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Why ATOZ Taxation for GST Registration?

  • Best Price

  • Honest Advice

  •  Filed all the documentations within Time

For Registration or Queries Please feel free to call us @ 8341373676

GST Registration 

An OverView


Gst has Launched On 1ST July 2017 at 00:00 am by the Honorable PM Mr. Narendra Modi. It applies to all Service Providers(Including Freelancers), Manufacturers, and Traders.

The main agenda behind the GST is One Tax One Nation. Before the commencement of GST There are many Taxes like Service Tax ( for Service Providers), Excise Duty (for manufacturers), CST (for Traders), Entertainment Tax (for cinema halls, Parks) and the end consumer has end up by paying all the taxes.The main loop hole in the provious taxes is they can’t set off with eachother

 

For Example: Excise duty can’t be setoff with service Tax or any other taxes it leads to Double Taxation. In GST, Tax amount will be charged in manufacturing, service, Trading but it can be Set-off with each other. All Procedures in Gst is totally Online it dosen’t require any manual Interuption.


Who needs a GST Registation?


Every Business whose Aggregate Turnover Exceeds Rs. 40 Lakhs ( Except Special State) and 20 lakhs (for Special Category States) has to mandatorily Register Themselves in Gst


NOTE: For Service sector the limit is ( 20 Lakhs for Normal States and 10 Lakhs for Special State)


Special states are: Arunachal Pradesh, Assam, Jammu Kashmir, Meghalya, Manipur, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, Uttarkhand.


Aggregate Turnover Includes:

 

  • Taxable Sales Value

  • Exempt Sales Value

  • Export of goods and States

  •  Interstate supplies by the business to its sister concern under the same PAN Number or Interstate Stock Transfer or supplies between the distinct Persons under the same PAN Number

However, The businesses who sells their products to another states and the businesses who sells Products on behalf of taxable persons (i.e., Agents, Brokers, etc..,) has to mandatory register Themselves even if the Aggregate Turnover is less than Prescribed Limit.


Practically Speaking any business which needs to expand them should register in gst irrespective of the aggregate Turnover


What are the Components Of Gst?


Gst has three components


1. CGST (Central Component)
2. SGST (State Component)
3. IGST ( Central and State Component)


IF Transaction happens within a state then CGST and SGST will be levied. For Example: If someone sells within a state (I.e., Hyderabad,Telangana) then CGST and SGST will be levied.


IF Transaction happens from One state to another state then IGST will be levied. For Example: If someone sells from one state to another state (i.e., Hyderabad, Telangana to Surat, Gujarat) then IGST will be levied.


What are the GST Tax Rates?


GST Taxrates are Broadly classified in:

  • Exemption: Items that are considered basic necessities are come under Exemption lIst

  • 5%Rate: Household necessities and life saving drugs are come under 5% Taxrate

  • 12 % Rate: Computers, Processed Food come under 12% Taxrate

  • 18% Rate: Hairoil,soaps, Capital goods and services come under 18% Taxrate

  • 28% Rate : Luxury Items

For more detail Taxrates Go to https://cbec-gst.gov.in/gst-goods-services-rates.html


What is Gst Returns?

According to Gst Law, A Taxpayer has the Option to file the gst return Monthly or Quaterly Basis according to the convenience.

 

The Taxpayer should file Two Returns (i.e., Gstr-1 and Gstr-3b) in which all the transactions like Sales, Purchases, Advances, Debit notes, Credit notes, HSNwise summary are included.

Due date to file the Gstr-1 is upto the 10th of next month

Due date to file the Gstr-3 is upto the 23rd of next month

What is the method to calculate GST?

Gst Amount= sales x Gst Rate – Input Tax Available as per Gstr2B- Input Tax Available on Fixed Asset for the current month

What is Input Tax Credit?

Input tax credit lets you to reduce your tax amount which you have already paid as a purchase

For Example: You pay some tax amount while Purchasing the product from the registered person and sell your product you too collect the tax, you can claim the tax amount which you have paid while you Purchase the product and Pay the balance amount to the gst department.

At the end consumer will bear all the taxes and businesses are not paying from their account.

What is GSTIN Number?

GST Number is a unique Identifiction number that is issued by the Gst Department who has registered in Gst law


Gst Number consist of 15 digits in which 2 digits are the state code, 10 digits are the users PAN Number,1 digit is for number of entities registered against to the PAN and remaing two are random numbers

What are the Documents Required for Gst Registration Online?

The list of documents are required for Gst Registration Online:

 

Proprietorship:

  • Pancard and aadhar card of the Proprietor

  • Photo of the Proprietor

  • Two address proofs of office/shop

LLP:

  •  PAN Card of LLP

  •  LLP Agreement

  •  Partners name and address proof

  •  Two address proofs of office/shop

Private Limited Company:

  • Certification of Incorporation

  • PAN Card of the Company

  • Memorandum of Association (MOA)

  • Articles of Association (AOA)

  • Identity and Address Proof of directors

  •  Digital Signature

  • Resolution signed by board members

What is the Process for GST Registration?

  • One of our Gst representative will collect all the soft copies of required document

  • After the Documentation within 5 Hrs ( Official Hours) or Max 24 Hrs. Our Representative will Provide you the Acknowledgement number (ARN)

  •  Within 7 Working days the gst registration application is processed and Gst Number will be issued by the Gst Department

  • Our Representative will share the GST Certificate to you by downloading it from gst prortal (i.e., www.gst.gov.in)

What is Composition Scheme?

This scheme is mainly focus on small businesses whose Aggregate Turnover Dosen’t Exceed 1.5 cr Annually.

In this scheme the business need not prepare proper books of accounts and he should declare the sales on quaterly basis and pay 1% of tax on sales quaterly. He is not able to setoff his Input Tax credit.

 

Due date to file Composition scheme is:

                                             Period                               Due date 

                                     

                                        January-March                   18th of April

         

                                         April – June                       18th of July

 

                                    July – September                  18th of October

                             

                                 October –December                18th of December

 

The Composition shall be opt while doing the gst registration or at the beginning of the financial year.

 

Who is not eligible for Composition Scheme?

  • Business whose Turnover Exceed 1.5 Cr

  • Non-Taxable Goods supplier

  • Businesses who sell their goods to another states (i.e., selling from Patna,Bihar to Lucknow, Uttarpradesh)

  • Manufacturer of notified goods

  • Businesses who sells their products through Online Platform

 

Why ATOZ Taxation for GST Registration?

  • Best Price

  • Honest Advice

  •  Filed all the documentations within Time

Sources: GST Act 2017

Frequently asked questions

What is the fees for GST Registration?


GST Registation can be done in www.gst.gov.in Portal for free. No charges should be paid to gst department for gst registration




What is TRN Number?


TRN also Known as Temporary Registration Number. It is generated after filling the basic details of the Taxpayer while doing the gst registration




What is ARN Number?


ARN Number is generation after filling the Registration form and Aadhar Authentication of the Taxpayer




Can I do Business Without Gst?


Yes you can do business without GST but should not exceed Aggregate Turnover of 40 Lakhs. In case of intra state supplies it is mandatory to register under gst




IS petrol, diesel should be covered under GST?


No, Alcohol, Diesel, Crude oil, Peltroleum, Narcotic Drugs are not covered under gst. This businesses are not eligible for registration




Can I Open Current Account without Gst Certificate?


Yes, you can Open Current Account on private banks without GST Certificate.