https://www.easy-gst.in/Benefits of Using the GST Software for Business You Must Know About
https://www.easy-gst.in/Benefits of Using the GST Software for Business You Must Know About
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GST Registration Online With setupfilings
GST is that the product of the most important tax reform in India which has tremendously improved simple doing business and increasing the taxpayer base in India by including many small businesses. Tax complexities would be reduced thanks to the abolishing and subsuming of multiple taxes into one , simple system.
The new GST regime mandates that each one entities involved in buying or selling goods or providing services or both are required to register and acquire GSTIN. Registration is mandatory once the entity crosses a minimum threshold turnover or when a private starts a replacement business that's expected to cross the prescribed turnover.
Businesses are required to register for GST if they fall under one among the subsequent criteria.
Any service provider who provides a service value of quite Rs. 20 Lakhs aggregate during a year is required to get GST registration. within the special category states, this limit is Rs. 10 lakhs. Any entity engaged within the exclusive supply of products whose aggregate turnover crosses Rs.40 lakhs is required to get GST registration.
An entity shall register for GST if they provide goods inter state, i.e., from one state to a different regardless of their aggregate turnover. Inter state service providers got to obtain GST registration as long as their annual turnover exceeds Rs. 20 lakhs. (In special category states, this limit is Rs. 10 lakhs).
Any individual supplying goods or services through an e-commerce platform shall apply for GST registration. The individual shall register regardless of the turnover. Hence, sellers on Flipkart, Amazon and other e-commerce platforms must obtain registration to commence activity.
Casual taxable persons
Any individual undertaking supply of products , services seasonally or intermittently through a short lived stall or shop must apply for GST. The individual shall apply regardless of the annual aggregate turnover.
Any entity can obtain GST registration voluntarily. Earlier, any entity who obtained GST voluntarily couldn't surrender the registration for up to a year. However, after revisions, voluntary GST registration are often surrendered by the applicant at any time.
The types of GST registration varies counting on the type of business undertaken and therefore the supply location of products or services.
This category applies to taxpayers operating a business in India. Taxpayers registering under the traditional scheme don't require a deposit and also are given unlimited validity date.
Non-resident taxable person
The category applies to individuals located outside of India. The taxpayers should supply goods or services to residents in India. The registration remains active for a period of three months.
Casual taxable person
Any taxpayer establishing a stall or a seasonal shop has got to register under the casual taxable person scheme. To register as an off-the-cuff taxable person, the taxpayer shall pay a deposit adequate to the quantity of GST liability. The registration remains active for a period of three months.
An entity should enrol under the GST composition scheme to register as a composition taxpayer. Any taxpayer whose turnover is a smaller amount than rs. 1.5 Crore can avail this facility. Entities enrolled under this scheme pays a flat GST rate. However, they're going to not be allowed to say input decrease .
The following documents must be submitted by regular taxpayers applying for GST registration.
• 1 PAN card of the business
GST registration is linked to the PAN of the business. Hence, PAN must be obtained for the legal entity before applying for GST Registration.
• 2 Identity proof along side photographs
PAN, passport, driver's license , aadhar card or voter’s card are often submitted as identity proof. Photographs of the promoters/ proprietors also got to be submitted.
• 3 Address proof of promoter
Documents like passport, driver's license , aadhaar card, voters card and card are often submitted as address proof.
• 4 Business registration document
Proof of business registration must be submitted for all kinds of entities. there's no requirement of submitting this document for a proprietorship because the proprietor and therefore the entity are essentially considered an equivalent . just in case of a partnership firm, the partnership deed must be submitted. just in case of LLP or Company, the incorporation certificate from MCA must be submitted. the opposite sorts of entities like society, trust, club, department or body of people must provide the registration certificate.
•5 Business location proof
Address proof must be provided for all places of companies mentioned within the GST registration application. the subsequent documents are acceptable as address proof for GST registration.
· Own property- Any document in support of the ownership of the premises just like the latest land tax receipt or the municipal khata copy or copy of the electricity bill.
· Rented or leased property- a replica of a legitimate rental agreement with any document in support of the ownership of the premises of the lessor just like the latest land tax receipt or the municipal khata copy or copy of the electricity bill. If the rental agreement or lease deed isn't available, then an affidavit thereto effect along side any document in support of the possession of the premises like copy of electricity bill is suitable .
