GST registration consultant in Kochi, Ernakulam

What is GST and its importance?

GST- which stands for Goods and service tax. It is the biggest tax reform in India. Many have the question of what is GST exactly? Let us see the advise from GST registration consultant

  • GST is mandatory, if a company doesn’t have GST then it has to pay hefty fines and penalties.
  • When a business is registered GST is the only tax he/she has to pay for their business.
  • The GST registration helps you to collect GST from your customers
  • GST Registration allows you to collect GST from your customers.
  • It is better not to go against the law, avail GST for your business today.

We as a GST registration consultant provide our service in a hassle-free manner. We have experience more than a decade and a trusted company that helped 3000+ businesses to avail GST. We are just a call away from you, it is as easy as getting money from the ATM.

Components of GST:

3 tax components were involved in GST:

  • CGST- It is a central component(Central Goods and Services Tax)
  • SGST -It is applicable when a transaction happens within a state(State Goods and Services Tax)
  • IGST- It is applicable when a transaction happens from one state to another(Integrated Goods and Services Tax )

Eligibility

Any Kind of business that is aggregating the below-mentioned turnover has the mandatory rule to have a GST registration.

Turnover Limit

According to the turnover limit, for service providers, it is Rs.20 lakhs and for the suppliers of the goods it is Rs.40 lakhs, expect some special category states have to register for GST mandatory.

Who needs GST

All the businesses who were involved in buying or selling products/goods/services. It is mandatory for them to register for GST.

  • Previous Law Converted Taxpayer 
  • Turnover for Goods Provider who crosses Rs. 40 lakh in a year 
  • Turnover for Service Provider who crosses Rs. 20 lakh in a year 
  • Casual Taxpayer 
  • Agents of Suppliers or Input Service Distributor (ISD) 
  • NRI Taxable Person 
  • Reverse Charge Mechanism (RCM) 
  • E-Commerce Portals & Sellers 
  • Having Online Portal Outside India 
  • Transferee 
  • Brands Name
  • Other Taxation 
  • Voluntary GST Registration – Any concern if they don’t meet any of the above criteria, they can even volunteer in getting GST
  • Inter-State Registration/ Operation
  • Branches – If a business has multiple branches or sets up branches in a different state, have to mention one as head office and remaining branches as an additional one.

Steps for GST Registration:

  1. Fill up the application form
  2. Documents required for verification
  3. Making a declaration along with the form and the documents
  4. After approval, you will get your GST

Benefits of GST Registration

  • Will be away from multiple taxes
  • Money saved
  • GDP increase
  • Ease of business
  • Tax Evasion reduction
  • Increased revenue
  • Increased employment
  • More Competitive product

Benefits of registering GST voluntarily

  • Can do interstate operations without any restrictions
  • Take Input Tax Credit
  • You can easily register on eCommerce website
  • Competitive advantage than any other business in your field
  • Good trustworthy
  • Increase your business growth

What is GSTIN?

  • GSTIN is a unique code allotted for each business when they register their concern for GST. This code consists of the 15-digit alphanumeric code. The government has ensured that the GST is digital in order to maintain a high level of transparency to minimize corruption.
  • As per the 2011 census the first 2 digits in the code represent the state.
  • Pan number of the entity is mentioned in the next 10 numbers
  • In all the code the 14 number would be Z by default
  • Whereas the 15 digits with be the Checksum digit, which automatically comes as the result of calculating all the other 14 digits.

Documents required for registering GST

The list of documents required for each business varies from one another, some of them were mentioned below, for all the category PANcard is a mandatory one:

  • Proprietorship-  address proof of proprietor

  • LLP – LLP Agreement, Partners’ names and address proof

  • Private Limited Company – Certificate of Incorporation, Articles of Association, Memorandum of Association, Resolution signed by board members, Identity & address proof of directors, Digital Signature.

For the address proof of the director either you can choose Passport/ Voter Identity Card/ Aadhar Card/ Ration Card/ Telephone or Electricity Bill/ Driving License/ Bank Account Statement.

Process on Government portal to register GST

Take a look at the below steps if you need to register for GST on the government portal, they should be done with more cautious and accuracy:

  • Check out the Government GST Portal for the registration button.
  • Fill the details asked in the registration form(Pan No. Email ID, Mobile No, and State in Part-A of Form GST REG-01)
  • You will get an OTP verification, then you will receive a temporary reference number on your mail and mobile
  • Then you have to fill the Part-B of Form GST REG-01. To be duly signed (by DSC or EVC) and all the required documents have to be uploaded specified according to your business category.
  • You will get an acknowledgment in the Form GST REG-02.
  • In case if any kind of information is pending from your side, then it should be sought from your side by intimidating you in the Form GST REG-03. For this step, it might be necessary for you to visit the department within 7 working days to clarify in the Form GST REG-04.
  • If they find out any errors then there might be a chance of your application rejection, which will be informed through the Form GST REG-05.
  • Once the verification process gets over, your application is approved in Form GST REG-06

If you are also interested to take any GST registration from Bangalore, please contact us here.