What is GST ?
Goods and Services Tax (“GST“) is the indirect tax levied in India and subsumes different taxes such as service tax, excise duty, VAT, entry tax and customs duty, into a single tax system. GST was introduced to reduce complexities and compliances of doing business for millions of small businesses in India.
FAQ GST Registration
How do I register for a GST number?
To get this, you need a valid mobile number (an India number), email address and PAN (Permanent Account Number) for the business. 1. Go to official GST website – https://www.gst.gov.in/and under the services tab, pick Services > Registration > New Registration . Follow the procedure as mentioned. ( Click here for GST Support )
When GST registration is mandatory?
In the GST Regime, the businesses whose turnover exceeds Rs. 40 lakhs* (Rs 20 lakhs for NE and hill states) is needed to register as a normal taxable person. This process of registration is called GST registration. For certain businesses,registration under GST is mandatory.
Is GST compulsory?
GST Registration is not compulsory if your business turnover is less than 40 lakhs per year (Rs 20 lakhs for NE and hill states) Rs However this turnover limit does not apply to certain businesses like e-commerce operators and others.
Is GST registration free?
Yes the GST Registration is free of cost. You can get registered under GST without paying any Government Fee. However, in some cases you have to digitally sign theGST application and the Digital Signature costs between 1000 to 1500. There is professional fee for consultant which varies.
What documents are required for GST registration?
- PAN Card of the Business and Applicant. GST registration requires the PAN (Permanent Account Number) of the business and authorized signatories/applicant (Directors / Partners / Proprietor).
- Valid Indian Phone Number and Email address.
- Proof of Place of business.
- Valid bank account number from India.
- Other details.
Who is eligible for GST composition scheme?
GST Composition Scheme. Composition Scheme is a simple and easy schemeunder GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore*
How much GST rate will apply to my business?
GST rate varies from nature of goods/services you are selling; it ranges from 0% to 28%. (To find out GST rate on your business download)