gst registration hyderabad - gst registration and tax services hyderabad

gst registration hyderabad - gst registration and tax services hyderabad | Lawyer Services in Hyderabad

GOODS AND SERVICE TAX REGISTRATION

Goods and Service Tax (GST) is the biggest indirect tax reform in India which is an indirect tax levied on the supply of goods and services. It is a destination based tax which has replaced many indirect taxes like Service Tax, VAT, Entry Tax, Octroi etc., that previously existed in India. GST is one indirect tax for the entire country.

BENEFITS OF GST FOR BUSINESSES

EASY AND TRANSPARENT :
As GST replaces various indirect taxes it becomes easy for businesses to pay taxes. Unlike earlier regime of paying various taxes, filing returns and reply for scrutiny it is now made easy by making entire system of GST payment and return filing easy and transparent through an advanced IT platform.

ONE RATE AND ONE MECHANISM :
GST ensures that all indirect tax rates are uniform and a product has one GST rate across the country. Hence the tax rate won’t vary from state to state.

NO OVERLAPPING OF TAXES :
As there is no overlapping of taxes if a product is produced and sold to the consumer, there would be a single indirect tax resulting in unified ‘tax-credits’ reducing hidden costs in doing business.

GST IMPROVES COMPETITIVENESS :
GST ensures significant reduction in transaction costs of doing business and hence increases competitiveness for trade and industries. The GST would help those businesses which have been paying right taxes. Since GST would greatly reduce the tax evasion, the goods business will become more competitive.

WHO SHOULD REGISTER GST

Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
Businesses with turnover above the threshold limit of Rs. 20 Lakhs (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
Casual taxable person / Non-Resident taxable person
Agents of a supplier & Input service distributor
Those paying tax under the reverse charge mechanism
Person who supplies via e-commerce aggregator
Every e-commerce aggregator
Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person

DOCUMENTS REQUIRED FOR GST REGISTRATION

S.no	Sole Proprietorship	LLP/Partnership	Company
1.	PAN Card and address proof of proprietor	PAN Card	PAN Card
2.	Aadhar Card	LLP/Partnership Agreement	Certificate of Incorporation
3.	Address proof of place of business	Partners names and address proof	Articles of Association
4.			Memorandum of Association
5.			Board Resolution signed by board members
6.			Identity and address proof of directors

REGISTRATION PROCESS

GST registration process will be online through a portal maintained by Central Government of India. Govt. will also appoint GSPs (GST Suvidha Providers) to help businesses with the registration process.

Based on the information provided by GSTN, registration process looks like this:

The applicant will need to submit his PAN, mobile number and email address in Part A of Form GST REG–01 on the GSTN portal or through Facilitation centre (notified by the board or commissioner).
The PAN is verified on the GST Portal. Mobile number and E-mail address are verified with a one-time password (OTP). Once the verification is complete, the applicant will receive an application reference number on the registered mobile number and via E-mail. An acknowledgement should be issued to the applicant in FORM GST REG-02 electronically.
Applicant needs to fill Part- B of Form GST REG-01 and specify the application reference number. Then the form can be submitted after attaching required documents.
If additional information is required, Form GST REG-03 will be issued. Applicant needs to respond in Form GST REG-04 with required information within 7 working days from the date of receipt of Form GST REG-03.
If you have provided all required 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 as well as for every additional place of business will be issued to the applicant. If the person has multiple business verticals within a state he can file a separate application for the registration in Form GST REG-01 for each business verticals.If the details submitted are not satisfactory, the registration application is rejected using Form GST REG-05.The applicant who is required to deduct TDS or collect TCS shall submit an application in Form GST REG – 07 for registration. If he is no longer liable to deduct or collect tax at source then the officer may cancel and communicate the cancel of registration.

GSTIN

Before GST was implemented, all dealers registered under the state VAT law were assigned a unique TIN number by the respective state tax authorities. Similarly, service providers were assigned a service tax registration number by the Central Board of Excise and Custom (CBEC).Under the GST regime, all registered taxpayers are consolidated into one single platform for compliance and administration purposes and are assigned registration under a single authority. All of these businesses will be assigned a unique Goods and Services Tax Identification Number (GSTIN).

In GST, each taxpayer is assigned a state wise PAN like 15 digit number. The first two digits of the GSTIN is the state code, for example Delhi has the code 07. This means that every GST tax payer from Delhi will have a GSTIN number that begins with the number 07. The following 10 digits is the PAN card number of the taxpayer. The 13th number is assigned based on number of registrations within a state while the 14th is Z by default. The last digit is the used for check code, so it is always an alphabet.

How to apply for GSTIN?

It is part of the GST Registration process. Once the application is approved by the GST officer, a unique GSTIN is allocated to the dealer.

FREQUENTLY ASKED QUESTIONS (FAQs)

What is the liability for GST registration in India ?

The aggregate turnover requirement for GST registration is as below :

Region	Annual Turnover
Region	Liability to Register	Liability for tax payment
North East India	Rs.9 lakhs	Rs.10 lakhs
Rest of India	Rs.19 lakhs	Rs.20 lakhs

To whom GST is applicable?

Any supplier who carries on any business at any place in India and whose aggregate turnover exceeds threshold limit as prescribed above in a year is liable to get himself registered. An agriculturist shall not be considered as a taxable person and shall not be liable to take registration.

Can a person without GST registration claim ITC and collect tax?

No. A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.

If a person is operating in different states, with the same PAN number, whether he can operate with a single Registration?

No. Every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST

Whether a person having multiple business verticals in a state can obtain for different registrations?

Yes. In terms of Sub-Section (2) of Section 19, a person having multiple business verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed

Is possession of a Permanent Account Number (PAN) mandatory for obtaining a Registration?

Yes. Every person shall have a Permanent Account Number issued under the Income Tax Act, 1961 in order to be eligible for grant of registration. However, PAN is not mandatory for a non-resident taxable person who may be granted registration on the basis of any other document as may be prescribed.

Whether the Department through the proper officer, can suo-moto proceed with registration of a Person under this Act?

Yes. In terms of sub-section (5) of Section 19, where a person who is liable to be registered under this Act fails to obtain registration, the proper officer may, without prejudice to any action that is, or may be taken under the MGL, or under any other law for the time being in force, proceed to register such person in the manner as may be prescribed.

Whether the Registration granted to any person is permanent?

Yes, the registration Certificate once granted is permanent unless surrendered, cancelled, suspended or revoked.

Get Lawyer Advice Business | Personal | Matrimony | NRI.

Speak with an Independent Lawyer to help you make the right decisions. Get all the help you need with just a phone call+ or email. Legal Services Made Easy.

We will help solve your problems so you can focus on your dreams.

TALK TO AN EXPERT

COMPANY

BUSINESS

PERSONAL