All that you need to know about GST (Goods and Service Tax)

Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

Registration under GST is state concern. As per Sec 22(1), every supplier shall be liable to be registered under GST, in the State or Union territory, from where he makes taxable supply of goods or services or both, if aggregate turnover in a F.Y exceeds 20 lakhs (Rs. 10 lakhs in case of special category states).Registration is obtained at a place from where goods or services are supplying, although GST is a ‘destination’ based tax. The location of Supplier is relevant for registration.

Where in case of inter-state supply of goods, registration is mandatory irrespective of threshold limit but in case of inter-state supply of services, turnover determines the registration.

Components of GST

CGST is central Goods & Services Tax Collected by the Central Government on an intra-state sale.

SGST is state Goods & Services Tax Collected by the State Government on an intra-state sale.

IGST is Integrated Goods & Services Tax Collected by the Central Government on an inter-state sale.

 

Benefits in GST Registration

Removing cascading effect

Online simplified procedure for registration

Lesser Compliances

Composition scheme for small business

Avail Input Credit on purchase of goods or services and

Hassle-free movement of goods for inter-state or import/export trade

 

Requirement
  • Photo of Promoter/Partner
  • PAN Card of owner/ directors/ partners
  • Aadhaar Card of owners/ directors/ partners
  • Address proof-Electricity Bill/ Telephone
  • Rent Agreement or Letter of Consent (NOC)
  • Bank statement/ Cancelled Cheque
  • Photo of Promoter/Partner
  • Nature of Business
  • Name of Authorized Signatory
  • Firm Trade Name
  • Constitutional Document (PAN Card/Partnership Deed/Certificate of Incorporation/Trust Deed)