gst registration consultants in karol bagh

 GST Registration in Karol Bagh: Goods and Services Tax or GST is a simplified tax payment system that emerged on July 1, 2017. It is levied on everyone who is dealing with the supply of goods and services across the country. It has been emerged to bring uniformity in the indirect tax structure by replacing all taxes which is existed before the introduction of GST such as service tax, excise duty, etc. In the shot, GST has the concept "One Nation One Tax."

For every goods and product, everyone has to pay the tax and the main fundamental one is the goods and services tax (GST), this is the process of collecting the tax on behalf of the government.GST was established as one nation – one tax by the government.GST registration will provide as the main fundamental branch for every variety of the tax line such as Central Excise, service tax, and luxury tax, etc…Only after registering under GST anyone can claim for the credit of the tax paid.

GST reduces the number of indirect taxes which has to be paid. For registered retailers, there will be no hidden tax to be paid other than the GST. It is levied on every goods and service sold for domestic consumption. Even though GST is paid by the consumers it is given to the government by the business of selling goods and services.

GST reduces the complications in the tax payment and the tax administrators also make a unique tax payment system for every business domain in our nation. Since GST is a unique tax system competition among the states for the tax and revenue will be reduced at a high rate. GST mainly aims to make a simplified and single tax system. The establishment of the GST increases the efficiency in the business and reduces every unnecessary tax.

GST not only simplifies the tax system but also increases the revenue and reduces the tax outflow from the competing stream of the consumers and the exporters.GST increases the growth of our nation and replaces every indirect tax on goods and services which is provided by the state and the central.

WHO NEEDS GST REGISTRATION

• Business operators registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
• Businesses with turnover above the government provided threshold limit i.e Rs 40 Lakhs as well as Rs. 20 Lakhs for some North-Eastern States.
• Occasional taxable person/ Non-Resident taxable person
• Supplier of goods and services as well as service distributor
• Individuals who paying tax under the reverse charge mechanism
• Person who supplies goods and services through e-commerce platform
• Every e-commerce platform providers

BENEFITS OF GST REGISTRATION

• GST Registration eliminates the cascading effect of tax
• Higher threshold limit for GST registration
• Composition scheme for small business entrepreneurs
• Simple and easy online procedure for registration
• Reduced number of compliances
• Defined treatment for E-commerce platform operators

TYPES OF GST

• Central Goods and Services Tax (CGST) - Collected by the Central Government
• State Goods and Services Tax (SGST) - Collected by State Government
• Union Territory Goods and Services Tax (UTGST) - Collected by the Central Government
• Integrated Goods and Services Tax (IGST) – Collected by the Central Government

KEY FEATURES OF GST

• Include 17 different taxes implemented by central and states level
• One tax rate across the nation
• Tax for every goods and services without differentiation
• Tax based on the consumption of goods and services

GST REGISTRATION PROCESS

IDENTIFYING NATURE OF BUSINESS

Once we receive the information about the GST registration, our expertise identifies the nature of business suitable for the clients such as traders, manufacturers, e-commerce, distributors, service providers, food businesses operators, marketers etc.

SELECTION OF TYPE OF GST

As per the requirements of our valuable client ,our expertise team will select the appropriate type of GST registration for their business.

DOCUMENTATION

After collecting all required information from the client, we will proceed for the documentation part of GST registration depends upon the nature and size of the business.

CREATING LOGIN ID AND PASSWORD

Once we collected all the information and documents, our filing team will create separate login id and password for the application.

FILING APPLICATION

Our team will make login to the GST registration portal for filing application and submitting legal documents as per the norms of GST registration in India.

GRANTING OF GST REGISTRATION

This is the final stage of GST registration process, after verifying all the above provided information and documents, the concerned authority officer in charge grant the GST registration.