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GST Registration

GST Registration.

In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* ( this limited only for the person who deals in goods) (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. And 20 lacs who are dealing in services. This process of registration is called GST registration.

For some businesses, registration under GST is mandatory. If the organization running the business without registering under GST, they are liable to an offence under GST and levy heavy penalties.

GST registration usually takes between 3 working days. We’ll help you to register for GST in 3 easy steps.

*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019

Advantage of GST

  • GST remove the cascading effect of tax ( Levy tax on tax).
  • Higher threshold limit for registration( In VAT limit was 5/10 lacs but in GST 40/20/10 lacs.)
  • Composition scheme available for a small organization with a limit of 1.5Cr.
  • The simple and easy online process for GST registration and compliances.
  • Smooth compliances under GST for every type for organization
  • Coverage of all business. (earlier treatment of E-commerce operation was not defined).
  • Improved in logistic business.
  • An unorganized business is regulated in GST.

Dis-Advantage of GST

  • Compliance cost due to the implementation of GST (i.e purchased of  GST Software).
  • GST Complain (For Small Business same type of compliance for big business)
  • Enhance operational cost (Staff Training for GST implementation, etc).
  • GST Implement in the middle of the financial year.
  • GST Compliance in with modern approach less traditional approach.
  • Difficulties for SME.(Especially in the manufacturing industry for GST implementation.

Type of GST Registration

  1. For Taxpayer:-  In this categories person can take voluntary registration or Every ‘supplier’ shall be liable to be registered under the GST law in the State (or Union territory) from where he makes any taxable supply of goods or services or both if his
    aggregate turnover in a financial year exceeds the specified limit (Rs. 20 Lacs or Rs. 10 Lacs / Rs.40 lacs in case of persons dealing only in goods – refer Section 22 for details).
  2. For TDS Deductor:- A person who is liable to deducted Tds has to mandatory registration of TDS deductor under the GST Act, without any limit. There is no requirement of PAN. They can use their TAN issued under the Income-tax Act, 1961.
  3. For TCS Deductor ( E-Commerce):-  TCS has similar to TDS with distinctive features also. while TCS
    mean the tax which is collected by the e-commerce operator when a supplier supplies some goods or services
    through its portal and the payment for that supply is
    collected by the e-commerce operator.
  4. For GST Practitioner:- A GST practitioner or GSTP is a tax professional approved by the Central and State Governments to
    perform any or all of the following functions, on behalf of a taxable person. File an application for fresh registration. File an application for amendment or cancellation of registration, Furnish details of outward and inward supplies, Furnish monthly, quarterly, annual or final, GST returns, Make payments for credit into the electronic, cash ledger, i.e. payments for tax, interest, penalty, fees or any other amount, File a claim for refund, Appear as an authorized representative, before any officer of department, appellate, authority or appellate tribunal
  5. For Non-Resident Taxable Person:- “Non-resident taxable person” means any person who occasionally undertakes transactions involving the supply of goods or services or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India. ( Other than OIDAR services).
  6. For United Nations Body/Other Notified Person/Embassy::- Ministry of External Affairs (MEA) issued a letter to the entity with a unique number with date so that they can obtain registration from GST portal. And this number called UIN Unique identity number. UNB is not required to take registration state wise on there hand other notified person has to take registration every state wise.
  7. For Non-Resident online service provider:-  Service provided by a person in India from abroad through the use of the internet. ( OIDAR Services).

