How do I Register under GST in India

-
Dear Business owners,

What is GST registration

Introduced on July 1, 2017, GST or Goods and Service Tax is seen as the most significant tax reform in the history of India. GST merged Central and State taxes into a single tax to improve the ease of doing business and widen the taxpayer base. Subject to certain conditions, GST registration is mandatory for manufacturers, traders, and service providers. 
GST has been implemented on the theme of One Nation One Tax and has tax slabs from a minimum of 0% to the Highest 28%. Business entities whose turnover exceeds INR 40 Lakhs (for Northeast and Hilly state 20 Lacs) are required to obtain a New GST Registration. However, the limit for the Service provider is still INR 20 Lakhs. 
A certain category of Taxpayer u/s 24 of the CGST Act 2017 needs to register under GST irrespective of turnover compulsorily. It is in the best interest to determine upfront the requirements and eligibility criteria for the registration. It has ongoing compliances and further penalties for non-compliance, so it is advisable to understand the GST Provisions.
Features:-GST Applicability:- The Central GST and the State GST are applicable to all transactions of goods and services made for a consideration, except for goods that are outside the purview of GST and exempted goods and services. Transactions between related persons and other activities of the GST Schedule I will be treated as supply even if made without any consideration.
Exports and Imports under GST:- Exporters and Importers of both goods and services are compulsorily required to register under GST. A registered taxable person exporting goods or services shall be eligible to claim a refund of IGST paid or make Exports under bond or letter of undertaking without payment of IGST.
Composition Scheme for Small Business:- Under the Composition Scheme, a Business with a turnover of less than 1.5 Cr. can pay GST on concessional rates, and also have lesser compliances for fillings. However, a composition dealer cannot collect tax and cannot take credit for inward supplies.
Removal of Cascading effect:- One of the primary goals of a taxation system is to remove the cascading effect of the tax, i.e. No tax on tax already charged. The cascading effect of taxes is one of the major distortions of the Indian taxation regime. However, it has been completely removed in GST by seamless credit.
Eligibility Criteria:- Upon reaching the Threshold of INR 40 Lac in case of Trader, and INR 20 lakhs for a Service provider, Interstate Sales, and Service, Ecommerce Operator, OIDAR Services, Non-resident and Importer, Person Liable to deduct TDS/TCS, Input Service distributor.
Details and Documents:- Pan Card of an entity, Certificate of Incorporation /LLP Agreement or Partnership Deed/Shop Act registration, 

Address proof of Business:- For the Address proof one can use remote virtual office address to take GST registration all over India or PAN India.
For more details please click Here:- InstaSpaces 

Board resolution/Letter of Authorised Signatory, KYC, and a photograph of Directors/Partners/Proprietor, Bank Statement/Cancelled cheque/Passbook, Valid Indian Mobile Number of Directors/Partners/Proprietor, E-mail ID of Directors/Partners/Proprietor, For Company and LLP DSC of Authorised signatory is required.

Comments

Post a Comment

Popular posts from this blog

You can get Virtual Office with Professional Business Address in Hyderabad

-
Image
Every successful business you strike upon, have managed to do one thing on a highly successful scale. All of them have a very professional approach to their services and their customers. It does not matter if it's a product-based or service-based company,  it also does not matter if they're B2B (providing another business ) or B2C ( providing a customer ), all these businesses are successful due to one simple trait - Professionalism.  When a business lacks professionalism, employees top working there and customers do not even care to return ( considering the business somehow managed to get a customer in the first place ).  we set up this blog to help people acquire a professional attitude towards their business. Virtual Office Space in Hyderabad maybe the first step to professionalism for your business and that is exactly what this article is aimed at.  If you want to learn about the best ways to get a professional address with your virtual Office Space, feel ...
Read more

What is the procedure of APOB in Amazon India

-
Image
Dear Friends, The digital world is growing at a very fast rate and it is becoming more and more efficient, While hi-tech technological advancement in the field of business, medicine, and much more is making the global world an interesting place to live in. Virtual Office Address for GST Registration:- Virtual office spaces are hi-tech and productive with a lot of use for eCommerce or online companies. A virtual office offers a prime address location, with corporate image and adaptive usage. Virtual Office Spaces:- Virtual office spaces are great for e-commerce companies, considering the number of basic office necessities they offer to a company in terms of their professional services. The virtual office business model offers a simple effective business solution to a complex and incurring high-cost problem. Take a Virtual Office for Business Registration in all Over India/ PAN India. What do you do, if you want a prime location Business Address but do not need a brick a...
Read more

Can we use a complete virtual office for an online business

-
Image
Dear Sir, There are so many lakhs of new small businesses and individual entrepreneurs those do business online. For the senior generation of workers and company owners that operate their company, work from bricks and mortar physical office space, it is very difficult for senior or old businessmen to believe that a company can exist online and do business. Many people find it very difficult to digest that, we can do business’ where a company does everything online or on the internet, and has no physical office space or assets. In this global digital age, running a business/company online is practically possible. Virtual Office for Business Registration - E-commerce Sellers and New Startups If one is running a growing company from a laptop, and as you move from place to place there will be some aspects of it that still exist in the real world. We are talking about business phone calls, business mail and important legal correspondence from Companies. These all need to be m...
Read more