GST

What is GST (Goods and Service Tax) ?

GST is a path breaking indirect tax reform which will creat one tax nation .Lok Sabha passed these bills on 29th March,2017 and with the receipt of the President’s assent on 12th April, 2017, the Bills were enacted and applicable to whole India from July 2017. GST has subsumed multiple indirect taxes like excise duty, service tax, VAT, CST, luxury tax, entertainment tax, entry tax, etc. Every supplier of goods and/ or services is required to obtain registration in the State/UT from where he makes the taxable supply if his aggregate turnover exceeds ` 20 lakh during a FY except in 11 special category States of Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand where the limit is 10 lakhs

GST Registration Number

GST registration number is 15-digit identification number which is based on State code and PAN number. First two digits represent the state code, next ten digit represent the pan number, next two digit entity code and last one digit represent check digit.

GST Registration Documents

Document required for registration for GST as per legal entity are as follows:

• In case of Sole Proprietorship Firm
  -PAN card, Photo, Address proof and bank details document.
• In case of Partnership Firm
  - PAN card, Partnership Deed, address proof, bank details document ,Partners Details document etc
• In case of Private ltd company and One-person Company
  - PAN card of company, COI, MOA & AOA, Board of resolution with Director ID and Address proof
• In case of LLP(Limited Liability Partnership)
  - COI & PAN card of LLP
  - Deed ,Partners address & ID proof
  - Bank document i.e cancel cheque/bank statement
  

GST Advisory Services:

• Registration of Entity
• GST Input & Output tax consulting
• Develop and provide multi-jurisdictional GST regulations, Implementation, and training
• Advisory on configuring CRM systems as per GST Act & Rules
• Training to finance team for compliance of GST law
• Government relations support& Compliance management
• Support Companies with audits by government / GST Authority
• Appeal before GST Appellate authority
• Annual GST Compliance report

Advantages of GST Registration

Registration under Goods and Service Tax (GST) regime will confer following advantages to the business:

• Legally recognized as a supplier of goods or services.
• Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on the supply of goods or services or both by the business.
• Legally authorized to collect tax from his purchases and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.

GST Monthly and Annual Compliances