Beginning July 2017, Goods & Services Tax (GST) will be applicable to all Indian service providers (including freelancers), traders and manufacturers, once their supply turnover crosses Rs. 20 lakh. The GST is an all-in-one tax that subsumes a variety of state (VAT, Entertainment Tax, Luxury Tax, Octroi) and central taxes (CST, Service Tax, Excise Duty). GST is to be charged at every step of the supply chain, with complete set-off benefits available. The procedure for GST is completely online and requires no manual intervention. A composition scheme will also be there under GST for businesses with a supply turnover of less than Rs. 50 lakh.
Step 1-Receiving Documents & Information in 1-2 Days
Step 2-Application Drafting in 3-4 Days
Step 3-Review & Changes in 5 to 6 Days
Step 4-GST Registration in 7 to 10 Days
PAN Card and address proof of proprietor
FOR LIMITED LIABILITY PARTNERSHIP
PAN Card of LLP
Partners’ names and address proof
FOR PRIVATE LIMITED COMPANY
Certificate of Incorporation
PAN Card of Company
Articles of Association
Memorandum of Association
Resolution signed by board members
Identity and address proof of directors
HSN (Harmonised System of Nomenclature) code will be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2 digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4 digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices. Services will be classified as per the Services Accounting Code (SAC)
No, composition scheme is applicable subject to the condition that the taxable person does not affect interstate supplies..
No, customer who buys goods from taxable person who is under composition scheme is not eligible for composition input tax credit because a composition scheme supplier cannot issue a tax invoice.
Yes, the stock transfer of promotion materials and/or free samples will be subject to GST, and supply of those promotions materials/free samples to the retailers who stock your product, or end customers, will also be subject to GST.
Goods and Services Tax Identification Number (GSTIN) is a 15 digits state-wise PAN-based number to be used to identify businesses registered under GST.
Yes, PAN is mandatory to apply for GST registration.