GST refers to Goods and Services Tax which subsumes all taxes such as Sales tax, Service tax, Excise duty etc. into GST. GST registration is required primarily if annual sales are more than Rs. 20 Lakh. In case, sales are less than Rs. 20 Lakh, we suggest voluntarily option for GST registration. It has two benefits:
1. You will not get any tax refunds on purchases (e.g. if you buy goods worth Rs 10 lakh in a year, and tax rate is 28% – you will lose tax refund of Rs. 2,80,000)
2. You cannot sell outside your state
– Annual Sales greater than Rs. 20 Lakh or,
– Making sales outside your own state or,
– E-commerce Seller
– You will be authorize to collect Taxes from your customers and pass on the credit of the Taxes paid to them,
– You can claim Input Tax Credit of Taxes paid to your suppliers and can utilize the same for payment of Taxes due.
– Continuous flow of Input Tax Credit from suppliers to recipients at the national level.
- PAN Card of owner/ directors/ partners
- Passport Size Photo of owner/ directors/ partners
- Bill of Electricity/ Telephone, Rent Agreement or Letter of Consent (NOC)
- MOA/ AOA or Partnership Deed
- Letter of Authorisation for signatory
- Bank statement/ Cancelled Cheque
- Aadhaar Card of owners/ directors/ partners
Price of GST Registration is ₹ 1,249/-
Cost includes :
1. GST Certificate with GSTIN number
2. GST HSN Codes with rates
3. GST Invoice formats
GST registration typically takes between 3-5 working days.