GST

WHAT IS GST

GST is a product of the biggest tax reform in India that has tremendously improved the ease of doing business and also increased the taxpayer base in India by including millions of small businesses under one uniform tax system. The tax complexities have reduced considerably due to the introduction of GST in India. As multiple tax systems are abolished and subsumed into a single, simple tax system under GST.

WHAT IS GSTIN NUMBER

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It’s basically a 15 Digit number that provide by the GST Department to its Taxpayers. And it’s based on the State where your business established and running.

GST registration is mandatory once the entity is crossing a minimum threshold turnover or when the individual starts a new business that is expecting to cross the prescribed turnover.

WHO CAN APPLY FOR GST NUMBER

Turnover: A service provider that is providing services valuing more than Rs.20 Lakhs aggregate in a year is needed to get GST Registration. Whereas an entity that is engaged exclusively in the supply of the goods whose aggregate turnover crosses Rs. 40 lakh is required to get GST registration mandatorily.

Out of state business: in case an entity sells their goods to other States So, GSTIN is mandatory

E-commerce platform: Any individuals that supply goods or services through the E-commerce platform should get the GST registration in India. The individuals shall register under GST irrespective of the turnover. To commence with an E-commerce business, it is necessary to obtain the GST registration.

Casual taxable persons: An individual who is undertaking the supply of Goods or services seasonally or intermittently through a temporary stall or shop is required to get GST registration. Irrespective of the turnover the individual should apply for GST registration.

Voluntary registration: An entity can obtain GST registration voluntarily, earlier an entity that has a voluntary GST registration was not able to surrender GST registration for up to a year. After the recent revisions, voluntary GST registration can be surrendered by the applicant at any time.

TYPES OF GST DEALERS

NORMAL DEALER

This category of GST registration in India applies to the taxpayers that are operating a business in India. Taxpayers that are registering for normal taxpayers do not require to deposit and are also provided with unlimited validity dates.

COMPOSITION DEALER

This category is made for small Dealer, Restaurants, and service provider. In this category Dealer is not authorized to sell or provide services out of the State. And the Input Tax Credit (ITC) isn’t allowed to set off the Tax Payable.

CASUAL DEALER

A taxpayer that is establishing a stall or a seasonal shop should register under the casual taxable person. Here the taxpayer is required to deposit an amount equal to the GST liability. The liability should be required to match the active registration periods. The registration is active for 3 months.

NON-RESIDENT DEALER

This scheme is basically for Non-Indian Parties who interested to do Business in India. This type of dealer has to Deposit Advanced Amount equal to their tax liability. The liability is required to match the Active Registration Period. This Dealer are valid for 3 Month.

WHAT ARE THE TYPES OF GST REGISTRATION

SOLE PROPRIETORSHIP

PARTNERSHIP FIRM

PRIVATE LIMITED COMPANY

ASSOCIATION

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DOCUMENTS REQUIRED FOR GST REGISTRATION

What's Your Business Are?

SOLE PROPRIETORSHIP

Copy of Pan Card
Copy of Aadhaar Card
Passport Size Photo
Cancelled Cheque/Passbook Front Page
Latest Electricity Bill
NOC/Rent Agreement
Firm Name & 5 main items dealing in.
Mobile Number (Linked with Aadhaar Card) and E-Mail ID

PARTNERSHIP FIRM

Partnership Deed
Firm Pan Card
Pan Card of all Partners
Aadhaar Card of all Partners
Cancelled Cheque/Passbook Front Page of all Partners
Latest Electricity Bill of Business Place
Rent Agreement /NOC (if Applicable)
Partnership Authorization Letter
Passport Size Photo of all Partners
Firm Name & 5 Items Dealing in.
Mobile Number (Linked with Aadhaar) Card and E-Mail ID

COMPANY INCORPORATION

Company PAN Card
PAN Card of All Directors
Aadhaar Card of All Directors
Rent Agreement /NOC (if Applicable)
Passport Size Photo of all Partners
Company Name & 5 Item Company dealing in.
Company Bank Statement / Cancelled Cheque.
Mobile Number (Linked with Aadhaar Card) and E-Mail ID
Passport Size Photo of All Directors.
Latest Electricity Bill.

(More Detail will be ask to you)

Penality for not registering under GST

An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000.

The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes

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