant sales and purchase invoices attached.
Can I apply for GST Registration online?
Is the GST threshold limit the same for all Indian states?
How would the composition scheme work under GST?
The composition scheme under GST would be applicable to businesses with a turnover of up to Rs. 50 lakh. Small businesses with turnover less than Rs. 1 crore* (Rs. 75 Lakhs for Northeastern states) can opt for composition scheme. Such taxpayers would pay a fixed percentage of its turnover and cannot avail of the benefits of input tax credit. Such businesses cannot collect tax from its customers. The floor rate of tax cannot be less than 1%. *GST Council has decided to increase the limit to Rs. 1.5 crores but official notification is awaited.
Composition dealers are required to pay tax based on their business types.
Persons who are not eligible for GST composition scheme include:
Does GST apply to all businesses?
Yes, GST applies to all service providers, manufacturers, and traders. It extends to any dealers, bloggers, and writers, earnings from Google AdWords through PayPal, import-export businesses, all kinds of startups and companies, whether they are LLPs, proprietorships, partnerships or private limited companies. It also applies, regardless of the threshold limit,
For a complete list of FAQs on GST Registration, please click here.
When to apply for multiple GST registrations?
What is ARN in GST Registration?
Should I physically need to be present during the GST Registration process?
What are the five important laws of GST?
Are you looking for an online GST calculator?
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What is a GST portal and enrollment?
What is the structure of GST in India?
What is called as a reverse charge under GST mechanism in India?
Some of the best reasons to choose us are:
Our legal representatives are available to explain the whole process and clear any queries you may have.
Although the GST portal has a user-friendly interface, the GST Forms have a lot of complex fields. Hence, it is highly recommended that you seek the help of a professional for submitting the application, the required procedures, filing your returns and completing other formalities in the portal.
GST e-invoice Generation Increases In Demand Within A Month Of Its Launch
October 31, 2020
A GST e-invoicing system was launched at the beginning of the month of October for businesses with an annual turnover of Rs 500 crores or more, with barely 8 Lakh invoices generated on the 1’st of October. Now after a month in use, the system generates about 24 Lakh invoices a day, thus increasing in demand by 3 times the initial demand. The government is now going to start testing e-invoice generation for businesses with an annual turnover of Rs 50 crores or more from November 15.
GST Registration to be Granted after Physical Verification of Business Location, if Aadhaar is not Authenticated.
Aug 27, 2020
As per the latest notification (Notification no. 62/2020) issued by the Central Board of Indirect Taxes and Customs (CBIC), all businesses have to undergo a physical verification of location to be granted a GST registration, if they cannot provide their Aadhar for authentication.
Coaching Classes Not in GST Exemption List
09th August: The Andhra Pradesh bench of the Authority for Advance Rulings (AAR) has said coaching classes are not in the GST exemption list. 18% of GST will be imposed on this.
MSMEs registered with GST won’t require UAN for availing the Interest Subvention Scheme
04th April: The Union Minister for MSMEs, has announced that MSMEs with GST registration would no longer need the Udyog Aadhar Number (UAN) for availing the Interest Subvention Scheme. The Scheme aims to provide incentives to MSMEs for registering under the GST regime.
Hand Sanitisers to Attract 18% GST
14th July: The Ministry of Finance says, like antibacterial liquids and soaps, sanitizers will also attract 18% GST duty. Even the chemicals, packaging materials, and input services will also attract the same percentage of GST.
Kerala: The First State to Adopt 2nd Level Verification for GST
22nd June: For new GST registrations, Kerala has become the 1st state to adopt second level verification after 1st June 2020. The 1st layer of scrutiny will be done by the GST registering authority and 2nd level will be done by the intelligence wing.
39th GST Council Meeting Held in New Delhi
14th March: 39th GST Council Meeting was held at Vigyan Bhawan, New Delhi. Decisions related to change in GST rates on goods & services supply were taken.
The Global Launch Of Tally: Enables GST E-Invoicing By March-End
28th February: Tally is ready with e-invoicing and will be available to all their customers from the end of March. Also, the ability to generate e-way bills is getting developed and will be available soon, says, Managing Director, Tally Solutions.
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