GST Registration in Chennai

After July 2017, the requirement to obey Goods and Services Tax norms became stricter. GST is a combination of federal taxes such as service tax, excise duty, and other similar taxes, as well as state taxes such as entertainment tax, luxury tax, and value added tax. It is imposed on goods and services from the point of purchase to the point of sale. This is entirely an online procedure.

Apart from the central and state taxes, GST has a third component. The Integrated Goods and Services Tax is a tax that is collected on interstate supplies (IGST). The Composition Scheme is available to companies with annual revenues exceeding 1.5 crore. The strategy allows the company to avoid GST requirements and offer a set rate of payment after a particular amount has been reached.

 

Input Tax Credit

It is one of the terms you should know. If the tax was settled at the purchase, the payer is eligible for a tax discount at the output payment.

 

GSTIN

Every GST taxpayer is given a 15-digit code number. This keeps you informed about the status of your tax payment. Another advantage of having the number is having easy access to the gateway while making payments.

 

GSTN

GST Network is what it is. This is a site where tax payers can connect, exchange information about taxes, and learn about available solutions. The personnel can also assist with payments, filing paperwork connected to the GST Registration process in Chennai, and modifying returns.

 

GST Returns

Regular auditing of GST returns requires the filing of salary details. In Chennai, GST returns can be filed twice a month and once a year. This is likewise an online process that necessitates the inclusion of all purchase, tax, output, sales, and Input Tax Credit information.

 

GST Tax Rate

The tax rate is determined by the type of products and services purchased and sold. The rates are available on the government's GST website.

 

 

Who is eligible to register for GST?

• If you run a business that deals with buying, selling, or both, you must register for GST.
• For operations involving the supply of services, you receive a turnover of at least 20 lakh.
• For operations involving the supply of commodities, you receive a turnover of at least 40 lakh rupees.
• If your company deals with interstate supply.
• If your annual revenue is less than $20 lakh, you don't have to register. If such merchants want to be legally recognized as suppliers, it is still desirable.

 

 

GST Registration Documents

Proofs of PAN and address are basic criteria for any business. A Private Limited Company, on the other hand, requires an Incorporation Certificate, a Memorandum of Association, an Agreement of Association, a Declaration of Support, and an agreement signed by the members of the board of directors. The LLP agreement must be signed by all partners of a Limited Liability Partnership company. Only an address proof and the owner's PAN are required for GST registration for a proprietorship company in Chennai.

GST registration fees in Chennai may surprise you, however they are completely free. Please contact SV Consultant for more information about the registration procedure, output, and perks. Assist us in making your goals and business a reality.