GST Registration

GST Registration

We are involved in rendering GST Services in Dwarka to our most valued customers. Our services are extremely applauded in the market due to timely completion and consistency. These services are rendered employing the advanced techniques. Being a frontrunner in the industry, we are involved in providing our customers highly qualitative GST Registration Services.

GST refers to Goods and Services Tax which subsumes all taxes such as Sales tax, Service tax, Excise duty etc. into GST. GST Registration is mandatory for all entities involved in the buying or selling or providing of services in India.

The Goods and Service Tax is the biggest indirect tax reform which amalgamates all the other taxes into one single tax structure. Under GST Regime, the goods and services are now taxed under a single law being Goods and Service Tax Laws. The taxes are levied at a single rate. The collection is then bifurcated between both Central and State Government in name of CGST and SGST or IGST.

GST Registration - Eligibility, Process and Expert Help

GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalised. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.

As per the GST Council, entities in special category states with an annual turnover of Rs.10 lakhs and above would be required to register under GST. All other entities in rest of India would be required to register for GST if annual turnover exceeds Rs.20 lakhs. There are also various other criteria's, that could make an entity liable for obtaining GST registration - irrespective of annual sales turnover. Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST.

GST Registration Number is 15 Digit identification number which is allotted to each applicant. its a completely based on the Pan Number and State code. First two digit represent the state code and another 10 digit represent the Pan number of the client , one digit represent the entity code( Like ´╗┐proprietorship firm´╗┐ or partnership etc), one digit is blank and last one is represent check digit.

Benefits of GST Registration

GST Registration will give the following advantages to a taxpayer.

  • He is authorized to collect taxes from his customers and pass on the credit of the taxes paid to them.
  • He can claim Input Tax Credit of taxes paid to his suppliers and can utilize the same for payment of taxes due.
  • Seamless flow of Input Tax Credit from suppliers to recipients at the national level.