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About GST Registration Services
As per the GST rules, every business/entity involved in buying and selling goods/services must apply for a GST number. It is mandatory to complete the goods and services tax registration if the turnover exceeds the threshold limit of Rs 40 lakhs for trading and manufacturing or 20 lakhs for service industry (Rs 10 lakhs for special category states - Arunachal Pradesh, Assam, Jammu & Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, and Uttarakhand). Further, if anyone wants to get registered voluntarily even if the turnover is less than the threshold, they can always choose to do so.
WHY CHOOSE SAR TAX BUDDY?
- Personal attention with customized support throughout the registration process.
- Value for money with maximum rebates and no hidden fees.
- Customer confidentiality regarding data protection and legal compliance.
- Superior customer support with 24/7 support and expert advice.
ADVANTAGES OF GST REGISTRATION
- Legal Recognition
Registering for GST gives you legal recognition as a supplier of goods/services and gives you permission to collect tax from your customers and pass on the tax amount paid on goods/services supplied to the recipient.
Benefits
- Eliminates cascading effects
GST has eliminated the cascading effects of taxes felt earlier and put an end to tax effect on goods and services.
Benefits
Transfer of input tax credit
Registered persons can transfer the credit of tax paid on the supply of goods and services to the purchaser.
Advantages
- Lower Compliance
In the tax system before the introduction of GST, businesses had to file various tax returns like VAT, excise duty, service tax etc. and faced compliance burden. As GST is a uniform and unified tax system, the number of returns has come down providing a much-needed relief to businesses. By bringing all indirect taxes under its purview, GST has succeeded in reducing the cost of goods and services.
Advantages
- Ease of obtaining bank loans
GST registration and filing acts as evidence of business activities and creates business performance. Based on this data, banks and NBFCs provide loans to businesses. Therefore, GST registration helps formalize your business and gain credibility.
Advantages of
- Composition Regime
GST Composition Regime has been introduced to provide tax relief and reduce hardship to small business owners (turnover less than 1 Cr). If you choose the Composition scheme, your company will be taxed at a fixed rate, with the added benefit of paying a fixed amount of tax and only having to file a tax return once every three months.
PENALTY FOR NOT OBTAINING GST REGISTRATION
If an eligible individual/business carries on business without registering to GST and paying taxes, it will be considered an offense under GST and penalties will be applied. In case the reason is genuine or unintended, the individual/entity is liable to pay 10% of the total tax amount. But this is applicable only if the burden of total tax is Rs. 1 Lakh or more. In other cases where this seems intentional, the individual/entity is liable to pay the whole due amount as penalty.
There could be other bad consequences arising which include raising a question of your trustworthiness in front of authorities in future, attracting frequent checks, or any other unwanted issues. That’s why it is always advisable to adhere to the GST rules.
GST Registration Documents List
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Category of persons
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Documents required for GST registration
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Sole proprietor / Individual
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PAN card of the owner
Aadhar card of the owner
Photograph of the owner (in JPEG format, maximum size – 100 KB) Bank account details* Address proof** Self-owned property : - Copy of electricity bill, landline bill, water bill, municipal
khata
copy, property tax receipt Rented property – Rent agreement and No objection certificate (NOC) from the owner of
the
rented property.
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Partnership firm/ LLP
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PAN card of all partners (including managing partner and authorized
signatory)
Copy of partnership deed Photograph of all partners and authorised signatories (in JPEG format, maximum size –
100
KB) Address proof of partners (Passport, driving license, Voters identity card, Aadhar card
etc.) Aadhar card of authorised signatory Proof of appointment of authorized signatory In the case of LLP, registration certificate / Board resolution of LLP Bank account details*
Address proof of principal place of business**
Self-owned property : - Copy of electricity bill, landline bill, water bill, municipal
khata
copy, property tax receipt Rented property – Rent agreement and No objection certificate (NOC) from the owner of
the
rented property.
