If you own a business or planning to start a new one, you need to get the GST number registered.You can apply anytime with Taxfillingindia for your GST number whether you are based in Mumbai, Delhi, Ahmedabad, Bangalore, Chennai, or anywhere in India.
GST Registration Consultant in Hyderabad
GST is a destination based tax on consumption of goods and services. Only value addition will be taxed and burden of tax is to be paid by the final consumer. GST Registration is mandatory for every business engaged in providing services or supply of goods, where the turnover exceeds Rs. 40 Lac. A person needs to have PAN (Permanent Account Number) to register under Goods and Service Tax.
The GST number is linked to the PAN of the taxable person. Government also mandated Aadhaar card for GST registration. If the applicant opts for Aadhaar authentication for his GST registration then the applicant will get his/her GST registration in just three days. A person can also take more than one GSTIN in one state/union territory for multiple business verticals within a State or Union territory.
The Central Government will grant a 15 Digit Aplha Numeric PAN Based Unique Code called as GSTIN (Goods and Service Tax Identification Number) to every GST registered Applicant. The GST Act provides that if the taxable person fails to register under GST, he/she shall be liable to pay a fine of Rs. 10,000 or an amount equivalent to the tax evaded, whichever is more. GST Registration can be completed online through the GST Portal and can be a bit tedious. Our TaxfillingIndia team will guide with smooth approval Process.
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Ā – There are 3 types of GST as of now
– CGST: Central Goods and Services Tax, which is collected by the Center.
– SGST: State Goods and Services Tax, which is collected by the States.
– IGST: Integrated Goods and Services Tax, which is collected by the Center.
Composition Scheme is applicable to small businesses whose turnover is up to INR 1.50 Crore. This means that these businesses do not have to charge and pay regular tax rates.
Applies to all Indian service providers (including freelancers), traders and manufacturers
A normal taxpayer is required to discharge tax liability at the time of filing GSTR 3. The current due date for filing GSTR 3 is 20th of succeeding month.
e-Invoicing, also known as “electronic invoicing,” is a method in which GSTN authenticates B2B invoices digitally before allowing them to be used on the standard GST portal. From October 1, 2020, all businesses with a turnover of more than Rs.500 crore in each of the previous financial years from 2017-18 to 2019-20 are required to use e-invoicing.
Yes, you can use co-working space or virtual office as a place of business. You need to provide co-working agreement or consent letter as address proof in such cases
GSTR-1 is a monthly or quarterly return (based on taxpayerās annual turnover) that should be filed by every registered dealer.
You pay a late fee of Rs. 100 for every day of delay after the due date to a maximum of five thousand Rupees. Refusal to file attracts a penalty ranging from 10% of the tax not paid or ten thousand Rupees.
An electronic commerce operator is mandated to register for and pay GST irrespective of the value of the supply made by them.
Input tax credit is a means of reducing the tax liability by lowering taxes paid on inputs from taxes paid on output.
Yes, one can have multiple registrations. TaxfillingIndia Experts will guide you in detail. You have to obtain a separate registration for each business vertical in each state.
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