GST Registration
G oods and Services Tax (GST) is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST 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 as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.
Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.
We, Compliance Hands, a team of more than 50 qualified professionals like CA, CS, Advocates etc, having experience of more than 5 years of handling task like this and have completed more than 2000 projects. We ensure are the all the compliance on time and you can carry on your business without any hiccups.
- Applicability
- Advantages
- Documentation
Applicability of GST is Mandatory for :
1. every person who has an aggregate turnover for sale of goods of more than Rs 40 Lacs in the relevant financial year,(20 lakh for North East States,Himachal Pradesh, Uttrakhand, J&K).
2. persons making any inter-State taxable supply.
3. persons who are required to pay tax under reverse charge.
4. Input Service Distributor, whether or not separately registered under this Act.
5. every electronic commerce operator [who is required to collect tax at source under section 52].
6. every person supplying online information and data base access or retrieval services from a place outside India to a person in India, other than a registered person.
7. non-resident taxable persons making taxable supply.
Penalty for not registering under GST
An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000. The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes.
Removal of bundled indirect taxes such as VAT, CST, Service tax, CAD, SAD, and Excise.
Less tax compliance and a simplified tax policy compared to current tax structure.
Creation of a Common National Market
Will mitigate cascading of taxes as Input Tax Credit will be available across goods and services at every stage of supply
1. Copy of the Pan Card of the Company/Firm/LLP/Society/Trust.
2. Self attested copy of, Bank Statement, Landline Bill, Power Connection Bill, water Bill in the name of the establishment, Any license/certificate/number issued by any Govt. authority etc., as address proof of the establishment.
3. In case of company Memorandum/Articles of Association/bi-laws of Society or Trust/ Partnership Deed.
4. ID, Address Proof, Mobile Number & E mail ID of all Directors/Partners/Members of Society or Trust.
5. Business Activity of the Company/Firm/LLP/Society/Trust.
6.E-Mail id and Mobile number of the firm/company.
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GST Registration
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