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GOODS AND SERVICES TAX GST REGISTRATION
Indirect tax in India was started from a long time, it is a long journey in which many types of Taxes were added. At every stage of providing service and supply of Goods, there was a different tax. So many different types of taxes made complications in implementing them and also increased the tax rate because the tax was levied on tax.
GST was mainly implemented to reduce the cascading effect of tax and make simple Taxation system. Post GST different type of taxes were eliminated and only GST is in existence now. GST is levy by both Central and State Government as per rate decided by them, that is called CGST and SGST respectively. CGST and SGST is levied if the transaction is within state i.e. intra-state. If Goods and services are supplied from one state to another then IGST will be levied, this transaction is called inter-state.
Every member who takes GST registration is required to file monthly(or Quarterly) and annual return of business. This return will include all Purchases, Sales, Output GST (On sales) Input tax credit (GST paid on purchases). These returns are to be filled in 3 different parts each month such as 1. Details of outward supplies of taxable goods and/or services, 2. Details of inward supplies of taxable goods and/or services, 3. Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of the amount of tax, in form of GSTR-1, GSTR-2, and GSTR-3 respectively. And annual return in form GSTR-9.
Features of GST Registration
Eliminate cascading effect
Before implementation of GST there were different taxes which were levied on Good and Services. All those taxes were levied on different levels. Therefore tax was levied on tax which lead to cascading effect. In GST tax is calculated on amount of value addition and also provides Tax input, so the amount of tax is reduced and also eliminates the cascading effect.
Benefit to less Developed states
A new concept in GST was introduced, that, tax will be paid to the State where the product is finally consumed. Where as in earlier tax system tax was paid to the state in which the Goods were manufactured. Because of this new concept less developed states will increase their revenue and also the overall growth will be done of that state.
Common Procedures for all
Before GST implementation there were many taxes levied on Good and Services such as VAT, Excise Duty, sales tax, CENVAT, Service tax, etc. All of these had different tax rates and complex procedures for Compliance. While in GST there is only one tax and the rate of service or product is same in State Level, Central Level or in inter State also. Because of this calculation of tax and other procedure are easy to maintain.
Documents for GST Registration
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PAN Card of the Business or Applicant
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Aadhar cards
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Passport size photo
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Residential Proof
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Bank Account Proof
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Rent Agreement or NOC
GST Services includes
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GST data Processing
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GST Registrations
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Preparation of GSTR's
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GSTR3B, GSTR1, GSTR2, GSTR3 etc...
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GST Return Fillings
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Data Reconciliation with Accounts and GSTR
