GST Registration


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GST Registration

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1

SELECT PACKAGE AND MAKE PAYMENT

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2

SHARE RELEVANT DATA WITH US

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3

DATA PREPARATION STARTS

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4

APPLICATION FOR GST SUBMITTED

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5

RECEIVE GST CERTIFICATE

Requirements

- Businesses with turnover above the threshold limit of Rs. 40 Lakhs (Rs. 20 Lakhs for North-Eastern States, J&K, Himachal Pradesh, and       Uttarakhand)

- Casual taxable person / Non-Resident taxable person

- Agents of a supplier & Input service distributor

- Those paying tax under the reverse charge mechanism

- A person who supplies via e-commerce aggregator

- Every E-commerce Aggregator

- Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person

Documents

PERSON OR ENTITY

For Each Individual: 

- Colored Photo 

- PAN Card

- Aadhar Card

- Mobile Number

- Email ID 

PLACE OF REGISTRATION OR OPERATIONS

OWNED:

- Electricity Bill/ Property Tax Receipt/ Sale Deed

- NOC (No Objection Certificate)/ Consent Letter

ON RENT:

- Electricity Bill/ Property Tax Receipt

- Rent Agreement/ Lease Deed

Basic Features of GST Registration

DUAL GST MODEL

GST is a dual taxation model one is Central Goods and Service Tax and another is State Goods and Service Tax. Both Centre & State Govt. levied a tax on Supply of Goods or Services at one point of Time.

DESTINATION BASED CONSUMPTION TAX

GST is said to be a destination-based or consumption-based tax. Hence, the place of consumption will decide the State that will collect the tax. 

SUPPLY IS TAXABLE EVENT

GST is depended upon the supply of goods and services. Supply does not mean sale it is inclusive in nature. It includes all form of Supply Such as Sale, Transfer, Barter, Exchange, license, Disposal, Rental, and Lease.

INPUT TAX CREDIT

Every taxpayer while paying taxes on outputs may take credit for taxes paid earlier by the supplier on inputs. However, this will not be applicable on supplies related to: (i) motor vehicles when used for personal consumption, (ii) supply of food, health services, etc. unless they are further used to make a supply.  The IGST collected will be apportioned between the center and the state where the goods or services are consumed. 

REMOVE CASCADING EFFECT

GST would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. One of the primary goals of a taxation regime is always avoidance of “taxation over taxes” or “cascading-effect” of the incident taxes as it adds to the deadweight loss i.e. slump in total surplus of supply chain consisting of supplier, manufacturer, retailer and consumer.

TAX REVENUE APPROPRIATION

Goods and services tax on supplies in the course of inter-State trade or commerce shall be levied and collected by the Government of India and such tax shall be apportioned between the Union and the States in the manner as may be provided by Parliament by law on the recommendations of the Goods and Services Tax Council. Meeting of GST Council is conducted from time to time.

Important Notes

Following GST Return is required to file every GST Registered persons.

GSTR-1: Details of Outward Supply

GTTR-2: Details of Inward Supply

GTTR -3: Tax Liability Return (Now GSTR-3B in practice)

GTTR -9: Annual Return

Audit under GST: Audit by Taxable Person when turnover exceeds 2 crores. (REMOVED from 2021)