gst registration online or gst certificate
GST is a transformational tax reform in our country since independence. All the existing indirect taxes being currently levied by Central and State Governments will be subsumed under GST. GST can be termed as “One Tax, One Nation and One Market”. GST is a highly compliance driven law.
GST stands for Goods and Services Tax which is concurrent levy of taxes on “Supply” of goods and services. GST in India will be dual system, where the Central and State together will levy tax on supply of goods and / or services, within the State (Intra-State) and Inter-State.
The current indirect tax system with multiplicity of taxes (Central Levy:-excise duty, Service Tax, Various Cess and State Levies:- VAT, Entry Tax, Octroi, Luxury Tax, Entertainment taxes, Purchase Tax etc.) – at different rates – at multiple points ( at the time of manufacture, trade, rendering services etc.). This has led to several inefficiencies and limitation. One of the major limitation is the cascading effect of tax. Under the current regime, Excise charged by the manufacturer on billing to a Dealer, the credit of input cannot be claimed by a dealer, and thus forming part of cost to dealer which leads to cascading of tax. Under GST the credit utilization will be available across the supply chain till it reaches the end consumer. Secondly, tax on tax is eliminated. Example:- Under the current tax regime, VAT is charged on the assessable value plus on Excise duty.
Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalised. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.
As per the GST Council, entities in special category states with an annual turnover of Rs.10 lakhs and above would be required to register under GST. All other entities in rest of India would be required to register for GST if annual turnover exceeds Rs.20 lakhs. There are also various other criteria’s, that could make an entity liable for obtaining GST registration – irrespective of annual sales turnover. Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST.
Registration under GST is th first and most important step. without registration, a person can neither collect tax from the customer nor claim any credit of tax paid by him.
Allindiafiling.com is the leading business services platform in India, offering a variety of services like income tax filing, GST return filing, private limited company registration, trademark filing and more. Allindiafiling can help you obtain GST registration in India and maintain GST compliance through a proprietary GST accounting software. The average time taken to obtain GST Certificate is about 5 – 10 working days, subject to government processing time and client document submission.