GST registration process and its steps in India
GST registration process and its steps in India:
GST registration (Goods Service Tax ) is an indirect tax is implemented through the government as a parliament act on April 2017. It is one of the main consumption taxes applicable for all the goods and service relating business held in India.
The supplying of goods and service relating business whose turnover exceeds the volume of 20 lakhs and Rs.10 lakhs particularly in the North eastern states need to apply for this GST registration. This GST registration incorporates with many indirect taxes in India.
Gst registration and its importance:
GST can replacing the tax burdens like Advertisement relating taxes, Central taxes and other value added taxes. Goods and service taxes which are not selling out side of the state will not gain the tax refund.
GST registration in online portal:
The scanning document like, PAN Card of the business or Individual is the primary one.
- Aadhar Card
- Incorporation certificate
- Other proof relating for business registration
- The investors address and ID proofs with their photocopy.
- Bank account details with cancelled cheque leaf.
- Authorization letter
- Digital signature all are the most needing documents in the time of GST registration.
The importance of GST registration:
Regular tax payers are in the compulsion to pay the GST filing. It is mandatory one for all the business company. GST registration is not basing on the profit and turnover of the business company. As a rule of government, penalty is collecting from the tax payers.
The minimal level of Rs.100/- is collecting as a penalty. Definitely, it will vary from business to business. This basic penalty will be rise up to Rs.5000/- . The last time of GST and GST filing will meet the heavy penalties along with this GST registration.
The taxing percentages on Goods Service Tax:
The collection of taxing percentages starts from 0% up to 28% is availing in this GST registration. Further this division extending in three levels of separation under the Intra-State Supply of Goods and Services are:
Divisions of GST:
CGST: Central Good Service Tax
SGST: State Goods Service Tax
Inter-State Supply of Goods and service imply with the name of IGST. It is applicable one for the state level business trading.
Intra-State supply of Goods and services must meet and pay both the central and state government tax in the combining way. Under the GST Act, Section 8 this formation is implementing till now. This taxation never exceeds the limit of 14% in each SGST and CGST.
So, GST registration is one of the inevitable things in the business world. This will be initial stage information on the GST process. The detailed description on the GST will be explain in step by step level in the upcoming blogs.
To ease the complexity, consult the experience guys in the field of Tax filing. Many the service providers are waiting to resolve the new tax filing through consultancy and GST filing. Solubilis one of the leading service providers are recommending for all your company registration to GST filing. Hope this blog will be helpful one.
Thanks for reading!!!