Goods & Service Tax
Any person or entity supplying goods or services in India above the aggregate turnover limit is mandatorily required to obtain GST registration. Rs.20 lakhs for service providers and Rs.40 lakhs for goods suppliers, except in special category states (Rs. 10 lakhs for Norther Eastern & Hill States).
For certain businesses such as interstate supply, E-Commerce Operators registration under GST is mandatory irrespective of turnover limit. If the organization carries on business without registering under GST, it will be an offense under GST and heavy penalties will apply. GST registration usually takes between 4-6 working days.
Types of GST
There are four types of GST:
- The Central Goods and Services Tax (CGST)
- The State Goods and Services Tax (SGST)
- The Union Territory Goods and Services Tax (UTGST)
- The Integrated Goods and Services Tax (IGST)
The Central Goods and Services Tax (CGST) CGST is referred as the Central Tax levied on transactions of goods and services which take place within a state. Imposed by the Central Government, CGST ensures to replace all other Central taxes inclusive of State Tax, CST, SAD, etc. Prices of goods and services under CGST are charged in accordance with the basic market price.
The State Goods and Services Tax (SGST) SGST is defined as one of the two taxes imposed on transactions of goods and services of every state.
Levied by State Government of every state, SGST replaces every kind of existing state tax that include Sales Tax, Entertainment Tax, VAT, Entry Tax, etc. Under SGST, the State Government can claim the earned revenue.
The Union Territory Goods and Services Tax (UTGST) Applicable on the Intra UT supply of goods and services, the aim to impose UTGST is to apply a collection of tax to provide benefits as same as SGST. The UTGST is applicable to five Union Territories namely Lakshadweep, Damn and Diu, Dadra and Nagar Haveli, Andaman and Nicobar Islands and Chandigarh.
The Integrated Goods and Services Tax (IGST) IGST is applied on the interstate transactions of goods and services. IGST is also applicable on the goods being that are imported to distribute among the respective states. The IGST is levied when the movement of products and services occur from one state to another.
Benefits of GST
GST presents a transparent tax system imposed on the supply of goods and services. When an item is bought, a common individual sees only the state taxes applicable on the product label and not the various tax components embedded on the product.
The aim of imposing GST is to improve the ease of business operations by enhancing tax compliance, boosting revenue receipts of both central and state government and accelerating economy growth. Eradication of cascading of taxes result in lowered tax burden on many products.
Following are the few benefits of GST mentioned below:
- Eradicates the cascading tax effect
- Allows higher threshold to businesses for registration
- Composition scheme for small business operations
- Easy and Convenient online processes
- Lesser Tax Compliance
- Enhanced Efficiency of logistics
Documents Required for GST Registration
- PAN of GST Applicant
- Proof of Business Registration or Incorporation Certificate
- Identity Proof, Address Proof & Photographs of Promoters/Directors.
- Address Proof for Place of Business.
- Bank Account Statement/Cancelled Cheque
- Digital Signature
- Letter of Authorization/Board Resolution for Authorized Signatory
Private / Public Limited
Proprietorship Firm
Limited Liability & Partnership Firm
- Private / Public Limited
- Company Pan Card
- MOA, AOA & ICC
- Company Address Proof
- Proprietorship Firm
- Proprietor Pan Card
- Shop Act License
- Firm Address Proof
- Limited Liability & Partnership Firm
- Firm Pan Card.
- LLP Agreement / Partnership Deed
- Firm Address Proof
Standard Other Registrations or Licences We Provide
PAN Registration
A PAN or Permanent Account Number is an important document all taxpayers must possess, as mandated in the Income Tax Act of 1961.
Learn MoreTrademark Registration
A trademark is a unique symbol or word(s) used to represent a business or its products. Once registered, that same symbol or series of words cannot be used by any other organisation, forever, as long as it remains in use and proper paperwork and fees are paid.
Learn MoreShops & Commercial Establishment Registration
Shop act registration is to be taken compulsorily to start business establishment. Details of personal employed are to be given on yearly basis.
Learn MoreProfessional Tax Registration
Professional Tax Registration is levied by Municipal Corporations of various states in India. People who carry the profession such as CA (Chartered Accountant), Lawyers, Doctors, Business Owners etc need to pay these taxes. The owner of a business is responsible to deduct professional tax from the salaries of its employees.
Learn MoreUdyog Aadhar (MSME) Registration
MSME Registration helps you to receive payment on time from large companies as they have to pay MSME Vendor within 45 days. Plus, you get benefit at the time of taking a loan in form of concessional rate of interest.
Learn MoreGST Registration
Any person or entity supplying goods or services in India above the aggregate turnover limit (INR 20L for Service and INR 40L for Goods) is mandatorily required to obtain GST registration. For certain businesses such as Interstate Supply, E-Commerce Operators registration under GST is mandatory irrespective of turnover limit.
Learn MoreTAN Registration
The Tax Deduction and Collection Account Number (TAN) is required for people who are deducting or collecting tax at source. Anyone paying a salary or commission is required to get a TAN.
Learn MoreFSSAI Registration
Every food business operator (FBO) involved in the manufacturing, processing, storage distribution and sale of food products must compulsorily obtain FSSAI Registration or License. FSSAI Registration is different from FSSAI License in the sense that depending on the size and nature of the business, FBO should obtain the necessary registration or license.
Learn MoreFind the Perfect Price
for Goods & Service Tax
(All Taxes Inclusive, Transparent Pricing)
Plan feature |
Basic |
Plus |
Pro |
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₹ 1180 | ₹ 3599 | ₹ 5599 | |
Features | |||
GST Registration |
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Current Account Assistance |
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GST Return Filing (GSTR-1 or 3B)1 |
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3 months and turnover upto INR 5 lakhs. |
6 months and turnover upto INR 5 lakhs. |
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Disclaimer:
- Turnover of up to 10 Lakhs per quarter or 20 entries.