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.
Launched on July 1 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), 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 procedure for GST is entirely online and requires no manual intervention.
Every product goes through multiple stages along the supply chain, which includes the purchasing of raw materials, manufacturing, sale to the wholesaler, selling to the retailer and then the final sale to the consumer. Interestingly, GST will be levied on all of these 3 stages. Let’s say if a product is produced in West Bengal but is being consumed in Uttar Pradesh, the entire revenue will go to Uttar Pradesh.
Also, taxpayers with a turnover of less than Rs.1.5 crore can choose composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.
GST will have 3 tax components, which includes a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST) where centre and state will levy GST on all entities, i.e. when a transaction happens within a state. Inter-state transactions will attract the Integrated Goods and Services Tax (IGST), to be levied by the centre, i.e. when a transaction happens one state to another.
Input tax credit lets you reduce your tax you have already paid on inputs and pay the remaining amount at the time of paying tax.
You pay taxes on the purchase when a product is purchased from a registered seller, and when you sell the product, you too collect the tax. With input credit, you can adjust the taxes paid at the time of purchase with the amount of tax on sales (output tax) and pay the balance liability of tax, i.e. tax on sale minus tax on the purchase.
Every business or corporation that are involved in the buying and selling and good of services have to register for GST. It is mandatory for companies whose turnover is more than Rs.20 lakhs (for supply of services) and Rs. 40 lakhs ( for supply of goods) yearly to register for a GST.
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.
You can see the tax rates for all the products here: https://cbec-gst.gov.in/gst-goods-services-rates.html
A GST Return is a document containing details of income that is required to be filed as per the law with the tax authorities. Under the GST law, a taxpayer has to submit two returns on a monthly basis and one such return annually. All returns have to be filed online. Please note that there is no provision for revising the returns. All invoices for the previous tax period 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 is a unique identification number given to each GST taxpayer. To verify a GSTIN number a person who has a GST number can log onto the GST portal.
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.
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.
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 Stands for Good and Service Tax
Temporary Registration Number - It is a unique 15-digit reference number generated when you have finished filling Part-A of the GST application and have validated your mobile number & email id.
Application Reference Number - It is the number you get after filing the GST application and you can use it to check your application details.
Digital Signature Certificate - It is a certificate that acts as proof of the identity of individuals in digital space and protects data.
State Goods and Services Tax - A part of GST which is levied by the State Government.
Central Goods and Services Tax - A part of GST which is levied by the Central Government.
Integrated Goods and Services Tax - It is a type of GST paid in the case of interstate supply of goods and services.
Union Territory Goods and Services Tax - A part of GST which is levied by the Union Government.
Goods and Services Tax Identification Number/GST registration number is a unique 15-character identity number given to the businesses that register for GST.
GST Return (GSTR) is a document capturing the details of the income, which a taxpayer is supposed to file with the authorities to calculate his tax liability. There is a total of 11 types of GST returns.
Goods and Services Tax Network (GSTN) is a non-profit, public-private partnership company that provides IT infrastructure and services for the implementation of GST.
Input tax credit [ITC] is the credit a taxable person receives for paying input taxes towards inputs used for his business.
HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide. HSN stands for Harmonized System of Nomenclature.
SAC code is a code used to classify services under GST. Each service has a unique SAC code.
Reverse charge is when the liability to pay tax is on the recipient of goods instead of the supplier (which is the norm). However, this only applies to special categories of supply.
Aggregate turnover is the total value of all taxable supplies and it is used to determine the threshold for GST.
A taxable person is any individual engaged in economic activity in India and who is or is required to be registered under GST.
Mixed supply is when two or more individual supplies of goods and/or services made together by a taxable person for a single price (when it does not form a composite supply).
Composite supply is when a supply consists of two or more goods and/or services, which are naturally bundled and provided together, where one is the principal supply.
Continuous supply is when the supply is provided at a specific interval (eg. weekly & monthly) and the payments are made accordingly.
GST Compliance Rating
GST Compliance Rating is a score between [0 -10] assigned to all the taxpayers, that depicts their GST compliance.
Assessment is the process to determine the tax liability. There are 6 types of assessment in GST.