Type of GST Returns

  • GSTR-1:- GST returns to be furnished for the reporting of all outward supply of goods and services, credit/debit note, and advance received and adjustment of advance details. This is a monthly return for those who have turnover is more than 1.5 Cr. in the previous financial year than reaming assessee has quarterly returns.
  • GSTR-2A:- This return containing details of all inwards supplies goods and services revised to from a registered supplier during the tax period. This data is auto-populated base on data filed by a supplier.
  • GSTR-2:-  it is the same as GSTR-2A, unlike GSTR-2 can be editable. This return is suspended since the GST Act applicable.
  • GSTR-3:-  This return is auto-populated of the GSTR-1 & GSTR-2 return filed. This return is suspended since the GST Act applicable.
  • GSTR-3B:- Due to GSTR3 & GSTR2 return is suspended since GST applicable, the supplier can file GSTR-3B monthly on a self-declaration basis to ascertain the tax liabilities and taxes paid.
  • GSTR-4/CMP-08:-  This return is filed by a supplier who opts composition scheme under GST. This scheme is opted by a supplier if their turnover up to 1.5 Cr. and pay taxes at a fixed rate prescribed by Govt. on declared turnover.
  • GSTR-5:- This return is filed by a non-resident taxable person, who has a business transaction in India. This return contains all details of outward supplies made, inward supplies received, credit/debit note and tax liabilities, and taxes paid.
  • GSTR-6:- This return is filed by ISD. it will contain all detail of ITC received and the distribution of ITC by the Input Service Distributor (ISD).
  • GSTR-7:- This return is filed by a person who has required to deducted TDS under the GST Act.
  • GSTR-8:- This return is filed by an E-commerce operator

All about Proprietorship.

Proprietor

The sole ownership is the most established, least difficult, and most regular type of business entity. It is a business possessed by a person. For tax and legitimate liability purposes, the proprietor and the business are indeed the very same. The owner is not a different entity for taxation purposes. Note that the profit of the business is exhausted at the individual level, regardless of whether they are quite money. For risk purposes, the individual and the business are additionally indeed the very same. In this way, lawful inquirers can seek after the individual property of the owner and not just the advantages utilized in the business.

Maybe the best favorable position of this type of business is its effortlessness and ease. You are not required to document with the government, nor are any lawful sanction required. The sole ownership type of business has different favorable circumstances:

 

The proprietor or owner is in finished control of business choices and decisions.

The income generated through operations can be directed into the proprietor’s pocket or reinvested as he or she sees fit.

Profits flow directly to the proprietor’s personal tax return; they are not subject to the second level of taxation. In other words, profits from the business will not be taxed at the business level.

The business can be dissolved as easily and informally as it was begun.

These advantages account for the widespread adoption of the sole proprietorship in India. Any person who wants to set up shop and begin dealing with customers can get right to it, in most cases without the intervention of government bureaucrats or lawyers.

Disadvantages of the Sole Proprietorship:

This legal form of organization, however, has disadvantages:

The amount of capital available to the business is limited to the owner’s personal funds and whatever funds can be borrowed. This disadvantage limits the potential size of the business, no matter how attractive or popular its product or service

Sole owners have the boundless risk for all obligations and lawful decisions brought about over the span of the business. Along these lines, an item risk claim by a client won’t be made against the business but instead against the proprietor.

The business will most likely be unable to draw in high-bore workers whose objectives incorporate a portion of business ownership. Sharing the advantages of ownership, other than basic benefit-sharing, would require an adjustment in the legal form of the business.

Some employee benefits, such as the owner’s life, disability, and medical insurance premiums, may not be deductible or maybe only partially deductible from taxable income.

 

Is it necessary to register the Sole Proprietorship firm in India? : No registration is required for a sole proprietorship. You simply have to open a bank account with the name & style you want to work. But if you are liable for GST, then you have to obtain GST registration. Further, for a sole proprietorship, no separate income tax PAN is required. The PAN of the proprietor will be the PAN of the firm and the proprietor will have to file an income tax return in his personal name.

Basic

INR 1,500/-

One Time Fee

  • GST Registration
  • MSME Registration
  • Bank A/c.

Service Provide Within 7 Days

Standard

INR 11,999/-

One Time Fee

  • GST Registration
  • Shop & Establishment Registration
  • MSME Registration
  • Trade Mark Registration
  • Logo Design
  • Opening Bank A/c.

Service Provide Within 15 Days

Premium

INR 11,999/-

Yearly Fee

  • Yearly GST Compliances
  • Income Tax Return

Services Provided Before the Due Date

Frequently Asked Questions

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