GST (Goods and Services Tax )
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12% ,18% and 28%.
What is the process of GST Registration
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.
We are 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. We 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 on phone.
DOCUMENTS FOR GST REGISTRATION
For Pvt. Ltd. /Public Ltd./OPC
1. Company PAN card
2. MOA, AOA & Incorporation Certificate
3. Company Address Proof
LLP & Partnership Firm
1. Firm PAN card
2. LLP Agreement/ Partnership deed
3. Firm Address Proof
1. Proprietor’s PAN card
2. Shop Act / Ghumasta License
3. Address proof of Firm
Q- Why do we need GST Registration in India?
A- Company or any other form of entity under any of the existing tax regimes then it is compulsorily required to migrate under GST law irrespective of the threshold limits. The taking after focal and state level duty administrations will end with presentation of Goods and Service Tax (GST)
Central Excise duty
Central Sales Tax
Entry Tax (all forms)
Entertainment and Amusement Tax (except when levied by the local bodies)
State Surcharges and Cesses so far as they relate to supply of goods and services
Taxes on lotteries, betting and gambling
Be that as it may, in the event that you are providing merchandise and enterprises and not enrolled under any current expense administrative then you are obligated to enlist just if the total turnover in any budgetary year surpasses as far as possible. The current edge restrain indicated by the GST board is 20 lakhs for every one of the states aside from North Eastern States.
Relief Package for Exporters – Recommendations of the 22nd GST Council
The GST Council under Chairmanship of Union Finance Minister Shri Arun Jaitley has
in its 22nd Meeting held at Delhi today approved a major relief package for exporters.
Mindful of the difficulties faced by exporters post-GST leading to a decline in export
performance and export competitiveness, the Council had last month set up a high power
Committee on Exports under Revenue Secretary Shri Hasmukh Adhia to recommend suitable
strategies for helping this sector. This Committee had five senior Government functionaries
from the Centre and an equal number from the States as members.
After wide ranging discussions with major Export Promotion Councils including FIEO,
AEPC, GJEPC, EEPC, CLE, CHEMEXIL, PARMAEXCIL and Handicrafts EPC etc. and
interacting with all stakeholders the Committee presented its recommendations to the Council
The Council identified the major difficulties constraining the export sector are on
account of delays in refunds of IGST and input taxes on exports and working capital blockage
as exporters have to upfront pay GST on inputs and capital goods for export production or for
procuring goods for export. Another difficulty was that the duty credit scrips such as MEIS
was losing value due to its reduced usability as it could no longer be used to pay IGST / GST.
The Council was unanimous that it is in the national interest to take all possible measures
to support the exporting community, which earns valuable foreign exchange and provides
significant employment especially in the small and medium sector. Accordingly, the Council
approved the following package of relief and incentives for exporters with immediate affect:–
a. Within the next 4 days i.e. by 10.10.2017 the held-up refund of IGST paid on goods
exported outside India in July would begin to be paid. The August backlog would get
cleared from 18.10.2017 and refunds for subsequent months would be handled
expeditiously. Other refunds of IGST paid on supplies to SEZs and of inputs taxes on
exports under Bond/LUT, shall be processed from 18.10.2017 onwards. For this, the
Council agreed to suitably empower Central and State GST officers so that exporters get
refunds from one authority only. Related matters of settlement of funds are being
b. To prevent cash blockage of exporters due to upfront payment of GST on inputs etc. the
Council approved two proposals, one for immediate relief and the other for providing
long term support to exporters. Immediate relief is being given by extending the Advance
Authorization (AA) / Export Promotion Capital Goods (EPCG) / 100% EOU schemes to
sourcing inputs etc. from abroad as well as domestic suppliers. Holders of AA / EPCG
and EOUs would not have to pay IGST, Cess etc. on imports. Also, domestic supplies to
holders of AA / EPCG and EOUs would be treated as deemed exports under Section 147
of CGST/SGST Act and refund of tax paid on such supplies given to the supplier.
c. Merchant exporters will now have to pay nominal GST of 0.1% for procuring goods from
domestic suppliers for export. The details would be released soon.
d. The permanent solution to cash blockage is that of “e-Wallet” which would be credited
with a notional amount as if it is an advance refund. This credit would be used to pay
IGST, GST etc. The details of this facility would be worked out soon. The Council
desired that the “e-Wallet” solution should be made operational w.e.f. 1st April 2018.
e. Exporters have been exempted from furnishing Bond and Bank Guarantee when they
clear goods for export.
f. Specified banks and Public Sector Units (PSUs) are being allowed to import Gold without
payment of IGST. This can then be supplied to exporters as per a scheme similar to
g. To restore the lost incentive on sale of duty credit scrips, the GST on sale-purchase of
these scrips is being reduced from 5% to 0%.
h. GST on bunker fuel is being reduced to 5% for both coastal vessels and foreign going
vessels. This will boost coastal shipping. It will also improve India’s competitiveness.
The Council is confident that these measures would provide immediate relief to the
export sector and enhance export competitiveness of India. The Council also decided to
continue to monitor the situation closely so that going forward all required support continues
to be extended to this important sector.