· SEZ premises- If the principal place of business is found in an SEZ or the applicant is an SEZ developer, necessary documents/certificates issued by the govt of India are required to be uploaded.
· All other cases- a replica of the consent letter of the owner of the premises with any document in support of the ownership of the premises of the consenter just like the municipal khata copy or the electricity bill copy. an equivalent documents are often uploaded for shared property also .
• 6 Bank account proof
Scanned copy of the primary page of bank passbook or the relevant page of statement or scanned copy of a cancelled cheque containing name of the proprietor or business entity, checking account no., MICR, IFSC and branch details including code must be uploaded.
Documents Required for GST Registration
All persons classified as taxable person under GST are required to get GST registration and start filing GST monthly returns from the month of September 2017. during this article, we glance at the list of documents required for GST registration in India.
Who Should Obtain GST Registration?
Any persons or entity providing a taxable supply of products or services to persons in India with an annual aggregate turnover of quite Rs.20 lakh must obtain GST registration. In some special category states like Assam, Nagaland, Manipur and North-Eastern state, the mixture turnover criteria reduced to Rs.10 lakh. aside from the mixture turnover criteria, an individual may obtain GST registration, if they undertake inter-state supply of products or services or an existing VAT or service tax or central excise registration.
PAN Card of the Business or Applicant
All the regular taxpayer shall submit the subsequent documents when applying for GST registration. The taxpayer shall provide the small print of the PAN when registering for GST; hence, all the companies linked PAN for taxation and legal purposes.
Identity and Address Proof along side Photographs
The following persons shall submit their identity proof and address proof along side photographs. For identity proof, documents like PAN, passport, driver's license , Aadhaar card or voters card are often submitted. For address proof, documents like passport, driver's license , Aadhaar card, voters card and card are often submitted.
• Proprietary Concern – Proprietor
• Partnership Firm or LLP – Managing, Authorized, Designated Partners (Should submit the private details of all partners along side photos of ten Managing Partners)
• Hindu Undivided Family – Karta
• Company – director , Directors and therefore the Authorized Person
• Trust – Managing Trustee, Trustees and Authorized Person
• Association of Persons or Body of people –Members of Managing Committee (personal details of all members are to be submitted, but photos of only ten members including that of Chairman are to be submitted)
• Local Authority – CEO or his equivalent
• Statutory Body – CEO or his equivalent
• Others – Person(s) responsible
Business Registration Document
For registration, the individuals should submit the proof of business for all kinds of entities. For proprietorships, there's no requirement for submitting this document, because the proprietor and proprietorship are considered an equivalent legal entity.
However, within the case of a partnership firm, the taxpayer shall submit the partnership deed. within the case of LLP or Company, the incorporation certificate from MCA must be submitted. For other sorts of entities like society, trust, club, department or body of people , registration certificate are often provided.
Address Proof for Place of Business
The concerned individual shall provide the address proof for all the places of business mentioned for GST registration. the subsequent documents are acceptable as address proof for GST registration.
For Own premises
Any document in support of the ownership of the premises just like the latest land tax receipt or Municipal Khata copy or copy of Electricity Bill.
For Rented or Leased Premises
A copy of the valid rental agreement with any document in support of the ownership of the premises of the Lessor like Latest land tax Receipt or Municipal Khata copy or copy of Electricity Bill. If a rental agreement or lease deed isn't available, then an affidavit thereto effect along side any document in support of the possession of the premises like copy of an electricity bill is suitable .
If the applicant operates his/her’s principal business in an SEZ or the applicant registered as an SEZ, the applicant shall upload all the specified documents as provided by the govt .
All Other Cases
For all other cases, a replica of the consent letter of the owner of the premises with any document in support of the ownership of the premises of the Consenter like Municipal Khata copy or Electricity Bill copy. For shared properties also, an equivalent documents are often uploaded.
Bank Account Proof
Scanned copy of the primary page of bank passbook or the relevant page of statement or scanned copy of a cancelled cheque containing the name of the Proprietor or Business entity, checking account No., MICR, IFSC and Branch details including code.
All application for GST registration must be digitally signed with a category 2 Digital Signature. Hence, it's important that the digital signature is obtained for the subsequent one that is permitted to sign the GST registration application before beginning the appliance process. (Know more about Digital Signature Requirement for GST)
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For example, Some states where a vast majority of the business is informal, GST Suvidha Kendra is an ideal channel for businesses to file returns as their returns would be processed and calculated in much faster time.