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GST Registration
GST Registration
All businesses registered under central excise, service tax or VAT are required to register under GST online. If you are a business entity that operates in more than one state in India, you are expected to register separately for every state under GST. Except the products that are considered as basic necessities, everything is taxed in our country. If you are a tax payer with a stable PAN with information pertinent to your income tax, you will be given a Provisional ID that will help you in getting your GST registration done. The registration process will not exceed 30 days from the date of application.
GST applies to all business ventures like Private Limited Company, Proprietorship, Limited Liability Company, Partnership firms or any type of startups in India. There are three categories in GST, one is Central (CGST), the other one is State (SGST). These two levy taxes for goods and services in every state. The third one is the tax levied when there is a trade between states, IGST (Integrated Goods and Services Tax). To register under GST, you will need a PAN card, a proof of your transactions in a verified bank account and a proof of the place in which your business is established, a proof of MOA, AOA, Certification of Incorporation. Each tax payer in our country will be assigned a Unique identification number called the GSTIN with which, transactions on taxes will be done.- You are required to register under GST if,
- You are a business entity that buys, sells, trades goods and makes a capital of over twenty-five lakhs in a year.
- You have a business running in India even if you are not a resident of the country.
- You are expected to deduct tax at source under GST act.
Remember, if you do not register under GST, you will be demanded to pay a 10% penalty failing which will further increase the due.
GST Registrations with the support and guidance of SV Consultant would be nothing short of a cake walk. There is a 24/7 support team indulging in serving your business purposes. So, avail the service at your earliest.
