KEY POINTS TO REMEMBER
- It is a value-added tax that replaces many Indirect Taxes, such as Excise Duty, VAT, and Service Tax etc.
-In India, GST is administered by the GST Council, which is composed of the Finance Ministers of the Central and State Governments.
-GST has several tax slabs, ranging from 0% to 28%, with some essential items which are taxed at a lower rate.
- It is important to note that failure to register for GST can result in penalties and legal consequences.
-A registered business must file monthly, quarterly, or annual GST returns, depending on the category and turnover of the business.
- Claim GST Input Which will reduce the Business Cost.
-In India, GST is administered by the GST Council, which is composed of the Finance Ministers of the Central and State Governments.
-GST has several tax slabs, ranging from 0% to 28%, with some essential items which are taxed at a lower rate.
- It is important to note that failure to register for GST can result in penalties and legal consequences.
-A registered business must file monthly, quarterly, or annual GST returns, depending on the category and turnover of the business.
- Claim GST Input Which will reduce the Business Cost.
GOODS AND SERVICE TAX
Know what is GST? and how registration took place?
What is GST?
GST is a multi-stage tax system which is comprehensive in nature and applied on the sale of goods and services. The main aim of this taxation system is to curb the cascading effect of other Indirect taxes and it is applicable throughout India.
How to Register under GST?
As per the GST law, every person (including company, LLP etc) has to register under GST if the total turnover from Sale of goods exceeds Rs.40 lakh (Rs.20 lakh in case of north eastern states) and in case of Services if turnover Exceed Rs.20 Lakh(Rs.10 lakh in case of North eastern States),then it is advised that you should go for GST registration.
# Collect all Documents: The First Step is to Collect all the Documents mentioning in the Documents required section along with DSC Preparation if required and then send us all in scan copy to us at info@tax2know.in. No hard copy of documents is required.
# Generate TRN No at GST Portal: Once all documents got verified by the Professional we need to Create profile of Assessee at GST Portal.Keep note while Generating TRN No.kindly mentioned correct Mobile No.& Email ID so that OTP can be fetch easily.
# Fill Complete Form for Registration: After being Generation of TRN No.one need to login at GST Portal using TRN No & OTP Verification.After Completion of Registration form we need to Submit the Form using DSC or AAdhar Authentication.
# Track ARN No:-After the application has been submitted, track the same using ARN No. and check if there is any resubmission. If there is any resubmission, then submit the application again after making the necessary corrections in filled application.
# Application Approved:-Once you resubmit the application, the GST officer will check the same. If he finds that application is correct, then he will approve the application and Unique GST No.will allocate.
# Password Reset:-GST department will send welcome Email on registered mail id along with Login Credentials which we need to Reset as soon as Possible and have to make own Login ID and Password.
Know the basics
Learn the basics about GST & its compliance
Documents required for GST Registration
For KYC of Individual/Company etc
- PAN Card
- Aadhar Card(Individual Assessee)
- Bank Statement(Last 3 Months)
- Passport Size Photo
- Authorization Letter or Board Resolution from Authorized Signatory
- Nature of Work with Description
- Digital Signature of Authorized Person(If available)
For Registered Office
- Ownership Proof (Electricity bill,Utility Bill etc)
- Rent Agreement (On Stamp Paper of Minimum 2% of Rent Amt)
- NOC (Format enclosed) Possession Type(Owned/Rented/Lease)
GST Registration Process
GST registration process is very simple with Tax2know.in. The whole procedure is completely online and one need not visit our office physically to get the GST registration.
# Step 1 - Arrange all required documents: The first step is to arrange all the documents and send the same over the email to us. We will check it and if everything is fine, will Proceed for Registration.
# Step 2 - Generate TRN No : After receiving the required documents ,we shall start your work.
# Step 3 - Preparation for Form Submission: Once TRN No will Generate,we will start to fill Registration form then at last we will Submit the Form using DSC or Aadhar Authentication.
