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Make an easy transition to all the taxes are at a single tax, that is GST tax. The GST tax was established from the April 2019. Any business providing the sale of good with an annual turnover of 40 lakhs or service with an annual turnover of 20 lakhs would needed for the registration for GST & should have a valid GST number.
The Goods & Services Tax (GST) applies to all Indian Services providers containing freelancers, traders & Manufacturers. The GST was launched on 1st July 2017, it is an all in one tax that contains a variety of states such as VAT, Entertainment Tax, Luxury Tax, Octroi and the central taxes such as CST, Service Tax, Excise Duty. GST is taking charge at every step of the supply chain, with higher advantages. The whole GST procedure was online & they didn't need manual intervention. GST is a comprehensive, destination-based tax, multi-stage, which is imposed on every value addition. Each & every product goes via multiple stages along with the supply chain, it involves the purchasing of raw materials, manufacturing, sale to the wholesaler, selling to the retailer & then final sale to the consumer. GST will be imposed on all the stages including the value addition & at the point of the consumption, different from the origin of the product. For example, incase the product is produced in Tamil Nadu but it consumed in Karnataka, so the whole tax revenue will go to the Karnataka instead of Tamil Nadu. Also, taxpayers can suitable for composition schemes, but whose turnover lied on less than Rs. 1.5 crore. By using the scheme you can get rid of hard GST formalities & pay GST at a fixed rate of turnover.
Anyone of our GST representatives will gather all the required documents & process the GST application via the ICFO platform.
If I collect all the documents, & then the processed & filed. Immediately you can receive the ARN number.
After the GST application verification, GST registration Certificate & GSTIN will be issued, and the other mandatory documents issued by GST Officer. The GST Registration Certificate get only from the GST portal, there is no hard copy of the certificate.
According to the CGST Act, Section 122 in India, The taxable person, who are failing to File the GST registration should pay the direct penalty.
A small business having the turnover below 20 lakhs, who are all applicable to voluntary register for GST. As per the Law, it is not a mandatory thing. Voluntary GST registration has its own benefits & it is listed below, • Take Input Credit: Number of Input Credit in the GST is from Manufacturers of the goods to the consumers across the country. Input Credit defined as taxpayers should pay their tax during on output can deduct the tax that has already been paid on inputs & remaining amount only you want to pay. Business margins & profits can increased by Voluntary registration. • Do inter-state selling without restrictions: SMEs (Small to Medium Enterprises) can improve the scope of their business & find future customers and explore online platforms. • Register on e-commerce sites: SMEs registering through e-commerce websites, that market will be wide. • Having competitive benefits comparing with other businesses.
GST having the 3 tax components, which are listed below. • Central Component (Central Goods and Services Tax/CGST) • State Component (State Goods and Services Tax/ SGST) • Inter-State transactions (Integrated Goods and Services Tax/ IGST) In the Central and State component, centre & state will impose GST on all entities, when transactions are done within a state. In the Inter-state transactions, it was imposed by the centre, the transaction happens one state to another.
By using an Input tax credits, you can reduce your tax you have already paid on inputs & pay the remaining amount during the paying of the tax. When you purchase the product from a registered seller, you pay the taxes on the purchase. Then you sell the product, you also collect the tax. By using an Input credit, can adjust the taxes paid at the time of purchase with the amount of tax on sales is known as output tax and pay the remaining liability of tax. Which means tax on sale minus tax on the purchase.
All the business or corporation which is included in the buying & selling and goods or services have to register for GST. It is compulsory for companies whose turnover is more than Rs.20 lakhs for the supply of services and Rs.40 lakhs for the supply of goods yearly to register for the GST. All businesses making interstate outward supplies of goods have also to register for a GST. Similar that, businesses making taxable supplies on behalf of other taxable persons like Agents & Brokers. Also, as per the latest notification, e-commerce sellers/aggregators don't need to register if the total sales are less than Rs.20 lakhs.
• The basic necessity things came under the exempt list, that are not taxable. • Household necessities & life-saving drugs, etc., are taxed at 5%. • Products like computers & processed food are taxed at 12%. • Toothpaste, Hair oil and soaps, capital goods, industrial intermediaries and services are taxed at 18%. • Luxury items are taxed at 28%. All the products of tax rates can get from the website: https://cbec-gst.gov.in/gst-goods-services-rates.html.
A GST return is a document obtaining details of income, which is needed to be filed according to the law with the tax authorities. As per the GST law, a taxpayer has to submit 2 returns every month & another one return annually. All the returns have to be filed online. There are no facilities for revising the returns. All invoices for the last tax period that went unreported must be included in the current month. A registered dealer has to file GST returns according to the GST, which includes Sales, Output, Purchase, GST of On sales and Input tax credit of GST paid on the purchase.
GSTIN is a unique identification number, which was issued for all GST taxpayers. To verify a GSTIN number can log onto the GST portal with the GST number.
The Goods and Service Tax Network (GSTN) is section 8 which is a non-profit, non-government, Private Limited Company. For all your indirect tax requirements GSTN is a one-stop solution. GSTN is an obligation for maintaining the Indirect Taxation platform for GST to help you prepare, file, rectify returns and make payments of your indirect tax liabilities.
The GST registration of the required documents are listed below for all the businesses.
Following are the Identity & address proof of a director
Mention the ID proofs & address proofs, where the Identity proofs are PAN card, Aadhaar Card and the address proof of the director's are voter ID, passport, telephone bill, and electricity bill.
It is a return document, which is having the information of the taxpayer income. The Filing of GST has done by the GST administrative Authority. The tax authorities used the document to calculate the GST taxpayer's tax liability. The following details are included in the GST Return Filing form. • Output GST (get on sales) • Sales • Input tax credit (GST paid on purchase) • Purchases The GST compliant sales & purchase invoices attachment is mandatory for Filing GST Return.
Our services are listed below for the GST Return Filing. • Get GST registration & GST Identification number online easily. • No worry about the compliances, our agents will manage that. • All your returns will be filed duly. Our legal team members will explain the entire process & feel free to clear your doubts. Also, the GST portal has a user-friendly interface, the GST application form having the number of compound fields. So, you should have the help of the professional for applying the application.
We utilise a mix of technology and human touch to deliver quality business services, at scale across india.
