What is GST?
Is your company has customers or vendors from multiple states? Is your company functioning as leading supplier across the globe? Registering for GST is must for such kind of companies. Since 1 July, 2017, Government of India implemented a uniform tax structure across the nation which is known as GST – Goods and Service Tax. It is from of indirect tax which replaced all previous multiple taxes like VAT, Service Tax, LBT etc. Tax rates, tax rules and tax regulations are controlled and decided by central GST council headed by central finance minister with all finance ministers of respective states. In India, depending upon the service nature or goods, GST rate varies from 0% to 28%. Operating business without GST registration is considered as offense and heavy penalties are charged once found guilty. Filing and registering for GST is online and can be processed with the help of experts like us.
Contact us now and get your GST Registration processed in a hassle free manner.
Types of Businesses for whom GST is Must
Following types of business must obtain valid GSTIN for operating their businesses legally:
- Business with annual turnover more than Rs. 40 Lakhs (Rs. 10 Lakhs for businesses in North Eastern States, J&K, Himachal Pradesh and Uttarakhand)
- Businesses selling their products or services in multiple states.
- Businesses exporting goods.
- Businesses having VAT or Excise Law or Service Tax Law registrations.
- Businesses who sell their products online.
How GST is Classified?
GST is classified in the following manner
- SGST means State GST which is collected by the State Government.
- CGST means Central GST which is collected by the Central Government.
- IGST means Integrated GST which is collected by the Central Government.
- UTGST means Union territory GST which is collected by Union Territory Government.
Process of GST Registration
- You start registration process using your basic documents.
- We verify and submit your application.
- We process your application further by filing ST1.
- We process your application further by filing ST2.
- On successful verification and authorization, GSTIN is allotted to you.
Penalties set by GST Council
- You will be charged with 100% tax due or Rs. 10,000, whichever is higher, if your business is selling goods or services without valid GST registration.
- You will be charged with 100% tax due or Rs. 10,000, whichever is higher, if your business is selling goods or services without GST invoices.
- You will be charged with Rs. 20 per day for nil return or Rs. 50 per day for regular returns, if your business not filed GST tax return.
- You will be charged with 100% tax due or Rs. 10,000, whichever is higher, if your business is operating under composition scheme even not eligible for the same.
- You will be charged with Rs. 25000, if your business is generating wrong invoices purposely.
Investment:
- 2500*
Professional fees
Advantages of GST Registration
Unfortunately many fraud companies and sellers are still operating their businesses in our nation and fooling customers. Many such cases have been recorded before GST and thus today customers prefer their purchases from sellers having valid GST registrations. Get your GSTIN and be the trusted seller in this competitive business era.
E-commerce has changed the face of selling and let you reach directly in customer’s place. Many online platforms like Amazon, Snapdeal, Flipkart, e-bay proved to be reliable source to sell more and generate more ROI. But selling online is not possible with valid GST registration.
If business has valid GST registration, then they avail benefit of input of GST tax credit in their accounts
Many businesses sell their products or purchase their products from or to outside the state. Without valid GSTIN, business cannot trade in multiple states.
To become the trusted vendor for government or private companies, having a valid GST registration is plus as government or private companies prefer only GST registered companies.
Forget the worries of maintaining huge paper work and visiting government offices for small works. GST made it very easy is everything is now online.
It is very for businesses now to price their products or services with the help GST structure. Previous taxation structure needs to consider many taxes prior to finalizing product or service price but now uniform GST structure made it easy to understand price both to buyer and seller.
