The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.
Since India is federal country, Centre Government and State Government both have powers to levy taxes. Under GST regime, Centre and State both have power to levy GST. Therefore, GST in India is divided into two parts:
1. Central GST (CGST)
2. State GST (SGST)
GST will be divided into two components, one is CGST which is levied by Central Government and other is SGST which is levied by State Government.
However, there will be one more type of GST is Integrated GST (IGST). IGST will be levied on inter-state transactions. Since, there are chances that people will get confused in case of transactions between two persons of two different States and there will be difficulty setting off dues of taxes between two States, thus IGST will be levied by Centre. Now, Centre will apportion the State’s portion of GST from IGST to relevant State.
All businesses whose turnover is above Rs.20 lakhs, or Rs.10 lakhs (for North-Eastern states), are expected to do GST registration as a regular taxable person. GST online registration is also mandatory for NRI taxable individuals, entities engaging in e-commerce, entities supplying goods and services via e-commerce operators, individuals who are eligible for TDS (Tax deducted at source), entities engaging in the provision of online information or retrieval services or database access, etc.
Most entities and businesses in the country are required to complete GST registration online. Even entities that are not mandated to complete GST online registration can do so on a voluntary basis as registration enables the entity to gain legal recognition as a supplier of goods and/or services, thereby allowing the entity to levy GST on customers who avail their goods or services. As such, entities that have completed GST registration online can be eligible to avail input tax credit.
We will collect the details & document required for GST registration from you.
After collecting details, we will prepare your application based on the information provided & submit the application Form (Part A and Part B) on your behalf.
GST registration Number Allotment
Once the application and the attached supporting documents are verified, GST department will issue unique number based on pan & state.
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.
Yes, but they have to proved that both business are vertically different.
In a GST registration number, the first two digits represents the State Code, followed by the next 10 digits representing the PAN of the applicant, one digit representing entity code, one digit is left blank and the last digit is a check digit.
It depend on class of registeration the taxable person have taken & also their turnover.