Goods and Services Tax (GST) is an indirect tax required by every entity who wants to start trading or providing services in India. The eligibilities for compulsory registration are:- • Trade or Services more than Rs.40 Lacs. (Rs20 Lacs in special category states). • Interstate supply of Goods irrespective of threshold limit. • E-commerce operators providing platforms to Buyer and Sellers. • Entities want to take Input Tax Credit. There is another concept in GST is Regular or Composition registration. The turnover should not cross Rs.1.5Cr in trading of goods and Rs.50Lacs in providing Services for opting composition. It is advisable if there is Business to Business Sale than should not go for Composition Scheme.
First calculate your tax planning, increase in compliance cost and non-compliance impact & then go for GST registration. Additional opinion please contact with our advisor at zero fee.
Generally it takes 3-5 Days for registration.
|1 Ease in doing business because big entity wants to work with ;GST registered businesses||1 Compliance would be mandatory monthly, quarterly or annually as the case may be.|
|2 Important in cases of Export,Import,interstate ecommerce||2 Penalty in case of non-compliances.|
|3 Input Tax Credit can be avail only after GST regular registration.||3 Compliance cost increased.|
|4 Help in growth of Indian Economy.||4 GST is online taxation system so every taxpayer are now shifting from pen paper to online returns and payment.|
|Identity Proof||Aadhar/ DL etc||Firm Deed||Society Certificate /Trust Deed||Certificate Of Incorporation|
|Address Proof||Utility Bill/Rent Agreement/NOC||Utility Bill/Rent Agreement/NOC||Utility Bill/Rent Agreement/NOC||Utility Bill/Rent Agreement/NOC|
|Bank Details||Cancelled Cheque / Bank Staement||Cancelled Cheque / Bank Staement||Cancelled Cheque / Bank Staement||Cancelled Cheque / Bank Staement|
|Authorized Signatory||Letter of Authorization||Letter of Authorization||Letter of Authorization||Letter of Authorization|
|Authorized Signatory KYC||PAN, Aadhar and Photo||PAN, Aadhar and Photo||PAN, Aadhar and Photo||PAN, Aadhar and Photo|