Get your GSTIN in INR 3000/- Only (All Inclusive)
Why we:
Genuine Pricing |No Hidden Charges | Registration in 7 days | Completely online service - No physical presence required | Expert Team
Genuine Pricing + No Hidden Charges + Quality of Service
Starting from 4000/- per month (all inclusive)
The GST is meant to be a unified indirect tax across the country on products and services. In the current system, tax is levied at each stage separately by the Union government and the States at varying rates, on the full value of the goods. But under the GST system, tax will be levied only on the value added at each stage. It is a single tax (collected at multiple points) with a full set-off for taxes paid earlier in the value chain. It has subsumed mainly Service Tax, Excise, State VAT, Central Sales Tax (CST), Entry Tax etc.
Thus, the final consumer will bear only the GST charged by the last dealer in the supply chain with set-off benefits at all the previous stages.
Presently, around 160 nations have implemented GST (also known as VAT in some nations), among all France was the First and among all its only Canada and India have Dual GST Model (means CGST & SGST).
There are only two cases where GST registration is not required at all even if the turnover is more than 20 lakh. The two cases are as follows:
1. PERSON SUPPLYING EXEMPTED GOODS/SERVICES
If a person is engaged exclusively in the business of supplying goods or services or both which is either not liable to tax or is wholly exempt, then he shall not be required to register under GST.
2. AN AGRICULTURIST TO THE EXTENT OF SUPPLY OF PRODUCE OUT OF CULTIVATION OF LAND
An agriculturist means an individual or a HUF who undertakes cultivation of land by own or by use of labor.
There are basically two types of exemption and remedies available to the taxpayer, one is basic exemption and another is the composition scheme. Let us understand both:
1. BASIC EXEMPTION UNDER GST
As per the GST law, if any person supplies goods or services for the value of more than Rs. 20 lakh, then GST registration shall be mandatory and he shall have to apply for GST registration within 30 days.
Further, the basic exemption of Rs. 20 lakh is not applicable for north eastern states including Jammu & Kashmir (J&k), Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizroram, Nagaland, Sikkim, Tripura, Himanchal Pradesh and Uttrakhand. For these states, the basic exemption limit is Rs. 10 lakh.
2. COMPOSITION SCHEME (LEVY) UNDER GST
To avail the composition scheme, one must apply to the department only if the total turnover is less than 50 lakh.Further, that person should not sell outside the state. The composition rate may be 2.5% in case of manufacturer and 1% in case of others.
GSTIN is linked to the PAN of the business. Hence, PAN is required to obtain GST registration certificate.
Identity proof and address proof documents like PAN, passport, driving license, aadhaar card or voters identity card must be submitted for all the Proprietor/Partner(s)/Director(s).
Proof of business registration like incorporation certificate or partnership deed or registration certificate must be submitted for all types of registered entities.
Documents like rental agreement or sale deed along with copies of electricity bill or latest property tax receipt or municipal Khata copy must be submitted for the address mentioned in the GST registration application.
Scanned copy of the first page of bank passbook showing a few transaction and address of the business must be submitted for the bank account mentioned in the registration application.
There are so many compliances under GST and if not complied properly, then there is a provision of high penalties.Here are three main compliances:
Under GST regime, each and every invoice shall be uploaded on GSTN portal to generate reference no. before making supply. Further, every invoice must contain HSN code for the goods sold or services rendered.
There are 3 monthly returns which are required to be filed on the basis of invoices uploaded. (GSTR 1, 2 & 3)
There is one annual return as well which is also required to be filed.
