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 your annual sales are more than Rs. 20 Lakh. Even if your sales are less than Rs. 20 Lakh, we suggest that you voluntarily opt for GST registration because:
GST registration typically takes between 2-6 working days. You need to file your application with the department and sign it with your digital signature. GST Registration can be done through LegalRaasta in Delhi NCR, Mumbai, Bengaluru, Chennai and other Indian cities.
Many Indirect taxeslike VAT, Excise Duty, Service Tax, CST, Import- Export, Octroi, Luxury Tax and Entertainment Tax is now only require a GST registration. This will result in less compliances and help businesses to focus more into their business.
The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%. Gold and rough diamonds do not currently fall under GST and will be taxed at 3% and 0.25%.
Yes, a person can get registered voluntarily under GST in terms of sub-section (3) of section 25. All the provisions will apply to him as they apply to a registered person.
The taxable person has to apply on the common portal within 30 days. He will declare in the application, the stock held on that date, amount of dues and credit reversal and particulars of payments made towards discharge of such liabilities. If satisfied, the proper officer will cancel the registration within 30 days.
No, there is no concept of a central GST registration. Every PAN holder will have one GSTIN per State.Therefore, an entity having its branches in more than one state will have to take separate state wise registrations for each of its branches in different states even if they hold a single PAN.
Due to deferment in notifying the applicability of TDS and TCS (e-commerce operator) provisions under GST, Registration for the same will open from 25th July 2017.