GST Registration

What is GST? Who needs GST?

GST stand’s for Goods and Services Tax. It is considered as a big economical reform happened in India on July 1, 2017 .It is an indirect tax (i.e. we have two type of Taxes, one is direct which is paid directly by payee to government like Income tax and the other is Indirect which is paid by customer to supplier or business man and then it is paid to the Government). It is imposed when any one of the activity happened i.e. on the supply of goods or services. It is a comprehensive, multistage & destination based tax; comprehensive because it has subsumed almost all the indirect taxes except few; multi-staged as it is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer; and destination based tax as it is collected from point of consumption and not from point of origin like previous taxes.

There are various rates at which this Goods and services tax is charged (i.e. Various Tax Slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.) The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of centre and all the states. GST is meant to replace a cascading effect of Taxes, now for Goods and Services One tax is implemented i.e. GST. Earlier VAT was implemented in place of Goods and Service Tax(GST) to which the service provider find it difficult to utilized Vat Input for paying Service tax as they need to pay Double Tax which created extra burden on them .Now with GST coming into effect has simplify indirect taxation, reduce complexities, and remove the cascading effect. Experts believe that it will have a huge impact on businesses both big and small, and change the way the economy functions.

What is GST Registration?

All suppliers and business owners needs GST registration. Whosoever is selling goods & services need to have GST registration. In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to get register under GST. For this they have to apply for GST registration and take GSTIN number (it’s a 15 Digit Pan Base Number).

If the organization carries on business without registering under GST, it will be treated as an offence under GST Act and heavy penalties will be enforced upon. GST registration takes about 2-6 working days & we’ll help you to register for GST in 3 easy steps:

1. Visit our website
2. Fill up the enquiry form and submit.
3. Our team will get in touch with you for further details and documents.

What are the components of GST?

There are 3 taxes applicable under this system: CGST, SGST & IGST.

• CGST: Collected by the Central Government on an intra-state sale (Eg: transaction happening within Uttar Pradesh)
• SGST: Collected by the State Government on an intra-state sale (Eg: transaction happening within Uttar Pradesh)
• IGST: Collected by the Central Government for inter-state sale (Eg: Uttar Pradesh to Punjab)

Documents Required for GST Registration

• PAN of the Applicant
• Aadhar 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
• Letter of Authorization/Board Resolution for Authorized Signatory