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The Goods and Service Tax is the biggest indirect tax reform which blends in all the other taxes into one single tax structure.
The taxes are levied at a single rate. The collection is then bifurcated between both Central and State Government in name of CGST and SGST or IGST.
Every business that is liable to pay GST must register with the GST portal and obtain a unique GSTIN (GST Identification Number).
GST is applicable to all businesses and individuals engaged in the supply of goods and services in India, with few exceptions such as exempted goods and services.
The Goods and Service Tax is the biggest indirect tax reform which blends in all the other taxes into one single tax structure.
Every business that is liable to pay GST must register with the GST portal and obtain a unique GSTIN
The taxes are levied at a single rate. The collection is then bifurcated between both Central and State Government in name of CGST and SGST or IGST.
GST registration enables businesses to claim Input Tax Credit (ITC) on the GST paid on purchases of goods and services used in the course of business, leading to reduced tax liability and improved cash flow.
GST has streamlined the tax system by replacing multiple taxes and simplifying the compliance process. This has led to a reduction in the compliance burden on businesses, and improved the ease of doing business in India.
GST registration is a prerequisite for businesses to participate in government tenders, and it improves their chances of winning such tenders.
GST registration helps businesses to improve their credit rating, as it indicates compliance with tax laws and financial transparency. This can lead to easier access to credit facilities from banks and financial institutions.
GST registration is mandatory for businesses engaged in inter-state sales, and it enables them to collect IGST on such sales, which can be set off against the GST liability.
GST registration provides legitimacy to the business, as it is a mandatory requirement for businesses with a turnover above a certain threshold.
Filings First helps in the consultation for GST Registration. Basic information & documents shall be collected and the required documents shall be prepared. The prepared documents are then shared for the Applicant's signature, if requierd.
This is followed by the preparation of Online Application form and filing of Registration For GST
GST Registration Certificate shall be issued post processing from the GST Department.
There are four types of GST they are,
Integrated Goods and Services Tax (IGST)
State Goods and Services Tax (SGST)
Central Goods and Services Tax (CGST), and
Union Territory Goods and Services Tax (UTGST)
Each of them imposes taxes at a different rate
The processes to downloading the GST registration certificate are as follows:
Access the GST website ( portal ).
'Services' > 'User Services' > 'View/Download the certificate of GST registration
Select the ""Download"" icon.
Open the PDF file you downloaded, then print it.
At all of your locations where you conduct business in the State or UT, prominently display the printed certificate.
Yes, all producers, traders, and service providers must comply with GST. It covers all merchants, bloggers and writers, import-export enterprises, as well as all types of startups and businesses, including LLPs, sole proprietorships, partnerships, and private limited companies.
If a business has locations in multiple states, the taxpayer must file separate GST registrations in each of those states. For instance, a car manufacturer that sells in both Tamil Nadu and Karnataka must submit separate applications for GST registration in each state.
Businesses selling goods must register as regular taxable persons if their annual revenue exceeds Rs. 40 lakhs (Rs. 20 lakhs in hill and north-eastern states). The criterion for service providers is 20 lakhs (or 10 lakhs for hill and north-eastern states).
GST registration delays are anticipated for a variety of reasons, including:
The government sends a clarification notice requesting more documents.
Due to document flaws such name differences, Aadhaar is not connected to the mobile number.
The list is not exhaustive, but induced errors are primarily to blame.
Any current taxpayer whose yearly revenue did not exceed Rs. 1.5 crore in the fiscal year before. Service providers, casual taxpayers, and non-resident Indians are not eligible, with the exception of restaurants and caterers.
Small firms that are registered under the GST composition scheme are eligible to pay quarterly fixed-rate GST payments and submit quarterly GST returns. Small taxpayers who provide both goods and services, or both, to the final consumer with a lesser turnover would often be subject to the composition levy.
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