GST Registration in Delhi - Welegalize

1. GST Registration

2. What is GST Registration Services tax? GST refers to the goods & services tax. It is called the largest indirect tax reform of the country. This law has replaced many indirect taxes that previously existed in India. The History of GST goes back years ago in 2006 when the then finance minister of our country proposed the idea of introducing it. GST was implemented on 1st July 2017. It is more transparent and self-policing tax regime that also helps to boost the economic growth of a country. GST is basically an indirect text to be imposed on sale, manufacture, consumption of goods and services. It is a single text that is to be imposed on the supply of goods and services that is supplied from suppliers to the consumers. With the establishment of this new Jurisdiction, India has become a unified market with one indirect tax only. GST has become a good advantage for consumption as it lessens the effect of the older tax regime. It also reduces the overall tax burden and also transparent to the consumer. Goods & services tax in India is a comprehensive, Multistage, destination-based tax that is imposed on every value addition.

3. Components of GST Since GST is a tax based on a destination like an end-user consuming a tax are liable to pay the goods and services tax. The Tax will be paid by the state who will receive the goods and services. The state that manufactures the goods & services will not have to pay the Tax. In the case of Exports, the seller of the goods and services is free from paying the tax. GST removes the bads effect of tax i.e. tax on tax and that's exactly where the idea of CGST, IGST, and SGST came into the picture. Central Goods and Services Tax (CGST) Under GST, CGST is a Tax imposed by Central Government on Goods & Services within a common state also known as intra-state supplies. It is governed by the CGST Act. On the other hand, SGST will also be imposed on the same intranet supplies but it will be governed by the State Government. This means that both the central and state government is ready to impose their acts with a suitable proportion for revenue

4. sharing between them. However, Taxes imposed on all intra-state supply will not be exceeding 14% each that is mentioned in Section 8 of the GST Act. State Goods & Services Tax (SGST) SGST is a Tax imposed on Intra-state supplies of both Goods & Services by State Government in the same way CGST is a Tax imposed on Goods & services supplied in the same state but will be governed by the Central government. Integrated Goods & Services (IGST) Under GST, IGST is a tax imposed on Goods & Services that are supplied at the inter-state level and will be governed by the IGST Act. IGST will be applicable in both cases whether the importing of Goods & services in India and exporting of Goods & Services out of India.

5. Who is Liable to pay GST? As GST is a consumption-based tax. The end consumer will pay GST. But for businesses have been made compulsory to collect GST from consumer and pay to the Government. Consequently, businessmen will impose GST tax on the consumer in addition to the cost of products. As soon as the GST is collected the businesses are required to submit the GST returns each month and suspend the GST tax collected before the 20 th of Next Month. What is the GST registration? Businesses whose turnover exceeds Rs. 40 lakhs is required to consider as a normal taxable person. For opening a certain business registration of GST is mandatory. If the business is carried out without registering under GST, it will lead to penalties and will be an offense under GST. GST registration takes usually 2-6 days working for the process of registration.

6. Process for GST Registration GST registration will be done online through a portal maintained by the central government of India. The government also provides experts for businesses to help in GST registration. 1. The applicant will need to submit his mobile number email address PAN in part A of GST REG-01 through the facilitation center on the GSTN portal. 2. A PAN is verified on the GST portal also the email and mobile number are verified by OTP (one-time-password). Once the verification is complete applicant will receive an application number on the mobile number that is registered 3. After that Applicant needs to fill part - B of form and specify the application reference number then afterward form can be submitted after attaching required documents. 4. if in case any additional information is required, Form GST REG-03 will be issued

7. 5. The applicant needs to respond form GST REG -04 Within 7 days for required information from the date of receipt of Form GST REG-03. 6. If you have provided all information via Form GST REG-01 or form GST REG -04. The registration certificate in Form GST REG-06 for the principal place of business or for every additional place of business will be issued to the applicant. In case an applicant has many businesses within a state he can also file a separate registration in form GST REG -01. If the details provided are not mandatory application would be rejected using Forn GST REG-05. What are the documents required for GST registration? ● Pan card of the applicant ● Adhaar card

8. ● Address proof of Directors along with the photograph ● Proof of business registration. ● Letter of Authorization. ● Bank account statement or a canceled check. ● Digital signature We Legalize is a team of highly passionate and professional Chartered Accountants and legal Advisors under one roof. In the era of 2019, it has been a keen thing to start a business and become an entrepreneur in India. For More Visit: https://www.welegalize.com/gst-registration.php Or Call at +91-9716073362