Goods & Services Tax (GST)

A large number of central and state taxes like Service Tax, CST, VAT, Central Surcharge and Cess, Excise Duty, Entertainment tax, Octrai, etc. are all included in one particular tax known as the Goods & Services Tax (GST). GST is applied to all kinds of service providers, including manufacturers, traders, startups, freelancers like bloggers, import-export, etc. GST gets levied on businesses operating both within and outside the home state, on online sellers, agents and even on a business not yet registered to the state.

GST Registration Process

Turnover rates for GST Registration

The application of GST has been made mandatory in every kind of business since April 1, 2017, once the turnover of supply goes beyond 20 lakhs. The supply chain incorporates all Indian service providers and suppliers, including freelancers. The goods with discounts are also taken into consideration. Even the non-taxable goods must be registered for GST. A GST composition scheme for businesses with the turnover of supply of fewer than 50 lakhs has also been proposed.
The turnover of supply is 20 lakh for any business in all Indian States, except the north-eastern states like Assam, Manipur, Nagaland, Arunachal Pradesh and Tripura. In these states, the turnover of supply for GST registration is Rs.10 lakhs.

CGST, SGST, IGST

GST is levied on goods by the centre as well as the state.

• The central integrant of GST is known as Central Goods and Services Tax (CGST).
• The state integrant of GST is known as State Goods and Services Tax (SGST).
• The centre levies the Integrated Goods and Services Tax (IGST) on inter-state transactions.

Rates of GST: GST rates can be 5%, 12%, 8% and 28%, depending on the types of goods and services; Gold is anticipated to have the lowest GST rate. However, the GST rate for gold still awaits finalization.

The GST Registration Procedure

The GST registration procedure is hassle-free and online. Registration to GST includes the following basic steps:

• Visiting the official GST portal
• Scanning and uploading of important documents.
• Receiving acknowledgement
• Unique GSTIN (a 15 digit ID) generation

Documents required for the registration of GST:

• If it’s a proprietorship, then the address proof and the PAN of the proprietor is mandatory.
• If it’s a limited liability partnership (LLP), then the basic requirements are the LLP agreement, LLP PAN Card, names and address proofs of the partners.
• For a private company, GST registration requires the Company’s PAN, Incorporation Certificate, associations’ memorandum, signed resolutions, the identity of directors, important address proofs, etc.

We, at VentureSupport.in, help your companies go 360-degree complaint regarding all aspects of GST.

• With our strong team and smart solutions, we assist companies in seamlessly processing their GST application.
• Our approach is crystal clear, which can easily be understood by the companies.
• Our business advisors are always ready to guide companies on any queries regarding GST.
• The communication with the government also becomes easy with us.