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GST Registration & Cancellation

The implementation of the GST Registration & Cancellation in India was a historical move, as it marked a significant indirect tax reform in the country. The amalgamation of a large number of taxes (levied at a central and state level) into a single tax is expected to have big advantages. One of the most important benefit of the move is the mitigation of double taxation or the elimination of the cascading effect of taxation. The initiative is now paving the way for a common national market. Indian goods are also expected to be more competitive in international and domestic markets post GST implementation.

From the viewpoint of the consumer, there would be a marked reduction in the overall tax burden that is currently in the range of 25% to 30%. The GST, due to its self-policing and transparent nature, is also easier to administer on an overall scale.

The GST Council also finalised on the GST rates and GST rules. The Government declares that the GST Bill will be applicable from 1 July 2017, following a short delay that is attributed to legal issues.

Constitution (One Hundred And First) Amendment Act, 2016

GST Council: A Goods and Services Tax Council (GSTC) was created by the union finance minister, revenue minister, and ministers of state to take decisions on GST rates, thresholds, taxes to be subsumed, exemptions, and other features of the taxation system on September 2016. The state finance ministers mentioned that the Empowered Committee (EC) would be a platform for states where there would be discussions of their regional issues. The GST Council is a separate entity that would oversee the implementation of the GST system.

Decisions taken by GST Council

Some of the major decisions taken by the GSTC so far are:

Goods and Services Tax Network

Goods and Services Tax Network (GSTN) was set up as a private company in 2013 by the Government under Section 25 of the Companies Act, 1956. GSTN is expected to offer the front-end services of registration, payment, and returns to taxpayers. It would also develop back-end technical modules that will be utilised by 25 states that have opted in.

GSTN has also identified 34 IT and financial technology companies and tagged them as GST Suvidha Providers (GSPs). These organisations will develop applications that will be used by taxpayers when they interact with GSTN.

Key features of the GST regime
Benefits of GST Implementation

Key benefits of the GST announcement are detailed below:

Registration of GST :

Under the present regime, every individual or company that supply goods and service has to get registered under Goods and Service Tax (GST), So if you run a business with an annual turnover exceed 20 lakhs (in all Indian states other than north eastern states), then you have to register with GSTN (Goods and Service Tax Network).

In GST registration, the supplier is allotted a 15-digit GST Identification Number and a certificate of registration incorporating therein this GSTIN is made available to the applicant on the GSTN common portal.

A registered person irrespective of their nature i.e. proprietary concerns/partnership firms/ LLP/ AOP/ HUF/ companies etc. has to follow various statutory compliances monthly/ quarterly/ annually, as the case may be. Non-filling of the returns on the prescribed dates will attract interest, late fees, and penalty as applicable. We also provide consultancy for matters related to classification of an item as good/service, determination of HSN, place of supply, appropriate tax rate and any specific issue based on the requirement.

Documents Required for GST Registration for Proprietor and individual :-

The GST Registration is applied online and verified through Owner Aadhar OTP. The physical verification will be done by govt department if not authenticated by Aadhar OTP.

Cancellation of GST

Cancellation of GST registration is not a hard work as Indian government GST Portal has provided a simple an easy step by step procedure to finally cancel the GST registration of migrated taxpayers through newly implemented feature. Goods and services tax which was implemented recently and to be exact on 1st July 2017 with a lot of promises and work on progress tagline, is known to be subsuming all the indirect taxes into one. The cancellation of GST registration means from now onward we are not liable for any compliance pertaining to GST.

The cancellation of registration can only be done by three person only the details regarding this is given below

The cancellation of the registration can be initiation in some cases like the death of the taxpayer. While the registration can also be done voluntarily but only after one or more years are elapsed starting from the date of GST registration.

Conditions, When a Taxpayer Can Cancel the GST registration?

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