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What is Goods & Services Tax?
GST (Goods and Services Tax) is a value-added tax that is levied on the sale of goods and services in India. It is a comprehensive tax that replaced multiple indirect taxes like excise duty, service tax, VAT, etc. The GST is levied at every stage of the supply chain, from the manufacturer to the end consumer, and is collected by the government.
If your business is involved in the supply of goods or services, you may be required to register for GST. Businesses with an annual turnover of over Rs. 40 lakhs (Rs. 10 lakhs for northeastern states) are required to register for GST. GST registration helps businesses comply with tax laws, obtain input tax credit, and collect GST from customers. Even if your business is not required to register for GST, voluntary registration can be beneficial in some cases.
What is GSTIN?
GSTIN, or Goods and Services Tax Identification Number, is a unique identification number assigned to businesses registered under GST in India. It is a 15-digit alphanumeric code that is used to identify and track GST taxpayers, and is mandatory for businesses with an annual turnover of over Rs. 20 lakhs (Rs. 10 lakhs for certain states). GSTIN is issued by the government upon successful registration under GST and is used to file GST returns, claim input tax credit, and pay GST liability. It is important for businesses to ensure that their GSTIN is accurate and up-to-date to avoid any penalties or legal issues.
Eligible person under GST?
Under the GST (Goods and Services Tax) regime, an eligible person refers to any business or individual whose turnover exceeds the specified threshold limit. In India, businesses with an annual turnover of Rs. 20 lakh or more are required to register for GST. However, for businesses operating in the northeastern states, the threshold limit is Rs. 10 lakh. Additionally, certain categories of businesses, such as exporters, e-commerce operators, and Input Service Distributors (ISDs), are also required to register for GST, regardless of their turnover. At UniTax, we can help you determine your eligibility and guide you through the registration process.
Types of GST Deals?
Regular 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.
DOCUMENTS REQUIRED FOR GST REGISTRATION
PROPRIETORSHIP
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
PARTNERSHIP
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
COMPANY
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 Director.
Latest Electricity Bill.
Penalities for not obtaining GST.
If you are operating a business website and selling goods or services in a country where Goods and Services Tax (GST) is applicable, it is mandatory to register for GST and obtain a GST number. Failure to do so can result in penalties and legal consequences.
The penalty for not obtaining GST for your website can vary depending on the country you are operating in. In most countries, the penalty for not registering for GST can include fines, interest charges, and even legal action. Additionally, you may be required to pay any unpaid taxes plus interest, and may face penalties for late payment.
It is important to ensure that you comply with all relevant tax laws and regulations in the country where you are operating. This will not only help you avoid penalties and legal consequences but also help you build a good reputation for your business. Therefore, it is recommended that you consult with a tax professional or legal advisor to ensure that you are meeting all of your tax obligations.
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