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About This service

The Goods and Service Tax is a single indirect tax, which subsumes most of the Central and State taxes such as the Value Added Tax (VAT), excise duty, service tax, central sales tax, additional customs duty and special additional customs duty. For levying GST government introduced Constitution 122ndConstitutional Amendment Bill in the Parliament. The bill was passed by the Parliament in August 2016 and was sent for ratification by states. After being ratified by 19 states, it received President Assent on September 8, 2016, and published as Constitution (101st Constitutional Amendment) Act, 2016. GST registration typically takes between 2-6 working days. As per the GST law, every person (including company, LLP etc) has to register under GST if the total turnover crosses Rs.20 lakh (Rs.10 lakh in case of north eastern states). In 2017 GST Act come into picture and replaced Central and State level indirect taxes like VAT, Service tax, Excise etc. so that all the Businesses that are registered under VAT, Service tax, Excise etc. need to migrate from VAT or Service Tax to GST And New businesses need to register directly under GST

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Includes/exclude

in service

  • Filing of Application for Registration
  • Follow up till you secure GST Identification Number

Whom

it’s beneficial

  • Any business having a turnover of Rs. 20 Lakhs or more in FY16-17
  • Any business having a turnover of Rs. 10 lakhs of more in FY16-17 (For North Eastern States)
  • Already registered business under Central Excise, VAT or Service Tax( operating online/offline)
  • Non-resident taxable person operating his or her business in India
  • Vendors selling online through e-commerce platforms

Process

  • Purchase Plan
  • Uploading of Expert Signed Documents
  • Generating ARN Number
  • Receiving Registration Certificate

Information/Documents

needed

  • PAN of the Applicant
  • Aadhaar card
  • Proof of business registration or Incorporation certificate
  • Identity and Address proof of Promoters/Director with Photographs
  • Address proof of the place of business
  • Bank Account statement/Cancelled cheque
  • Digital Signature
  • Letter of Authorization/Board Resolution for Authorized Signatory

Other Information

After obtaining GST registration, the entity will be required to file GST returns periodically. Failure to file GST returns will attract penalty. Entities with an annual turnover of more than Rs.1.5 crores (INR 15 Million) will have to file monthly GST returns. The three returns to be filed by normal taxpayers are GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 25th of each month. The reduce the compliance burden of small businesses with a turnover of less than Rs.1.5 crores, the Government has announced quarterly returns commencing from the quarter starting in October.

When should a business apply for multiple GST registrations?

If a business operates from more than one state, then a separate GST registration is required for each state. For instance, If a sweet vendor sells in Karnataka and Tamil Nadu, he has to apply for separate GST registration in Karnataka and TN, respectively. A business with multiple business verticals in a state may obtain a separate registration for each business vertical.

What is Composition scheme and when should a business opt for it?

Small businesses having an annual turnover less than Rs. 1 crore* ( Rs. 75 Lakhs for NE States) can opt for Composition scheme. GST Council decided to increase the limit to Rs. 1.5 crores but notification is awaited.<br>Composition dealers will pay nominal tax rates based on the type of business:
• Composition dealers are required to file only one quarterly return (instead of three monthly returns filed by normal taxpayers).
• They cannot issue taxable invoices, i.e., collect tax from customers and are required to pay the tax out of their own pocket.
• Businesses that have opted for Composition Scheme cannot claim any input tax credit.

Who can Register for Composition scheme under GST?

This scheme is a lucrative option for all SMEs who want lower compliance and lower rates of taxes under GST. A GST taxpayer whose turnover is below Rs 1 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the present limit is Rs 75* lakh. Turnover of all businesses registered with the same PAN should be taken into consideration to calculate turnover. Limit is raised to Rs. 1.5 crores after decision taken by the GST Council. However notification is awaited. Learn the Rules about Composition scheme & know the pros & cons of being a composition dealer. Obtain GST registration and file CMP-02 to opt in for the scheme.

What is the need to register under the GST Act?

Registration under the GST Act is mandatory if your aggregate annual PAN based turnover exceeds INR 20,00,000 (Rupees Twenty Lakhs) however the threshold for registration is INR 10,00,000 (Rupees Ten Lakhs) if you have a place of business in Arunachal Pradesh, Assam, Himachal Pradesh, Jammu & Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, or Uttarakhand. Regardless of your turnover, registration is mandatory if

1. You make Inter-State Supplies
2. You supply goods through an E commerce portal
3. You are a/an
• Service Provider
• Agent for Registered Principal
• Liable to Pay Reverse Charge
• Non-resident Taxable Person
• Casual Taxable Person
• Input Service Distributor
• TDS/TCS Deductor
• E-commerce Operator
• An online Data access and Retrieval service provider

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