The Goods & Services Tax (GST) is applicable to all traders, manufacturers and service providers in India. It was introduced on July 1 2017. The GST includes a variety of state and central taxes like VAT, Octroi, CST, Service Tax, Excise Duty etc. which makes it an all-in-one tax. GST applies to every step of the supply chain, with all inclusive benefits available. The GST registration process is completely online and no manual involvement or physical presence is required.
GST is imposed on every value addition making it a comprehensive, multi-stage, destination-based tax.
GST is charged and collected on each of these stages at the point of consumption but not at the origin of the product including value addition. For example, if the product is produced in state A and consumed in state B, then the entire tax revenue collected will go to state B not A. Tax payers with a turnover of less than Rs.1.5 crore can pay GST at a fixed rate by opting for composition scheme
Arrange all the required documents applicable as per the category of your business.
Essential documents should be uploaded online for further verification and approval.
After filling complete form an Application Reference Number (ARN) sent to the applicants via SMS or email.
Once you get the approval, Your GST number is generated.
For Proprietorship
For Private Limited Company
For Partnership/LLP
Document as address proof of a director:-
Major benefits of GST is the exclusion of multiple indirect taxes that existed previously. Multiple Taxes like excise, octroi, sales tax, Service tax, CENVAT, turnover tax etc. have been replaced and not applicable anymore and all have come under one single tax called GST.
With GST applicability price of goods and services has reduced because of the elimination of double charging in the system for a common man. This helps to save money forthe common man.
This being “One Nation One Tax” has removed varied competition existed earlier among the States has provide ease to businesses in interstate business..
GST has increased the demand of many products, which leads to themore production and higher Gross Domestic Product (GDP).
GST is a simple and single tax that includes various earlier taxes which has made the tax system efficient in the country and reduced the corruption and Tax Evasion.
With GST regime almost 17 indirect taxes have been substituted into a single tax. This increase in demand of the products and collection of higher tax revenue for state and central government.
GST, has bring one of the biggest tax reforms in the country. All taxes that existed before have been replaced with a single tax such as Central Excise, VAT, Octroi, Service Tax, etc.GST was implemented on 1st July 2017 in the country. GST is a destination-based tax and works on a dual model where both the State and the Central government charge tax on goods and services. All businesses must have a GST number for every state where the business has been registered in. First check whether the business is legally responsible to register and then register accordingly.
That depends on different factors. Such as the type of business, and package you have chosen, etc.
A supplier of goods, who have annual turnover of Rs. 40 lakh, must apply for GST registration. In some special cases the taxable person is likely to pay GST even the turnover is within the limit. All those providing services also get GST registration, if their turnover crosses Rs.20 lakhs.
GST registration should be applied within 30 days from the date a business becomes eligible to registration. Registration process, rules, and conditions of the GST application should be as per the Rules laid by GST Council.
Food, Raw Materials, Medical Tools & Instruments, Handtools, Contraceptives, Earthen Pots, Props used in Pooja, Kites, Organic Manure, and Vaccines etc. Services associated with Agriculture, Cultivation, Harvesting, Transportation and Services by RBI, Foreign Diplomatic Missions, Postal Services, etc.
Dual GST means both the Centre and State governments levy the tax simultaneously, on a common tax base.