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.
IndiaFilings is the leading business services platform in India, offering a variety of services like income tax filing, GST return filing, private limited company registration, trademark filing and more. IndiaFilings can help you obtain GST registration in India and maintain GST compliance through a proprietary GST accounting software.
The average time taken to obtain GST Certificate is about 5 – 10 working days, subject to government processing time and client document submission. Get a free consultation on GST and GST return filing by scheduling an appointment with an IndiaFilings Advisor…….Read more>>