GST (Goods and services tax) is basically an Indirect tax which has been replaced by many Indirect taxes in India. It was actually passed in the Parliament on 29th March 2017 but the act came into effect on 1st July 2017 in India. GST is defined as the consumption tax where people who are engaged in the business whose annual turnover exceeds Rs. 40 lakhs is required to register as a normal taxable person. The regulations are applicable to everyone purchasing good and services at the same rate in India.
In addition to this, if the purchase was made by a business for sale to a customer, then the business can claim an input tax credit to set-off GST liability. Hence, the GST liability is pushed to the end-consumer through the use of the input tax credit mechanism. The procedure of GST Registration generally takes 2-6 working days to get done. All you need to file an application with the department and sign it with your digital signature.
But this can be done by us. Here, we excel in to lessen the burden of a lengthy registration process. Our expert’s team will guide you on how you can get GSTIN in a hassle-free way. You can apply anytime for your GST number mainly in Delhi NCR, Mumbai, Bengaluru, Chennai, and other Indian cities.
Those who are registered under the Pre-GST Law (i.e Excise, VAT, Service Tax etc.)
Those businesses whose turnover is above the threshold limit of Rs. 40 lakhs (Rs. 20 lakhs for the North- Eastern States, J&K, Himachal Pradesh, and Uttarakhand)
For the casual taxable person/ Non-resident taxable person.
Those who are the agents of the supplier and Input service distributor.
Individuals who are paying tax under the reverse charge mechanism.
Those who supply via e-commerce aggregator.
All E-commerce aggregator.
Those who are 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.
Aadhaar card, PAN card, and a photograph of the sole proprietor
Details of Bank account- Bank statement or a canceled cheque
Aadhaar card, PAN card, Photograph of all partners.
Details of Bank such as a copy of canceled cheque or bank statement
Company’s PAN card
Certificate of Registration
MOA (Memorandum of Association) /AOA (Articles of Association)
Aadhar card, PAN card, a photograph of all Directors
A copy of PAN card of HUF
Aadhar card of Karta
Details of Bank- bank statement or a copy of a canceled cheque
Pan Card of society/Club/Trust
Certificate of Registration
PAN Card and Photo of Promotor/ Partners
Details of Bank- a copy of canceled cheque or bank statement
One of the benefits of GST is the elimination of multiple indirect taxes. Every tax that currently exists will not be in a picture. It means current taxes like excise, octroi, sales tax, Service tax, CENVAT, turnover tax etc will not be applicable and all that will fall under common tax called GST.
GST applicability means the elimination of double charging in the system for a common man. Through this, the price of goods and services will reduce & help common man for saving more money.
GST brought the concept of “one country one tax”. It will prevent unhealthy competition among states and will be beneficial to do interstate business.
From manufacturing to consumption, GST will be applicable at all stages. It will provide tax credit benefit at every stage in the chain. In the current scenario, at every stage, the margin is added and tax is paid on the whole amount, in GST you will have tax credit benefit and tax will be paid on margin amount only. GST will reduce the cascading effect of tax thereby reducing the cost of the product.
It is expected that demand for a product will increase and to meet the demand, supply has to go up as GST will reduce the cost of the product. Besides, the requirement of more supply will be addressed by only increasing employment.
Higher the demand, higher will be the production. Hence, it will increase the gross domestic product. Moreover, It is estimated that GDP will grow by 1-2% due to GST.
Goods and services tax is a single tax which will include various taxes to make the system efficiency with fewer chances of corruption and Tax Evasion.
It will make manufacturing more competitive as GST will address the cascading effect of the tax, inter-state tax, high logistics cost. It will be beneficial to the businessman and consumer.
Under the GST regime, 17 indirect taxes has been replaced with a single tax. Apart from this, the increase in product demand will ultimately increase tax revenue for state and central government.
The first 2 digits of the 15 digit GSTIN will represent the state code. For example: 01 for Jammu and Kashmir, 02 for Himachal Pradesh, 03 for Punjab, etc.
The next 10 digits will be the PAN of person or entity engaged in Business.
GST Registration will give the following advantages to a taxpayer.
Go to the Government GST Portal and look for Registration Tab.
Fill PAN, Mobile No., E-mail ID and State in Part-A of Form GST REG-01 of GST Registration.
You will receive a temporary reference number on your Mobile and via E-mail after OTP verification.
You will then need to fill Part-B of Form GST REG-01 duly signed (by DSC or EVC) and upload the required documents specified according to the business type.
An acknowledgment will be generated in Form GST REG-02.
In case of any information sought from you and intimated to you in Form GST REG-03, you may need to visit the department and clarify or produce the documents within 7 working days in Form GST REG-04.
The office may also reject your application if they find any errors. You will be informed about this in Form GST REG-05.
Finally, a certificate of registration in Finally, a certificate of registration will be issued to you by the department after verification and approval in Form GST REG-06.