GST Registration

Brief about GST

GST (Goods & Services Tax) is a comprehensive indirect tax that was introduced in India on July 1, 2017. It replaced a complex and multi-layered tax system with a unified and simplified tax structure. GST is designed to be a destination-based tax applicable to both goods and services across the country.  The implementation of GST aimed to simplify the tax structure, eliminate the cascading effect of taxes, promote ease of doing business, and create a common national market.

Our GST Registration services are designed to streamline the process of Goods and Services Tax (GST) registration for your organization. From initial documentation to successful registration, we guide you through the intricacies of the registration process, ensuring compliance with tax regulations and providing a solid foundation for your business operations.

Importance of this service for the organisation

GST is important for organizations as

  • it simplifies the tax structure,
  • promotes transparency,
  • reduces tax evasion, and
  • enhances overall efficiency in business operations.

GST, or Goods and Services Tax, is a unified tax system in India that replaces multiple indirect taxes with a single tax. It makes taxes simpler, avoids double taxation, and helps the economy grow. It applies to both goods and services and is divided into CGST, SGST, and IGST components.

Who is exempted from GST

Specific individuals and businesses are exempt from GST registration, including: Agriculturists (GST Exemption for Farmers) Individuals and businesses with an annual turnover below INR 40 lakhs for goods and INR 20 lakhs for services (INR 20 lakhs and INR 10 lakhs for specified categories).

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Pros & Cons of the Service

Pros

  • GST eliminates the cascading effect of tax
  • Higher threshold for registration
  • Composition scheme for small businesses
  • Legal Compliance
  • Tax Benefits
  • Business Credibility

Cons

  • Increased costs due to software purchase
  • Not being GST-compliant can attract penalties
  • Documentation Requirements
  • Understanding Complexities
  • Cost Implications

FAQ

The primary purpose of GST is to simplify the tax structure, eliminate the cascading effect of taxes, create a common national market, and promote ease of doing business.

GST has two main components: Central GST (CGST), levied by the Central Government, and State GST (SGST), levied by the state governments. There is also an Integrated GST (IGST) for inter-state transactions.

GST categorizes goods and services into different tax slabs: 5%, 12%, 18%, and 28%. Some goods and services are exempt or attract a 0% tax rate.