GST Registration in Tamil Nadu
The need to follow Goods and Services Tax guidelines became stringent after July 2017. GST is nothing but an amalgamation of taxes like Service tax, Excise duty and the like from the Central and Entertainment tax, luxury tax and Value Added tax from the state governments respectively. It is levied on products and services right from purchase and manufacture to the end sales. This is a purely online process.
There is a third component of GST other than the Central and State taxes. The tax that is collected on supplies between the states (Interstate) is called as the Integrated Goods and Services Tax (IGST). If the annual revenue of the company exceeds 1.5 Crore, it is eligible to avail the Composition Scheme. The scheme makes it possible for the concerned firm to skip GST formalities and offer a fixed rate of payment after a certain amount.
Terms you have to be familiar with
Input Tax Credit
If the payer has made a settlement of the tax while purchasing, he can avail the reduction of tax at the output payment.
GSTIN
It is a 15 -digit code number offered to every GST payer. This helps to get updated with the status of tax payment. Easy access to the portal while making payments is another perk of possessing the number.
GSTN
It is nothing but GST Network. This is a connection platform where the tax payers get to interact, seek information regarding the taxes and availability of options. The staff also help in paying, filing forms related to GST Registration process in Tamil Nadu and even amending returns.
GST Return
Filing of remuneration details is necessary to be audited regularly. GST return filing in Tamil Nadu can be done twice on a monthly basis and once on a yearly basis. This is also an online process that requires all the purchases, tax, output, sales and Input Tax Credit details to be included.
GST tax rate
The rate of tax payment varies according to the goods and services purchased and sold. The rates can be found in the government GST portal.
Who is Eligible for a GST Registration?
GST registration is applicable if
You run any type of business that deals with buying or selling or both.
You receive a turnover of 20 lakh and more for operations dealing with supply of services.
You receive a turnover of 40 lakh and more for operations dealing with supply of goods.
If your firm engages in inter -state supplies.
Ecommerce sellers need not register if their turnover is less than 20 lakh per annum. It is still beneficial if such sellers want to get identified legally as suppliers.
Documents required for GST Registration in Tamil Nadu
PAN and Address proofs are common requirements for any type of company. On the other hand, a Private limited Company needs Incorporation Certificate, MoA, AoA, DSC, agreement signed between the members of the board and directors. A Limited Liability Partnership company requires the LLP agreement signed between the partners. GST registration for proprietorship Company does not need anything other than Address proof and PAN of the owner.
GST registration fees in Tamil Nadu might come as a surprise but it is absolutely free. To know more about the process, output and benefits of registering, do not hesitate to contact SV Consultant. Help us make your dreams and business better and bigger.
