Goods and Service Tax is known as GST. GST was implemented on July 01, 2017 and various Central and State taxes such as Service Tax, Excise Duty, Central Sales Tax (CST), Entertainment Tax, Octori, Value Added Tax (VAT) etc were absorbed into GST. GST registration and return filing are online and there is no physical filing of return under GST.
Under the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for North East and hill states) is required to mandatorily as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.
GST registration usually takes between 2-6 working days. We’ll help you to register for GST in 3 easy steps.
*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.
GST rates varies from 0% to 28%. The rates are generally 0%, 5%, 12%, 18% and 28%.
Startups Helpline, helps you to obtain the Goods And Services Tax (GST) Registration for your business. Startups Helpline GST Expert will guide you about the applicability, compliances, procedures, benefits and modalities under GST for your business and get your business compliant with GST.
The entire GST system is online and design in a such a simple way that a layman can also file the GST Return and GST Registration
Small Business can avail the composition scheme of GST resulting the lower tax rates
Under GST regime the compliance for the assesse are lessor and the GSTR 2 and GSTR 3B automatically prepared
GST is a comprehensive indirect tax which repeals all the indirect taxes. GST eliminates the cascading effect of the tax which means tax on tax.
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Yes, GST registration is required when the turnover exceeds the specified threshold limits.
The taxpayer should obtain a separate GST registration for each state in case a business operates from multiple states.
Yes, any business can go for any number of GST registrations within a state. In order to improve ease of business, the procedure of allocating multiple GST registrations only for different business verticals within a state has been removed.
Under the GST composition scheme small businesses can pay GST at a fixed rate of turnover every quarter and file quarterly GST returns.
Small taxpayers can opt for the Composition scheme if they wish to have lesser compliances to deal with and lower rates of taxes under GST. A trader whose aggregate turnover is below Rs 1.5 crore can go for the Composition scheme. Government has extended the Composition scheme to service providers having an aggregate turnover of up to Rs.50 lakhs.
The validity of the composition scheme depends upon the option chosen by a taxable person, given that all the conditions are fulfilled as specified in the law. However, individuals eligible for the scheme have the option to opt-out of it by simply filing an application.
Aggregate turnover should be taken into consideration to calculate turnover.
Aggregate turnover means the aggregate value of all taxable supplies excluding inward supplies liable to reverse charge, but including exempt supplies, exports of goods or services or both and inter-state supplies of persons having the same PAN, to be computed on an all-India basis.
For normal registered businesses: • Take input tax credit. • Interstate business without restrictions. For Composition dealers: • Limited compliance • Lesser tax liability • Less impact on working capital For businesses that voluntarily opt-in for GST registration (Below Rs.40 lakhs*) • Avail input tax credit. • Conduct interstate business without restrictions. • Registration on online & e-commerce websites become easy. • Competitive advantage compared to other businesses
Any entity which is required to be registered under GST should apply for registration within 30 days of meeting the criteria. Casual taxable persons and non-resident taxable persons should register prior to commencing business.
Primary authorized signatory is any person who undertakes tasks on the GST portal on behalf of the taxpayer. Primary authorized signatory can be a promoter of the business or any other trustworthy person nominated by the promoters of the business.
Yes. PAN is mandatory for obtaining GST registration. For a proprietorship, the PAN of the proprietor be used. For a LLP or Company or Trust or other types of legal entity, PAN must first be obtained for the entity. For foreigners and foreign companies, PAN is not mandatory for GST registration.
GST registration is valid until it’s cancelled, surrendered or suspended and thus it does not have any expiry date. But for non-resident taxable persons and casual taxable persons, GST registration have a validity period that is fixed by the authorities while issuing the GST registration certificate.
No, only persons registered under GST are allowed to collect GST from the customers.
As per the SGST Act, the State GST or SGST applies on intra-state supplies of goods and services and is administered by the respective state government.
CGST is applicable on the intra-state supplies of goods and services. Hence in case of intra-state supplies of goods and services, both the central and state government will combine their levies with an appropriate revenue sharing agreement between them.
