Statutory Registration / GST Registration:

Statutory Registration

GST Registration:

GST was introduced on 1st July 2017; GST is an indirect tax with the aim of eliminating several indirect taxes in the country. GST stands for Goods and Services Tax that businesses in India are required to register once their turnover reaches a certain threshold. After a business has registered for GST, they can charge Input Tax Credits (ITC) for the taxes paid on business expenses. Further GST Registration also allows a business to comply with the GST rules and avoid fines and legal penalties that could have been imposed if they had failed to do so. A business that has registered for GST will be assigned a GST Unique Identification Number (GSTIN), GSTIN is a 15- digit unique identification number issued to all taxpayers (mainly dealers or suppliers of any business entity) which can be used for GST filing as well as for other compliance purposes.

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Why should a Business Register under GST?


  •   Legitimacy and credibility for business

  •   Ability to claim and collect Input Tax Credit (ITC)

  •   Regulations for unorganized sectors

  •   Various benefits on tax composition schemes

  •   Eligible for government schemes and benefits

  •   Simplified tax compilation


Who should Register under GST?


  •   Individual and business who were previously registered under pre-GST laws, such as VAT, excise and service tax must register for GST
  •   Businesses carrying out trading activities and having a turnover of more than Rs.40 lakh annually and Rs.10 lakh in North- Eastern or hilly regions
  •   Business providing services and having a turnover of more than Rs.20 lakh
  •   Individual who sell their products on e-commerce websites such as amazon, flipkart.
  •   E-commerce operators, TDS/TCS deductions
  •   Casual taxable persons, Non- Resident Casual taxable person
  •   Individual subject to reverse charge taxation


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