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Instabill - GST Invoice, Payment & Inventory Software
Download for FREE |
| Apply for Online New GST Registration in a day with the Expert Assistance. Help you in Open Business Current Bank Account, GST Invoice Software, GST tax payment & GST Return filings. Send you GST Updates and Due Date Reminders from time to time.
Providing business banking solutions in association with ICICI Bank
Serving business owners with an Average 4.8+ Google Rating
Trusted by Axis bank to cater its clients all licensing & compliance needs
Providing lending solutions for business needs with NeoGrowth
# Concept:- 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.
# When to register for GST:- 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.
# What are the GST tax rates:- Tax rates vary from 0% to 28% depends on the type of goods & nature of the services you are selling.
# Input Tax Credit Availment:- Only business unit registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.
# Return Filing & Payment:- Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.
# Composition Scheme:- Business Unit having an annual turnover less than INR 1.5 crore may opt the scheme. Requires to pay subsidize tax ranges from 1% to 5% & file quarterly return.
Watch the interactive video to
learn all about GST Registration
#Turnover Criteria:- All taxpayers who have an annual turnover above ₹40 lakhs are required to get new GST registration.
#Causal taxpayer:- If you supply goods or services in events/exhibitions where you do not have a permanent place of business, you need to get online GST Registration before starting a business. Such a dealer has to pay GST on the basis of an estimated turnover of 90 days. The validity of causal GST Registration is 90 days.
#NRI taxpayer:- NRI taxpayer, who does not have a place of business in India, wishes to start a business, then he has to apply for GST Registration in India before beginning operations in India. The validity of a new GST registration is 90 days.
#Agents of a supplier & Input service distributor:- All Input service distributor who wants carry-forward benefit of input tax credit requires gst registration.
#Reverse Charge:- A business who requires to pay tax under the reverse charge mechanism need GST Registration.
#E-Commerce portal:- Every e-commerce portal (such as Amazon or Flipkart) under which multiple vendor’s selling their product requires gst registration.
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:-
#Become more competitive:- You will be more competitive in comparison to your unregistered competitors since you will carry valid tax registration.
#Expand your business Online:- You cannot sell products or services on E-commerce platform without GST registration. If you're planning to give a blow on E-commerce platform like Flipkart, Amazon, Paytm, Shopify or through your own website, you must need a GSTIN.
#Can take input tax credit:- Only Registered GST holders can avail input of GST tax paid on their purchases and save the cost.
#Can sell all over India without any restrictions:- Without having GSTIN you cannot trade inter-state. This is possible only if you registered your business under GST.
#Apply Government Tenders:- Various government tenders requires GSTIN to apply tender. If you don’t have, you may miss the business opportunity.
#Open Current Bank Account:- Especially, in case of sole proprietor business Banks & Financial Institution does not open a current bank account in the name of business trade name unless you carry any government proof in the name of your business. GST registration certificate can help you to open a current bank account.
#Dealing with MNCs:- Generally, MNC’s does not get comfortable to deal with small business entities until they carry valid tax registration proof.
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GSTIN is an abbreviation for Goods and Service Tax Identification Number. It consists 15 alphanumeric digits. This is generated by the Government after you have successfully completed GST registration.
#First 2 digit show state code.
#Next 10 digit indicates PAN Number.
#Next 1 shows serial number of gst registration in a state.
#Last 2 digits are random.
After OPC Registration, No need to rush at bank branch offices to open a company current bank account. We will help you to open an account in ICICI Bank while you sit at your place.
With the help of Instabill Mobile App, connect your ICICI Bank current account and do seamless bank accounting, download bank statements and check bank balance in one click.
GST Composition Scheme is for the small taxpayers, which is framed to reduce the tax compliance burden. Small taxpayers need not to file monthly GST returns and they need to pay nominal GST at a fixed rate of turnover. Any business having an annual turnover up to ₹1.5 Crore can opt for GST registration under composition scheme.
KNOW MORE ABOUT GST COMPOSITION SCHEME
| 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.
1. PAN Card of the Business or Applicant:- GSTIN is linked to the PAN of the business. Hence, PAN is required to obtain GST certificate.
2. Identity and Address Proof of Promoters:- documents like PAN, passport, driving license, aadhaar card or voters identity card must be submitted for all the promoters.
3. Address Proof for Place of Business:- Documents like rental agreement or sale deed along with copies of electricity bill or latest property tax receipt or municipal khata copy must be submitted for the address mentioned in the GST application.
4. Bank Account Proof:- Scanned copy of the first page of bank passbook showing a few transaction and address of the business must be submitted for the bank account mentioned in the registration application.
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,
Illustration
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
GST or goods and service tax was launched on the 1st of July 2017. The tax has replaced almost all the indirect taxes in India. It is mandatory to issue an invoice or bill of supply when the supply value is more than Rs. 200 under GST Registration in India. There are several types of invoices under GST. For every entrepreneur, it is important to know the types of invoices under GST.
Know more about Types of Invoices Under GST
Goods and Services Tax (GST) is a value-added and indirect tax. It covers all stages of the supply chain and offers tax rebates on inputs. Thus, the final consumer or organization in the value chain is liable to pay taxes. The tax system applies to both the central and state level and every business as per the eligibility criteria must obtain GST Registration.
Know more about Is GST Registration required for Startups?
Chartered accountants who are registered under the Service Tax Act have a turnover below Rs.20 lakh (excluding special category states) have the option of opting out of the GST laws. As a result, it might spare them the trouble of complying with the GST laws. However, they will lose credit for any and all taxes paid on their inputs, investment, and input services, which will be a negative consequence.
Know more about Threshold limit of GST registration for Chartered Accountants
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Serving business owners with an Average 4.8+ Google Rating.
Trusted by Axis bank to cater its clients all licensing & compliance needs.
Providing lending solutions for business needs with NeoGrowth.
Providing business banking solutions in association with ICICI Bank.
E-startupindia is a Proudly Member of Confederation of Indian Industry.The CII is a premier business association in India which works to create an environment.
E-Startup India is duly certified under GOI's Startup India scheme and is renowned for our tech-driven solutions for business & legal services requirements for MSMEs.
E-Startup India is a Google Partner, which implies we are rigorously involved in assisting SME businesses to market their presence in the digital world.
