Licencing & Registrations -GST Registration

Do you know What is GST ?

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• GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

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• In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India.

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• GST is one indirect tax for the entire country.

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Are you liable to get register with GST ?

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• Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)

• Businesses with turnover above the threshold limit of Rs. 20 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)

• Casual taxable person / Non-Resident taxable person

• Agents of a supplier & Input service distributor

• Those paying tax under the reverse charge mechanism

• Person who supplies via e-commerce aggregator

• Every e-commerce aggregator

• Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person

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*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019. Still some states are not increased its threshold turnover limit to Rs. 40 lakhs

Are you ready to benefit with the GST registration ?

 

• Availing Input Tax Credit

• availing refund of GST on export.

• The newly introduced Composite Scheme and its tax benefits can be availed by the entrepreneurs whose turnover is within the prescribed limit.

• There is a common portal for various requirements such as registration, payment of tax and filing returns. Thus reducing the complexity involved.

• Businesses prefer to choose GST registered entities over the ones that are not registered to avail the benefits of input tax credit.

 

How you will be penalised if you fail to comply with the GST provisions?

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.

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

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Do you require documents for GST registration ?

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Yes, you have to provide the following documents before applying for GST Registration.

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• PAN of the Applicant

• Aadhaar card

• Proof of business registration or Incorporation certificate

• Identity and Address proof of Promoters/Director with Photographs

• Address proof of the place of business

• Bank Account statement/Cancelled cheque

• Digital Signature (mandatory in case of companies)

• Letter of Authorization/Board Resolution for Authorized Signatory

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How can you apply ?

You can apply Online through www.gst.gov.in portal, Filing of particulars in online application and authenticate by providing OTPs, attachment of required documents as said above and submit the same with EVC or DSC. If you find any difficulty we are ready assist you to apply for GST Registration. You will get the Registration Certificate within 5 Working days.

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For your Information

Taxpayer Registration is based on PAN and Tax Deductor Registration is based on TAN. In case of TAN based Registration, the deductor will deduct GST TDS as per the GST ACT. Your GST Registration Certificate will look like…

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