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Goods And Service Tax

Goods and services tax (GST) is a tax on goods & services  sold or consumed. If your business is registered for GST, you have to collect this extra money from your customers. You need to pay this to the  Taxation Office periodically.

Documents Required for GST Registrations
  1. PAN Card of Applicant( Proprietor, Firm, Company)
  2. Aadhar of applicant (if Individual)
  3. Passport size photo of applicant (If Individual)
  4. Rent Agreement /NOC/Lease Deed for registered office address
  5. Utility Bill for Ownership of Registered office proof.
  6. Board Resolution in case of a Company.
  7. DSC is required in case of a company.
Types of GST Registrations
  • Regular Taxpayer Registration (Normal GST Registration)
  • Composition Scheme Registration
  • Non-Resident Taxable Person Registration
  • Casual Taxable Person Registration
  • Input Service Distributor (ISD) Registration
  • Tax Deductor and Tax Collector Registration
  • E-commerce Operator Registration
  • OIDAR (Online Information and Database Access or Retrieval) Services Provider Registration

 

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Benifits of GST

  • GST eliminates the cascading effect of tax
  • Higher threshold for registration
  • Simple and easy online procedure
  • Special treatment for e-Commerce operators
  • Improved efficiency of logistics
  • The unorganised sector is regulated under GST

General Service Questions

GST, or Goods and Services Tax, is a comprehensive indirect tax system implemented in India. It simplifies taxation by replacing multiple taxes like VAT, Service Tax, and Excise Duty. GST is divided into Central GST (CGST), State GST (SGST), and Integrated GST (IGST), depending on the nature of the transaction.

Businesses with an annual turnover exceeding the threshold limit must register for GST. For service providers, the threshold is ₹20 lakh (₹10 lakh in special category states), and for goods suppliers, it is ₹40 lakh (₹20 lakh in special category states). Additionally, e-commerce operators, input service distributors, and those involved in inter-state supplies must register regardless of turnover.

GST rates in India are categorized into different slabs: 0% for essential items like food grains and books, 5% for daily-use items and transport services, 12% and 18% for most goods and services, and 28% for luxury and sin goods like cars and tobacco. Certain items, such as petroleum and alcohol, are currently exempt from GST.

GST returns can be filed online through the official GST portal (www.gst.gov.in). Businesses must log in, choose the appropriate return form (such as GSTR-1 or GSTR-3B), provide details of sales, purchases, and taxes collected or paid, and submit the return. Timely filing is crucial to avoid penalties and ensure compliance.

No Threshold Limit: There is no upper limit for turnover. All businesses, regardless of size, can opt for the Regular Scheme. Compulsory Registration: Businesses with an annual turnover exceeding ₹40 lakhs (₹20 lakhs for service providers) must register under the Regular Scheme.