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What is GST 

Goods and Services Tax (GST) is complete tax transformation in India, it is a single indirect tax in India which has been recently introduced to subsume all other taxes like Services Tax, VAT, Sales tax, Luxury tax, Entertainment tax, excise law etc. GST is collected on value-added goods and services at each stage of sale or purchase in the supply chain. GST paid on the procurement of goods and services can be set off against that payable on the supply of goods or services. The manufacturer or wholesaler or retailer will pay the applicable GST rate but will claim back through tax credit mechanism.

Though GST is a tax reform, it is going to impact every sphere of business activity, be it procurement, supply chain, IT, logistics, pricing, margins, working capital, etc. as a number of business decisions taken based on the current tax structure may no longer be relevant in the new GST regime.

Further, GST registration is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.

Payment Plan

GST Registration

                                 Levy of GST

As per the GST Council, entities in the Northeaster and hill states with an annual turnover of Rs.10 lakhs and above would be required to obtain GST registration. For all other entities in rest of India would be required to obtain GST registration, if annual turnover exceeds Rs.20 lakhs. Entities required to obtain GST registration as per regulations must file for GST registration within 30 days from the date on which the entity became liable for obtaining GST registration.

The GST council has decided on a four-tier structure. The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%. The rate for gold is yet to be decided, and will likely to be the lowest of all.

GST will have a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST). Therefore, centre and state will levy GST on all entities. Inter-state transactions will attract the Integrated Goods and Services Tax (IGST), to be levied by the centre.

                                         Who is liable for registration for GST

Every entity should be register in GST Act .  Those entity fulfill following condition, it would have to  apply registration in GST Act

1.Every entity have annual turnover exceed Rs 20 lakhs and Rs.10 lakhs in specific states required to      obtain GST registration , they can apply online through our website letsfiling.com

2. Those Entity supply goods / Services casually in year like color shop in Holi

3. Those Entity supply goods / Services from one state to other state 

4. Recipient of good/supply under reverse charge  when supplier of good/services has not liable to pay tax 

5. Those Entity require to deduct tax 1% above the bill of 2.5 laks as per GST act these entity are Government, Government organisation, local Authority etc 

6. Any non resident supply goods / service casually to residence of India

7. Those Entity supply goods / Services on the behalf of other person like brocker agents etc

8. Every input service Distributor

9. Every E-commerce operator

10. Any person supply any information or database from outside India  to a person in India

Following person is not required the GST registration

Those Entity supply  tax free /wholly exempt goods / Services

Any Agriculturist 

                                   Registration Under Composition Scheme

Those Entity have not aggregate annual turnover more than Rs.75 lakhs in previous finance year. They can be registered in composition scheme , this scheme apply on manufacturer , restaurant , and other supplier, GSt rate under composition scheme om manufacturer 1%, Restaurant 2.5% , other supplier  .5% . Taxable Person Excluded From the Composition Scheme

If any registered person opted this scheme, he can not issue tax invoice ( issue bill of supply)

                              Taxable Persons Excluded from the Composition Scheme

Following taxable persons are not granted permission to opt for the scheme who:

  • Supplies goods not leviable under the Act
  • Supplies services
  • Makes a supply of goods other than intra state i.e. interstate or import/ export
  • Makes a supply of goods through Electronic Commerce Operator i.e. Ecommerce and liable to collect taxes
  • Manufactures such goods as may be notified

Further, it is also if in case a taxable person has different business segments having same PAN as held by the taxable person, he must register all such businesses under the scheme.

If an individual has different business segments such as:

  • Textile
  • Electronics and accessories
  • Groceries

Then he must register all the above segments collectively under the composite scheme or simply opt not for the scheme.

DOCUMENTS REQUIRED

For Migration from VAT/ Service tax to GST

  • Copy PAN card of Proprietor/ Partner / Director
  • Copy of Aadhar card / driving license / passport of Proprietor/ Partner / Director
  • Ownership Proof of Office
  • PAN card of partnership / Company
  • Board resolution in case of company
  • Partnership deed /MOA of entity
  • Bank statement

For Registration of Proprietorship in GST

  • Copy PAN card of Proprietor
  • Copy of Aadhar card / driving license / passport of Proprietor
  • Ownership Proof of Office
  • Bank statement
  • Passport size Photo

For Registration of Partnership firm in GST

  • Copy PAN card of  Partner 
  • Copy of Aadhar card / driving license / passport of  Partner 
  • Passport size photo of a partner
  • Ownership Proof of Office
  • PAN card of partnership 
  • Authorization letter in the name of one partner
  • Partnership deed  of entity
  • Bank statement

For Registration of LLP in GST

  • Copy PAN card of Partner 
  • Copy of Aadhar card / driving license / passport of Partner 
  • Passport size photo of a partner
  • Ownership Proof of Office
  • PAN card of partnership 
  • Authorization letter in the name of one partner
  • Partnership deed and registration certificate  of entity
  • Bank statement
  • Digital Signature

For Registration of Private Limited Company in  GST

  • Copy PAN card of  Director
  • Copy of Aadhar card / driving license / passport of  Director
  • Passport size photo of a Director
  • Ownership Proof of Office
  • PAN card of  Company
  • Board resolution in case of company
  • Registration Certifiacte and MOA/AOA of entity
  • Bank statement
  • Digital Signature

PROCESS

After receive the above document and payment , our expert prepare application in require form and submit required form in Authority, when process is completed, Authority will be issued certificate of Registration /migration in 7-10 days subject to authority processing time.

GST Act

GST Rule

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Company Registration & GST Registration

Company Registration & GST Registration