Ideas For Startup

GST Registration

GST (Goods and services tax) is basically an Indirect tax which has been replaced by many Indirect taxes in India. It was actually passed in the Parliament on 29th March 2017 but the act came into effect on 1st July 2017 in India. GST is defined as the consumption tax where people who are engaged in the business whose annual turnover exceeds Rs. 40 lakhs is required to register as a normal taxable person. The regulations are applicable to everyone purchasing good and services at the same rate in India.

In addition to this, if the purchase was made by a business for sale to a customer, then the business can claim an input tax credit to set-off GST liability. Hence, the GST liability is pushed to the end-consumer through the use of the input tax credit mechanism. The procedure of GST Registration generally takes 2-6 working days to get done. All you need to file an application with the department and sign it with your digital signature.

Highlights

Concept

Goods and Services Tax is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc and is valid all over India with effect from 1st July 2017

When to register for GST?

Mandatory to register under GST when annual turnover exceeds INR 40/20 lakh or supply goods and services inter-state or through e-commerce platform.

What are the GST tax rates?

Tax rates vary from 0% to 28% depends on the type of goods & nature of the services you are selling.

Input Tax Credit Availment

Only business unit registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.

Return Filing & Payment

Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.

Composition Scheme

Business Unit having an annual turnover less than INR1.5 crore may opt the scheme. Requires to pay subsidize tax ranges from 1% to 5% & file quarterly return.

Our Process

From your Procedure

Step 1

Upload the Required Documents & Information to our web portal

Step 2

Choose Package and Pay online with different payments modes available

Step 3

On placing an order, your application will be assigned to one of our dedicated professionals.

Step 4

Our professional shall carefully examine the correctness & accuracy of the documents and file GST application form.

Step 5

Our professional shall make regular follow up with government department for processing of GST application online.

Step 6

On obtaining GSTIN, we will provide GST certificate along with several eGuides on GST and GST Invoicing Software.

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Ideas For Startup

WHEN GST REGISTRATION MANDATORY IN and INDIA?

Turnover Criteria:- All taxpayers who have an annual turnover above ₹40 lakhs are required to get new GST registration.

Causal taxpayer:- If you supply goods or services in events/exhibition where you do not have a permanent place of business, you need to get online GST Registration before starting a business. Such a dealer has to pay GST on the basis of an estimated turnover of 90 days. The validity of causal GST Registration is 90 days.

NRI taxpayer:- NRI taxpayer, who does not have a place of business in India, wishes to start a business, then he has to apply for GST Registration in India before beginning operations in India. The validity of a new GST registration is 90 days.
Agents of a supplier & Input service distributor: All Input service distributor who wants carry-forward benefit of input tax credit requires gst registration.

Reverse Charge:- A business who requires to pay tax under the reverse charge mechanism need gst registration.

E-Commerce portal:- Every e-commerce portal (such as Amazon or Flipkart) under which multiple vendor’s selling their product requires gst registration.

BEFORE SCALABLE

Documents Required

Minimum Required Documents
 

PAN Card of the Business or Applicant

PAN is required to obtain GST certificate.

Identity and Address Proof of Promoters

Address Proof for Place of Business

Electricity Bill, Rent Agreement + NOC

Bank Account Proof

Scanned copy of the first page of bank passbook showing a few transaction.

Fill the form to proceed further