GST stands for Goods and Services Tax which was passed by the Indian government in 2016. It will get into action from 1st of April'17. Here are the ways to get GST registration in India.
The historic reform in India, The Goods and Services Tax (GST) is a uniform tax that subsumes most of the taxes like VAT, excise duty, service tax and customs duty. The Goods and Services Tax, (GST) known as the biggest indirect tax reform in the country since Independence was passed in the Parliament on August 3, 2016. The bill aims to consolidate a plethora of taxes that covers State Value Added Tax (VAT), Service Tax, Additional Customs Duty, Central Excise Duty and a few others at the Central as well as State level. GST will cover almost all goods and services traded with a few exemptions. It is divided internally into State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST) and Interstate Goods and Services Tax (IGST). The tax rates will be decided by a certain GST Council that will be headed by the current Finance Minister. With everything said, it is almost time for the government to bring GST into action and get things done.
ELIGIBILITY TO BE REGISTERED UNDER GST:
If a firm (Proprietorship, Partnership, Company, LLP or any other legal entity) has an annual turnover of over Rs. 25 lakhs, that is, if the firm supplies goods or services worth Rs. 25 lakhs or more per year, it is required to register itself under GST.
Registration must be procured within 30 days of crossing the threshold of Rs. 25 lakhs.
PROCEDURE:
This step deals with creating an account on the GST portal, to begin the registration process. For the initial registration, one has to submit his mail id, mobile number and Personal Account Number (PAN) on the online platform. The PAN will be automatically verified online, mobile number and mail id will be verified through One Time Password.
Once the primary verification has been done, the next step is to fill the application form and completing the formalities of uploading documents. The requisite documents are:
Now, the application form will be forwarded to the concerned gazetted officer who will scan the submitted application form and go through the attached documents. If everything is in order, the GST registration will be done within 3 working days.
If the officer does not respond within the time period, then the application would be in the process to be approved.
After approval, a certificate of registration shall be issued via a common portal. The applicant can download the registration certificate from the GST portal using their login ids.
If the entity has branches in different states of India, then it is required to be registered under each state separately.
These easy to follow instructions are the necessary steps for registering for GST online. Digital registrations save you from the hassle of standing in long queues and gets your work done at the blink of the eye.
Difference between private limited and LLP
There are many business entities in India. Each and every business formation is different from each other. Private Limited Company and LLP are two of them. Learn here more about the advantages and disadvantages of both the company formation.GST Registration
GST which stands for Goods and Service Tax has been passed by the Indian government which will be effective from 2017. People who are eligible under this category, have to get gst registration. But before going further, you need to know more about GST and its registration. This article will help you to understand the steps for GST registration.Difference in taxation in Private Limited Company & LLP
There are many types of business entities in India. Private Limited Company and LLP are two of them. As both the entities are different from each other, there are possibilities of alteration in taxation. Let's read out to know more about it!