What is GST
GST is named as the biggest Tax reform in India after Independence. The full form of GST is Goods and Service Tax. This is a type of Indirect tax which was introduced on 2017 for the purpose to amalgamate all the indirect taxes. The entre GST System is operated through online only. The saline feature of the GST is that, it’s a destination based tax system. Before going into detail, we will understand what is Direct and Indirect Tax system.
What is Direct and Indirect Taxation: Before that what is TAX? Tax is a amount that we pay to the government in order to enable the Government to meet out the public expenses.
How to Pay the Government: We pay in two ways, directly by way of Income tax or Property Tax etc and secondly indirectly by way of GST and few other taxations.
Who should register for GST
Annual turnover crosses 40 Lakhs
Who involves in inter-state trade
Who supplies through E-Commerce
Casual Taxable Person
What are the documents required for GST Registration
The documents varies based on its constitution.
Proprietorship Firm
Partnership
Private Limited Company
How to Register GST
Step 1: Submit your PAN Number and other basic details
Step 2: Generate TRN Number
Step 3: Login using TRN with OTP
Step 4: Submit your business & Personal Information
Step 5: Upload the documents
Step 6: Submit the forms
Step 7: if any deviation, comply the same
Step 8: Generate GST Number.
GST Turnover limit
S.No | Threshold Limits | Supply |
1 | Exceeds Rs.40 lakh | Supply of Goods |
2 | Exceeds Rs.20 lakh | Supply of Service |
There is a direct penalty As per Section 122 of the CGST act, for all those taxable persons who fail to register themselves under GST. |
GST Number
GST consists of 15 digits. Out of that, the first 2 digits indicates the State Code. The next 10 digit is your PAN Number. The 13th digit of the GST number indicates the number of registrations as a business entity has within a state for the same PAN. . 14th Digit is a default character ‘Z’. The last 2 will be a check code which will be used for detection of errors.
Trademark Registration
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Copyright Registration
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Company Registration
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Design Registration
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Patent Registration
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MSME Registration
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