GST Registration

GST Registration:

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The Goods and Services Tax (GST) is an indirect tax paid on goods and services in India. The Goods and Services Tax (GST), implemented on July 1, 2017, applies to all Indian service providers (including freelancers), merchants, and manufacturers. Several central taxes, including Service Tax, Excise Duty, CST, and state taxes, such as Entertainment Tax, Luxury Tax, Octroi, and VAT, have been consolidated into a single tax, GST, which went into effect on July 1, 2017. GST will be levied at every stage of the supply chain, with full set-off advantages available. The GST Registration / Filing is an online procedure and requires no physical interaction.

Every product reaches through several supply chain steps, including sourcing raw materials, manufacturing, selling to a wholesaler, selling to a retailer, and finally selling to the customer. Surprisingly, all three phases would be subject to GST.

Every GST-registered taxpayer is required to file GST returns. The Government uses these returns to assess its tax liability. GST is a developing taxation system, and the Government is constantly modifying the laws and regulations surrounding it. As a result, it is critical to keep current to submit your returns appropriately.

The businesses registered under GST have to file returns monthly, quarterly and annually based on the category of business through the Government of India's GST portal. They have to provide the details of the sales and purchases of goods and services and the tax collected and paid. Small taxpayers who have opted for a composition scheme will file quarterly returns.

Threshold Limit for Registration:

GST registration is required for all business entities based on their turnover or activity. Businesses that sell goods and provide services must register for GST Registration if their aggregate turnover for the fiscal year exceeds Rs.40 Lakhs and Rs.20 Lakhs subject to their state regulations, respectively. However, in the North-Eastern States, the same is Rs. 20 lakhs and Rs. 10 lakhs for businesses manufacturing supplies and offering services. In the state of Telangana, the limit for registration of GST is 20 lakhs only.

The period for applying for GST Registration is within 30 days of becoming liable to obtain GST registration.

 GST Registration requires a lot of documentation and many steps of regulations and rules to adhere to as it’s a tedious procedure; TAX BARR will complete all your GST registrations as swiftly as possible.    

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