Goods and Services Tax is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc and is valid all over India with effect from 1st July 2017
Mandatory to register under GST when annual turnover exceeds INR 40/20 lakh or supply goods and services inter-state or through e-commerce platform.
Tax rates vary from 0% to 28% depends on the type of goods & nature of the services you are selling.
Only business unit registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.
Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.
Business Unit having an annual turnover less than INR1.5 crore may opt the scheme. Requires to pay subsidize tax ranges from 1% to 5% & file quarterly return.
Watch the comprehensive video to know all about GST Registration process.
GST registration not only helps you in getting your business recognized as a legal registrant but also opens a number of opportunities for your business. Benefits to GST registered business at glance are as follows:-
GSTIN is an abbreviation for Goods and Service Tax Identification Number. It consists of 15 alphanumeric digits. This is generated by the government after you have successfully completed GST registration.
|Composition Scheme||Regular Scheme|
|Compliance||Relaxed Compliance in order to safeguard small businessmen.||Normal compliance required.|
|Tax Rate||Composition taxpayers need to pay nominal GST at a fixed rate of turnover, which is normally 1-5%.||Tax rate for regular taxpayers goods and services, which is from 0-28%.|
|Input Tax Credit||Composition taxpayers cannot avail Input tax credit benefit.||Normal taxpayers can avail Input tax credit benefit.|
|GST Return Filing||Composition taxpayers required to file quarterly return.||Normal taxpayers required to file monthly return.|
|Tax Invoice||Composition taxpayers can not issue tax invoice to their customers.||Normal taxpayers can issue tax invoice to their customers.|
Provide the required business details and information to our web portal.
Choose a package and pay online with different payment modes available.
On placing an order, your application will be assigned to one of our dedicated professionals.
Our professional shall carefully examine the correctness & accuracy of the documents and file GST application form.
Our professional shall make regular follow up with government department for processing of GST application online.
On obtaining GSTIN, we will provide GST certificate along with several eGuides on GST and GST Invoicing Software.
It is mandatory to get GST registration under-
*In case of North Eastern States, an annual turnover threshold limit is INR 20 Lakhs
Yes, you can voluntarily get Registered under GST even if your annual turnover does not exceed the threshold limit (40/20 Lacs).
Registering under GST not only helps you in getting your business recognized as a legal registrant but also help you avail various benefits like avail to raise GST Invoice, avail input tax credit, and much more.
A business needs to get more than one GST number if,
XYZ Private Limited doing the business of selling merchandise and also doing the business of selling software from Bangalore only. Still, a company can apply for multiple GST numbers for their different business domain.
If you are supplying goods and services from one state to all over India. You do not need multiple GST Certificates.
GSTIN stands for Goods and Service Tax Identification Number consists of 15 digits. This will be get generated from government end when you have successfully applied for GST registration.
Yes, you can sell both Goods and Services with one GST number, Provided you have listed such Goods/Services while registering under GST.
Sure why not, you can start a business from your home. You just need to provide proof of your residential address for getting registered for GST.
This is the most common question business doers are facing these days i.e. what are the compliances after obtaining GST certificate?
Following things, you must do after obtaining GSTIN Number:
1. Affix GST Certificate within your business premises.
2. Issue GST compliant Invoice.
Sign up for FREE Instabill GST Invoice Billing Software or Download Android Mobile App.
3. Timely file your GST Return.
Yes, from the very moment you obtain GST registration certificate, you need to charge GST tax from your customers on every sale.
Don't know how to charge gst tax from customers?
Sign up Instabill GST Invoice Billing Software for FREE.
The process of converting from the old service account to GSTN through GST registration is as follows-
#1.Login to CBIC Portal.
#2.Receive the Provisional id and password.
#3. Create the new user id and password on the GST portal.
#4. Enter all your business details along with the promoter details and the business address, Bank details and upload the required documents on the GST portal.
#5. Finally, verify with the DSC or Aadhar generated EVC.
Relaxation announced on GST Composition Scheme on 23rd GST Council Meeting held.
Yes, Digital Signature Certificate is required if you are Private limited, Public limited, LLP or One Person Company
While the country is grieving from the COVID-19 pandemic, the Government has provided great relief to the taxpayers by extending the deadlines to file various GST returns. The Government also waived off the late fee payable for the delayed filing of GSTR-3B. Know more about CBIC extends GST Return Due Dates, Waives Late fee for GSTR-3BMay 07, 2021
Due to the Covid-19 pandemic, the government has extended key compliance timelines for goods and services tax (GST) and waived late fees to ease the compliance burden which will ultimately benefit the taxpayers. Know more about due date for GST Return extended under COVID Pandemic .May 05, 2021
GST on food items in India can be 5%, 12% or 18% based on factors such as the organization type and location of restaurants or food service providers among others. Goods and services tax has renovated the VAT and Service tax regime on food services. Regardless, the point to note here is the service charge by restaurants is different from GST. Know more about GST on Food Services & Restaurant BusinessApril 24, 2021
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