Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.
Turnover Threshold: The registration under GST is mandatory for the business entities based on the criteria of turnover or activities. The business dealing in goods and those providing service have to mandatorily apply for GST Registration if their aggregate turnover for a financial year exceeds Rs.40 Lakhs. However, for business making supplies and providing services in the North Eastern States, the same is Rs. 20 lakhs. To avail its benefits, many businesses also obtain voluntary registration under GST.
The composition levy rates under GST are as follows:1% of the turnover for traders and other suppliers eligible for composition scheme registration.
2% of the turnover for manufacturers apart from manufacturers of products not eligible for GST composition scheme.
5% of the turnover for restaurant services.
Interstate taxable supply
Casual Taxable supply
Person require to pay tax under Reverse Charge
Nonresident taxable persons
Person who is require to deduct tax (TDS)
Person who is require to collect tax (TCS)
Person acting as agent
Input service Distributor
E-commerce operator (specified u/s 9(5))
Person who supply goods and/or services [Other than supplies specified u/s 9(5)] through such e-commerce operator which is required to collect tax at source u/s 52
Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person
The entire process under GST regime starting from registration to return filling is online. This would be quite advantageous for startup companies who do not have to opt for registration under various indirect tax regimes
Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 50 Lakhs
After obtaining registration, enterprise is liable to fulfil compliance in the form of return filing in a periodical manner. These compliance requirements are simplified under the GST regime. Further, enterprises having annual turnover less than Rs 1.5 crores are also eligible to opt for filing either monthly return or quarterly return.
Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Business entities can also avail credit of Gst paid on inputs.
Digital Signature(In case of Company / LLP)
Pan Card of entity
PAN and Aadhar Card(linked with mobile number)
Passport size photograph
Board Resolution or Letter of Authorization
Address proofs for the Place of business(Electricity bills/water bills/utility bills)
Rent Agreement( if rented)
Bank Details
Certificate of Registration
Preliminary Requirements
Select a suitable package
Provide basic details & documents required for Registration
Make Payment through Secured Payment Gateway
Registration
Application for Gst Registration
Completion of Gst Registration
Allotment of GSTIN
*GSTIN will be allotted with 3-4 working days subject to the Government processing and approval.
Provide basic details & documents required for registration.
Day 2:Application for Gst registration.
Day 3-4:Allotment of GSTIN
*GSTIN will be allotted with 3-4 working days subject to the Government processing and approval.
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