Goods and Services Tax is the most comprehensive Tax structure. Get GST registration to start your business today.
Get GST Registration For Your Business
Register for Goods and Services Tax for ₹990/- Only
Goods and Services Tax is India’s largest tax reform. The facility of business and the taxpayer base in India are improved enormously. In one single system, the GST has abolished several taxes. Due to the Abolition of multiple taxes, the tax base is significantly increased. The new GST regime requires all entities involved in the purchase or sale of goods or services to get GST registration. Entities which are not registered under GST cannot collect the GST from Customer or claim in put tax credit for the GST paid.
Note Down The Documents Required For GST Registration
- PAN Card of the Business or Applicant
- Passport Size Photograph of Proprietor/Karta/Partners/Directors
- PAN of all Directors or Partners (in case of Company or Partnership Firm)
- Identity cum address proof documents like passport, driving license, aadhaar card or voters identity card must be submitted for the promoters
- Proof of business registration like incorporation certificate or partnership deed or registration certificate (for Company or Partnership Firm)
- Business address proof – rental agreement or sale deed or consent letter along with copies of electricity bill or latest property tax receipt or municipal khata copy
*Note all the documents should not be older than two months.
Features of GST
Single Indirect Tax
GST eliminated many existing taxes into single tax.
Elimated Cascading Tax Effect
GST has removed the cascading effect.
Attracts Huge Penalties
If the GST compliance are not done on time it attracts huge amount of penalties.
FAQs to for Goods and Services Tax (GST)
The threshold limit for GST registration is ₹ 40 lakhs for businesses in all Indian states except the north eastern & hill states where threshold if ₹20 Lakhs.
It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
The tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply.
Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed. Full and complete set-off will be available on the GST paid on import on goods and services.
Exports will be treated as zero rated supplies. No tax will be payable on exports of goods or services, however credit of input tax credit will be available and same will be available as refund to the exporters. The Exporter will have an option to either pay tax on the output and claim refund of IGST or export under Bond without payment of IGST and claim refund of Input Tax Credit (ITC).
No, it is an optional scheme. If assessee wants then normal registration without composition scheme can be obtained.
No, in this new tax regime you just need to take one registration which will be applicable for goods as well as services.
No, In order to be a supply which is taxable under GST, the transaction should be in the course or furtherance of business. As there is no quid pro quo involved in supply for charitable activities, it is not a supply under GST.
No, reverse charge applies to supplies of both goods and services, as notified by the Government on the recommendations of the GST Council.