GST registration can be called as a goal based tax which can coordinate India into a solitary market that can be connected during the time of consumption of services and items by the end-client. The GST tax is like the VAT tax that applies to the products and services provided to the end-client. Additionally, GST tax collection law is made to guarantee the money related concerns of the organizations that have the expenses added to them and these exchanges are straightforward and uncomplicated. The VAT number holders must register themselves in order to receive the GST number. The approach of GST is set to displace different indirect taxes in a single law connected to different services and products by the central government and the state government.
In this way, on the off chance that you have not applied for the GST, then now you can apply and register for the GST number. This will formulate the exchanges for your business in various states and urban communities with one regular Taxation ID. There are diverse advantages of a GST registration for a business under the new GST scheme. The GST was levied and is said to be implemented since 1st July,2017.
Features of GST registration
CGST & SGST
GST has a central element (Central Goods and Services Tax or CGST) and a state element (State Goods and Services Tax or SGST). Hence the central and state Government would levy GST tax on all the entities concerned to the sales involving goods and services of a company. Transactions among different states will incline the Integrated Goods and Services Tax(IGST) which will be levied by the central government.
All the companies that do a business with a turnover of about Rs.20 lakh should register for the GST. The word “supply” shall take the turnover, stock-taking, discounts and freebies into consideration and serves as the keyword as well. In fact, the companies which supply non-taxable goods should also apply for GST registration. Business which trades with other states should register for GST despite of the turnover they yield.
Taxes subsumed by GST
The GST combines the Central Exercise Duty, VAT tax, Service tax, Customs duty, Central Sales tax, Cess, Octroi, Central surchange, Luxury tax, Purchase tax, Entertainment tax and a few other indirect tax. GST shall be levied on all services and goods including petrol and its products for GST registration eventually.
The GST council has been designed on a four-tier structure. The rate of the GST tax imposed will be dependent on the type of the service and products or goods. The current existing rates of GST are 5%, 12%, 18% and 28%. The GST for the gold is not yet decided but is expected to be the least among all the other goods and services.
GST registration for non-resident foreign tax payer
Goods and Services Tax or GST has been implemented and imposed on all trades in India from 1st July, 2017 and all the non-resident (i.e. a person who does not live in India) taxpayers are also expected to apply and acquire GST registration and file GST returns. According to the GST Act, “non-resident taxable person” is any person who rarely handles transactions involving supply of products or services or both, either as a principal or a representative or in an equivalent , but only for the person that does not have a fixed place of business or residence in India. The non-resident taxable people should assign a legitimate person in India to handle all the procedures of the GST registration.
Earnlogic is one of the leading company registration services platform in Bangalore, offering various services like GST registration, GST return filing, private limited company registration, one person company registration, LLP registration, copyright registration, patent registration trademark filing and registration. Earnlogic consultants can help foreign companies and NRIs with GST registration services starting from GST registration to GST return filing with the help of an appropriate GST accounting software. Ten to fifteen working days are required to obtain GST registration, according to the processing time of the government and the document submission of the client. One can also get a consultation on GST registration, GST accounting and GST return filing for free of cost with one of our legal advisor.
The non-resident taxpayers who are not Indian residents are required to obtain GST registration 5 days before starting the business in India. The GST registration application for a non-resident tax payer should be made with by an authorised agent in India. After filing the application, a transaction number will be provided and using that transaction number, the deposit of the GST should be made by the taxpayer to acquire GST registration in Bangalore or in any city within India.
Advantages of GST registration
- Only the person who has a GST number will be considered as an authorised supplier for goods and services.
- Appropriate accounting of taxes shall be levied on goods and services which are applicable to applicable to the B2C and B2B businesses of organizations.
- Authority to collect the tax from the buyers and can pass the right of collecting taxes to the goods and services given to the recipients or buyers.
- The government of India has provided an online service platform for the GST registration number.
Documents required for GST registration
- PAN Card of the company
- Proof and details of the business like any utility bills, electricity bill, telephone bill, rental agreement in the name of the company.
- A cancelled cheque from the bank account of the company along with the name MICR code, bank branch details, IFSC code and name of the account holder on it.
- Any proof of the constitution such as Memorandum of Association, Certification of Association and Article of Association etc.
- Authorized signature of the person who is the power of attorney, directors and co-owners of the company should provide their address proof.
- In the same way earnlogic is a company registration organization in Bangalore with a team of experts. The organization helps its customers with tax assessment documenting, enlistment of the business, enrolling and getting tax collection number, GST, different kinds of scholarly proprietorship assurance and then some.
- As an entrepreneur, you should take proficient help from the specialists of earnlogic and get your GST registration an aggressive edge over your rivals. earnlogic offers their administrations at sensible evaluating that is the best in the market.
- The organization has a group of working experts that are knowledgeable with the complexities of the GST law and the way toward applying the equivalent. At earnlogic we go for meeting the customer desires by giving complete administrations at the sensible sticker price with high benchmarks in administration and its quality.
For more details visit earnlogic.