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GST, the Goods & Service Tax, launched on July 1, 2017. It is an indirect tax, that is imposed on the supply of goods and services across the country. GST brings uniformity in the Indirect Tax Structure by replacing all the indirect taxes like VAT, service tax, excise duty, etc. & simply incorporate the concept “One Nation One Tax”
The process of GST Registration is completely online and requires no manual mediation.
To collect the tax on behalf of the Government, business entities must get registered under the GST Law & obtain a unique number from the concerned tax authorities.
Who Required the GST Registration?
Persons who fulfill the following criteria require the GST number:
- Annual Turnover Criteria: Businesses with turnover exceeds Rs.40 lakhs (supply of goods in normal state), Rs.20 lakhs (supply of goods/services in normal state), Rs.20 lakhs (supply of goods in a specific state), or Rs.10 Lakhs (Supply of goods/services in a specific state) and above would be required to register under GST.
- Inter-State Supply: GST registration is compulsory in case of a supply of goods or services from one state to another (i.e.; inter-state). For example, if a business in Delhi supplies goods to a business in Madhya Pradesh, then GST registration is a must.
- E-Commerce Operator: Each & every e-commerce operator and the one who supplies the product/services via e-commerce is supposed to get registered under GST.
- Existing Taxpayers: Entities having service tax or VAT or central excise registration must have GST Registration.
- Casual Taxable Persons: In this category that person belongs who occasionally undertakes supply of goods/services having no fixed place of business.
Note: Without GST registration, a person is not eligible to collect tax from his customers and also can not claim any credit of tax paid by him.
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All you need to know about GST Registration
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 government has proposed a 4-tier tax structure for all goods and services under the slabs- 5%, 12%, 18%, and 28%.
SGST, CGST, & IGST
IGST, CGST, and SGST are categories of GST that are charged by Central and State Governments on the basis of supply and consumption.
GST Registration limit
Companies whose turnover is more than Rs.20 lakhs (for the supply of goods/services) and Rs. 40 lakhs (for the supply of goods/services) yearly to register for a GST.
Composition Scheme applies to small businesses whose turnover is up to INR 1.50 Crore. This means that these businesses do not have to charge and pay regular tax rates. Instead, they have the liberty to discharge GST liability @1% in the case of traders and manufacturers and 5% in the case of restaurants.
So many benefits of GST to the Indian Economy like the removal of bundled indirect taxes such as VAT, CST, Service tax, CAD, SAD, and Excise. Less tax compliance and a simplified tax policy compared to the current tax structure. Removal of cascading effect of taxes i.e. removes tax on tax.
Mandatory documents for Online GST Registration
The list of documents required for registration of GST for various business are as follows:
- PAN Card and address proof of proprietor
- PAN Card of LLP
- LLP Agreement
- Partners’ names and address proof
Private Limited Company
- Certificate of Incorporation
- PAN Card of Company
- Articles of Association, AOA
- Memorandum of Association, MOA
- Resolution signed by board members
- Identity and address proof of directors
- Digital Signature
The following can be shown as proof of address of a director:-
- Voter Identity Card
- Aadhar Card
- Ration Card
- Telephone or Electricity Bill
- Driving License
- Bank Account Statement
Steps to get GST Number online?
Fill a simple form & get documents verification.
Submit the application on portal for GST registration.
ARN Number generated.
Fill Simple Checklist
A compliance manager will get in touch with you to collect your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further. The compliance manager dedicated to you will keep you updated on the progress of Company Registration throughout the process.
Once your documents along with Checklist are submitted, we shall proceed with the application of your Digital Signature and subsequently the approval of name for your Private Limited Company. You may suggest up to three names of your choice. Names should be unique and suggestive of the Company’s business. We will proceed with application for name for your Private Limited Company in Part A of SPICe Plus form.
We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.