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HUF
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PAN card of HUF PAN card and Aadhar card of Karta Photograph of the owner (in JPEG format, maximum size – 100 KB) Bank account details* Address proof of principal place of business** Self-owned property : - Copy of electricity bill, landline bill, water bill, municipal
khata
copy, property tax receipt Rented property – Rent agreement and No objection certificate (NOC) from the owner of
the
rented property
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Company (Public/ Private/ Indian/ foreign)
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PAN card of Company Certificate of incorporation given by Ministry of Corporate Affairs Memorandum of Association / Articles of Association PAN card and Aadhar card of authorized signatory. The authorised signatory must be an
Indian
even in case of foreign companies/branch registration PAN card and address proof of all directors of the Company Photograph of all directors and authorised signatory (in JPEG format, maximum size – 100
KB) Board resolution appointing authorised signatory / Any other proof of appointment of
authorised signatory (in JPEG format / PDF format, maximum size – 100 KB)
Bank account details* Address proof of principal place of business** Self-owned property : - Copy of electricity bill, landline bill, water bill, municipal
khata
copy, property tax receipt Rented property – Rent agreement and No objection certificate (NOC) from the owner of
the
rented property
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- Property tax receipt
- Municipal Khata copy
- Electricity bill copy
- Ownership deed/document (in the case of owned property)
- Lease / rent agreement (in case of leased / rented property) – To be submitted along with (1), (2) or (3)
- Consent letter / NOC from the owner (in case of consent arrangement or shared property) – To be submitted along with (1), (2) or (3)
WHAT IS GST RETURN
A GST return is a form that must be filed by every registered taxable person. Timely filing of GST
returns
will help in tax assessment by GST authorities. Also, the business owner should maintain records
systematically to further simplify her GST filing process.
While filing his GST return online, a business or taxpayer requests the following details for a
particular
period:
- Total Sales
- Total Purchases
- Output GST or GST Paid by Customer
Regardless of your corporate structure, staying compliant and completing all required filings on time is
critical for any business. It is important. There are several types of GST filings, each with its own
specific form, each with different purposes and deadlines. Taxpayers should also note that they do not
need
to submit all forms, but only those that apply.
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Return Form
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Description
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Frequency
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Due Date
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GSTR-1
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Statement of Outward Supplies made
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Monthly
Quarterly (If opted under the QRMP scheme)
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11th of the next month
13th of the month succeeding the quarter
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GSTR-2 (suspended)
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Statement of inward supplies made
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Monthly
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GSTR-2A
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Read only documents for the recipients, to verify the details uploaded by the seller in GSTR
1
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Monthly
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15th of the next month
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GSTR 3 (suspended)
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Auto populated document based on the details found in GSTR 1, GSTR 2 and tax liability of any
preceeding period
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GSTR-3B
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Inward and Outward supply summary
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Monthly
Quarterly
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20th of the next month from the month of January 2021 onwards
22nd or 24th of the month next to the quarter
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GSTR-4
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Quarterly return for composition traders.
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Annually
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30th of the month succeeding a financial year.
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GSTR-5
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Monthly return for Non-Resident taxable people.
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Annually
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20th of the next month
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GSTR-6
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Monthly return for Input Tax Distributor
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Annually
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13th of the next month
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GSTR-7
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Monthly Return for Tax Deductor.
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Annually
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10th of next month
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GSTR-8
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Monthly return for E-Commerce Operators.
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Annually
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10th of next month
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GSTR-9
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Annual GST Return
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Annually
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31st December of next financial year.
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GSTR-9A (suspended)
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Annual Return for Composition Scheme taxpayer
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Annually until FY 2017-18 and FY 2018-19
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GSTR-9B
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To be filed by E-Commerce operator
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Annually
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31st December following the financial year end.
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GSTR-9C
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Reconciliation Statement
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Annually
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31st December following the financial year end.
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GSTR-10
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Final GST return
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Once, when GST registration is canceled or surrendered.
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Within 3 months of the date of cancellation or date of cancellation order, whichever is
later.
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GSTR-11
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GST Return for UID holders
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Monthly
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28th of the next month in which the inward supplies are received.
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CMP 08
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18th of the month succeeding the quarter.
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