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.
GST stands for Goods and Services Tax that is imposed on products or services supplies in India. Under GST rules, registration as a normal taxable entity is mandatory for a business that has a turnover of Rs.40 lakh above. This is known as GST registration. The turnover is Rs.10 lakh for companies in hill states and the north-eastern states. In Assam, being a product or service provider, if you do not apply for GST, you can incur heavy penalties and fines that can amount to up to 100 % of your owing tax sum. GST registration means that you can obtain GST from your clients, too. Therefore you must register for GST to prevent any dispute with the law. Let us understand everything we need to know about GST registration in Assam.
Businesses shall also proceed with online GST registration in Assam.
Businesses shall access their Assam GST code through the portal for online GST registration in Assam. The Assam GST code is unique to the state.
GST Registration is of different forms under the GST Act. Before choosing the right one, it is important to be mindful of the various types of GST Registration. The various types of GST registration are as follows:
Below are the documents required to complete the online GST registration in Assam:
May I broaden my registration as a taxable non-resident?
Yes. If you apply before the initial period expires you can extend your registration as a taxable non-resident individual once for an additional 90-day period.
Are promotional items and/or free samples subject to GST?
Yes, the stock transfer of free samples or promotional items will be subject to GST and the supply of such items will also be subject to GST for retailers who store your product or for end customers.
What is the tax payment process, where the taxpayer still has previous months' liabilities?
Section 35(8) recommends a reimbursement order in which the taxpayer has tax responsibility beyond the present term of return. In such a situation, the payment order to be followed is 1. A self-assessed tax and interest for the prior months; 2. Followed by the self-assessed tax and interest for the present time frame; 3. And all other sums payable afterward including any reported claims under section 51. This process will have to be followed compulsorily.
What is the compliance rating mechanism's major purpose?
Following section 149 of the CGST / SGST Act, a compliance rating based on the compliance record of the prescribed criteria shall be given for every registered individual. Such ratings are also publicly listed. A prospective client can assess the supplier's compliance ratings and decide whether to contact or do business with a particular supplier or not. It will develop fierce competition between taxable individuals.
Will the GST Act empowers the government to exempt supplies?
Yes. The central or the state government may, in the public interest, exempt the supply of products or services from the levy of the GST either in full or in part, either in whole or under conditions, based on the GST council's recommendations. Therefore, in extraordinary circumstances, any goods or services can be excluded by special order. The SGST and UTGST acts have also provided 28 exemptions to be considered.
How to opt-out of composition file returns?
Composition taxpayers must submit quarterly returns and daily taxpayers are expected to submit monthly GST regimes reports. There are provisions allowed on the GST Portal to file the monthly/quarterly returns for situations where you want to opt-in or out of the composition scheme file returns.
What are the GST refund fee provisions for exporters?
Section 54 of the CGST Act, 2017 contains provisions relating to refunds.
It facilitates refund of tax paid
The IGST Act, 2017, and the related SGST / UTGST Acts provide for similar provisions.
What assumptions are used in determining the place of supply in a transaction?
The different elements involved in a service transaction are used as proxies to determine the place of supply. A proxy or assumption could be used to determine the place of supply which gives more adequate results than others. The same is dealt with below:
Vakilsearch is India’s largest professional platform of lawyers, chartered accountants, and company secretaries-with years of experience behind. We execute legal work for over 1000 companies and LLPs every month, by leveraging our tech capabilities, and the expertise of our team of legal professionals.
We make your interaction with the government as smooth as possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
With a team of over 300 experienced business advisors and legal professionals, you are just a phone call away from the best in legal services.
We provide access to reliable professionals and coordinate with them to fulfil all your legal requirements. You can also track the progress on our online platform, at all times.
By handling all the paperwork, we ensure a seamless interactive process with the government. We provide clarity on the incorporation process to set realistic expectations.