GST Registration

To do any goods and service business it is require to register below GST if the business/ gross sale crosses the limit of forty (40) lakh rupees and (In NE and hilly states 20 lakh rupees) then it is required to get GST Registration.

General Registration

Regular Dealer covers all the merchants who normally supply goods and services and who do not apply under any particular scheme or Aadhar (eg composition scheme or foreign NRI).

In simple words, in general, the business which supplies its Goods and Services does not do any other special activity. GST online registration is finished on the foundation of a steady merchant for such a trading or business. Dealers can of necessity or of his-own record get online GST registration entire beneath this.

GST Rates in Composition Scheme

• Trader or Manufacturer - 1% GST (0.5% CGST + 0.5% IGST)
• Restaurants - 5% GST (2.5% CGST + 2.5% IGST)

Voluntary Registration under GST-

Businesses that have no requirement to register below the goods and Services Tax be able to opt for GST voluntarily registration. Generally persons register themselves below the newly regime of tax. Every provision under the tax applicable to registered entities shall also apply to those who also voluntarily register.

Foreign Non-Resident Taxpayer -

A non-residential of external taxpayer, this be able to include a person or company who can in any way rations taxable goods or services at any stead in India, but at a somewhat stead of trade. No distinct procedure of registration under GST is entire for them, if it is every bit via them.

• The council of GST has identified 1300 types of goods and 500 types of services.
• These are allocated in 4 tax brackets – 5%, /12%, / 18%/ and 28%.
• 14% of the items are in the 5% GST slab. These include medicines and foods such as cheese, coffee, tea, spices.
• Nearly half of the few items are included in the 18% slab which includes jams, soups, mayonnaise, frozen vegetables, ice-creams among many others.

Petroleum products and electricity are outside the purview of GST. They are subject to various central and state-level taxes as before.

GST is the same on all products in almost every country. Alcohol and petroleum products generate the highest revenue. So the government has not brought them under GST as it will affect tax collection. Cigarettes, cigars, tobacco are levied at 28% GST and an additional cess effective tax rate of 40%.

Once adopted, it is very easy to be GST compliant.

IT network is as important as the backbone of GST. A huge database keeps track of who has purchased goods/services thereby reducing the cascading effect of taxation. There is also less chance of corruption at the time of payment of tax. Anyone who ignores this may suffer due to the non-availability of an input tax credit.

The rates of GST are decided by the GST Council.

The Center will impose and purveys CGST and IGST, while the respective States/UTs will impose and purveys SGST.

Any item produced and sold within the state attracts double GST. For example, ice cream attracts an 18% tax. 9% pertains to the state and is collected as SGST. Another 9% pertains to the government of central is collected as CGST.

All services and goods are eligible for GST except petroleum crude oil, alcohol, Diesel of high speed, aviation turbine fuel and natural gas.

IGST define as an Integrated (I) Goods (G) and Services (S) Tax (T). It apllies oninter-state provision of goods and services on in-word and export. As per the agreement, the income of IGST is shared between the state and central government.

The Indian central government will collect IGST and CGST. SGST will be congestive via the States and Union Territories.

There has some types of GST returns:

Yes, all the Businesses that are operating within the state with a turnover of last Rs 40 lakh are liable to pay GST. Businesses that do business in the states have to pay Goods and Services Tax without any turnover. Service providers have to pay tax irrespective of their turnover.

GST Composition Project is a method introduced to grant the relief to the traders in the tax system and relax their privacy. In this method, there is a fixed price of tax, a knot quantity tax settlement and a refund alone in three months.

This is a fluctuation of the yearly turnover of the dealers are not crossed the limit of Rupees 1.5 crores, then the dealers can get a simple GST online registration below the composition scheme.

Those opting for this option will have to pay tax at a flat rate on the turnover between 0.5 and 2.5%. There is no provision for an input tax credit in this. In addition, they cannot sell goods outside their state.

It is a Number of Goods and service tax (GSTN) is a network of computers that controls and manages GST. GST Portal was developed by Infosys and is maintained by National Informatics Center.

Yes, if you have GST Registration then it is to be required for you to File GST Return on time as per your business.

You can get GST Registration Number with us the process of getting GST Registration certificate is described here:

• Visit our official signhaudit.com
• Choose GST Registration from services
• Click on the service
• Fill out the form
• Contact with the team
• Choose a plan
• Provide the necessary documents
• And get the certificate of GST Registration

Registration for GST in India will be required on the marketing of products by atotal yearly sale of greater than 40 lakhs or on the sale of goods/products and services of greater/higher than 20 lakhs a classical number of GST.

Documents expected for GST Registration:

• A copy of Pan card.
• Copy of Aadhar card.
• Business address proof.
• Bank account details and canceled cheque.
• Certificate of Registration as a business registration proof
• Digital signature.
• Identity proof and proof of your residential addressand photographs of the director or promoter.
• Authorization letter or board resolution to the authorized signatory.

Penalties under GST Act:

• 100% tax or Rs.10, 000 if the business of the businessman is as per GST norms and he has not registered for GST. One of the two which will be more.
• In case of non-delivery of GST invoice: 100% tax or Rs.10, 000. One of the two which will be more.
• For submission of wrong challan: Rs 25,000
• For non-filing of GST tax return: Rs.20 per day and Rs.50 per day for regular return.
• 100% tax or Rs.10, 000 for giving wrong information in composition scheme. One of the two which will be higher.

Below the block 25(1) of the CGST Act, 2017, a business owner can register his business under GST in each of the State and UT in which he is liable to be registered. If you have set up your business from two different locations, then you require to get a separate GST registration for your business for each location.

Composition program under GST is a easy and simple program for small businesses. The program was launched to provide relief to SMEs to bear the burden of compliance provisions under the law. Under the composition program, small business owners can pay a certain percentage of the turnover and be free from detailed compliance.

A. Central Excise Stamp/duty

• Excise Stamp (Medicinal and Toilet Preparation)
• Additional Stamp of Excise (On Special Goods)
• Additional Excise Stamp (Textiles and its Products)
• Custom Stamp
• Service tax

B. State VAT

• Tax of central marketing/sales
• Luxury tax
• Entry tax (all types)
• Entertainment Tax
• Tax on advertisements
• Tax purchase
• Taxes on betting lotteries, and gambling

Registration under Composition Scheme:

• This composition scheme is for those small taxpayers whose business profits are low. Under this scheme, the eligible taxpayer pays some part of his annual income as tax. For example, small businesses such as restaurants, small retailers and trade on handcarts etc. are included. for its benefit
• Quarterly return submission, no hassle of every month.
• Deposit work, which will show profit.
• Easier to do accounting and record keeping under GST norms.
• The eligibility criteria to register below GST Composition Scheme are:
• Necessity to be a registered/authorized taxpayer.
• The annual turnover should be at least Rs 1.5 crore.
• Manufacturers/producers of products and restaurants, dealers (not part liquor) be able to opt for present plan.

Registered as Qualified Person

• A businessman who produces his goods in many forms and works in many states can register himself for that one state to whom he wants to pay for his goods and services.
• Suppose 'A' person has a business providing services in different states, and then he can register for the tax of the particular state corresponding to him.

• Whereof the gross sale/business is rife/more than rupees 40 forty lakh/annum, while for the northeastern states that is rupees twenty 20 lakh.
• The business of a businessman is operating in more than one state.
• If the business of the businessman is already registered under VAT, Excise law, Service tax laws.
• If the businessman sells his products online (like selling on Amazon and Flipkart)
• If the business is providing services and goods outside India.