Goods And Service Tax

Goods And Service Tax

Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. In simple words, Goods and Service Tax is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existed in India. GST is one indirect tax for the entire country. Under the GST regime, the tax will be levied at every point of sale. In case of interstate sales, Central GST and State GST will be charged. Intra-state sales will be chargeable to Integrated GST.

Any business whose turnover exceeds the threshold limit of Rs. 20 lakhs (Rs 10 lakhs for North Eastern and hill states) need to register under GST.

Businesses registered under any of the pre-GST laws: VAT, Excise/Service Tax have to register under GST by default.

Cases where GST registration is mandatory:

  • When a business which is registered has been transferred to someone/demerged, the transferee shall take registration with effect from date of transfer.
  • Anyone who drives inter-state supply of goods
  • Casual taxable person
  • Non-Resident taxable person
  • Agents of a supplier
  • Those paying tax under the reverse charge mechanism
  • Input service distributor
  • E-commerce operator or aggregator
  • Person who supplies via e-commerce aggregator
  • Person 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

Penalty for not registering under GST

An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs. 10,000.

The penalty will be calculated at 100% of the tax amount due when the offender has deliberately evaded paying taxes.

For Proprietorship

  • Copy of PAN Card of proprietor
  • Copy of Aadhar Card of proprietor
  • One passport size photo of proprietor
  • Copy of Rental agreement of business premises
  • Electricity bill of business premises
  • Property tax receipt if it is owned premises
  • Bank Statement
  • Details of ESIC, PF & Professional Tax if registered

For Partnership

  • Copies of PAN Card of all the partners
  • Copies of Aadhar Card of all the partners
  • One passport size photo of all the partners
  • Copy of Rental agreement of business premises
  • Electricity bill of business premises
  • Bank Statement of partnership firm
  • Authorization letter from all partners
  • Details of ESIC, PF & Professional Tax if registered

For Company/LLP

  • Copies of PAN Card of all the Directors/ Partners
  • Copies of Aadhar Card of all the Directors/ Partners
  • One passport size photo of all the Directors/ Partners
  • Copy of Rental agreement of business premises
  • Electricity bill of business premises
  • Bank Statement of partnership firm
  • Resolution for Authorization
  • Details of ESIC, PF & Professional Tax if registered

Time:

3 to 5 working days

Fees

₹ 2,500

Proceed