GST (Goods and Services Tax)
NIL Return
GST Defaults/ Scrutiny Clearance
GST Cancellation & Refund
Effective Date: 01.07.2017
Implemented by 101th Constitutional Amendment Act 2016
Replacing all existing Taxes (except petroleum products, alcoholic drinks, and electricity )
Major Tax Slabs for collection of tax: 0%, 5%, 12%, 18% and 28%..
Services Offered
Apply for Online GST Registration
GST Registration
GST registration is a mandatory requirement for businesses in India. The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services. It is important for businesses with an annual turnover exceeding a certain threshold to register for GST. The registration process involves submitting various documents and information to the tax authorities. Once registered, businesses receive a unique GST identification number, which they must mention on all their invoices and tax returns. GST registration not only allows businesses to legally operate in the Indian market but also enables them to avail of input tax credits on the taxes paid on their purchases. It is crucial for businesses to comply with GST regulations to avoid penalties and legal consequences.
Types of GST Registration:
1. Compulsory Registration:
Under certain situations, the dealer must take Compulsory Registration under GST irrespective of the turnover. For eg: inter-state sales of taxable goods, e-commerce operator, e-commerce seller, etc
Regular Registration:
There are three types of GST registration in India. The first type is called regular registration, which is mandatory for businesses with an annual turnover exceeding a certain threshold.
Casual Taxpayer Registration:
The third type is called casual taxable person registration, which is applicable to individuals or businesses that occasionally supply goods or services in a different state or union territory where they do not have a fixed place of business. It is important for businesses to understand the different types of GST registration and choose the one that best suits their needs.
2. Voluntary Registration:
A business that does not need to apply for compulsory registration can apply for registration on a voluntary basis. It is called Voluntary Registration under GST.
3. Composition Scheme Registration:
The another type is called composition scheme registration, which is available for small businesses with a turnover below a specified limit. Under this scheme, businesses pay a fixed percentage of their turnover as GST and are not required to maintain detailed records.
If the aggregate turnover exceeds the prescribed threshold limit of Rs.40 lacs (Rs.20 lacs for special category states) for goods or Rs.20 lacs (Rs.10 lacs for special category states) but is less than Rs.1.5 Cr (Rs.75 lacs for special category states), the dealer can register under Composition Scheme. In case of services, if the aggregate turnover exceeds Rs.20 lacs (Rs.10 lacs for special category states) but it is less than Rs.50 lacs, the dealer can register under the Composition Scheme. Under this scheme, the taxpayer should pay GST at a fixed rate on turnover and the compliance is lesser than in case of normal registration.
4. No Registration:
The following category of persons do not require GST Registration:
The business for which aggregate turnover during the financial year does not exceed Rs.40 lacs for goods (Rs.20 lacs for special category states) or Rs.20 lacs for services (Rs.10 lacs for special category states).
The business that does not fall under the provisions of compulsory registration.
Persons selling goods or services that are exempt under GST or not covered under GST.
Agriculturists for the supply of crops produced from the cultivation of land.
GST Returns:
India has implemented the Goods and Services Tax (GST) system, which requires various types of GST returns to be filed. These returns are known as GSTR forms. There are several types of GSTR forms, each serving a specific purpose. GSTR-1 is used to report outward supplies made by registered taxpayers. GSTR-2 is for recording inward supplies, which include purchases made by registered individuals or businesses. GSTR-3 is a comprehensive return that combines the information from GSTR-1 and GSTR-2, along with the tax liability calculation. GSTR-4 is specifically designed for taxpayers who have opted for the Composition Scheme. GSTR-5 is applicable for non-resident taxable persons, while GSTR-6 is for Input Service Distributors. GSTR-7 is filed by taxpayers who are required to deduct tax at source, and GSTR-8 is for e-commerce operators. These different types of GST returns ensure transparent and efficient tax compliance in India.
The Goods and Services Tax form GSTR 9 is an important document that needs to be filed by registered taxpayers in India. The GSTR 9 is an annual return which includes information such as the amount of tax paid, input tax credit availed, and any additional liabilities. Filing GSTR 9 is crucial for maintaining accurate and transparent records of business transactions and ensuring compliance with the GST laws. It is advisable for taxpayers to seek professional assistance to accurately complete and file the GSTR 9 form to avoid any penalties or legal repercussions.
Important Forms
GSTR-1: Report Outwards
GSTR-2: Recording inward Supply
GSTR-3: Combination of GSTR-1 and GSTR-2
GSTR-4: Composition Scheme Return
GSTR-5: For non-resident taxable persons
GSTR-6: For Input Service Distributors
GSTR-7: Tax deducted at source is required
GSTR-8: For E-Commerce Operators
GSTR-9: Annual Return
eWay Bill Generation
The Goods and Services Tax (GST) eway bill is a document required for the movement of goods worth more than Rs. 50,000 within India. It is an electronically generated bill that contains details such as the name of the consignor, consignee, and the goods being transported. The main objective of the GST eway bill is to ensure seamless transportation of goods and prevent tax evasion. It is mandatory for registered businesses to generate an eway bill before the movement of goods, whether by road, air, or rail. The bill can be generated online through the GST portal or through SMS. It is important for businesses to comply with the GST eway bill regulations to avoid penalties and legal consequences.
