Goods & Services Tax (GST)
Goods and Services Tax (GST) is an indirect tax which was introduced on July 01, 2017. It is applicable throughout India, replacing multiple cascading taxes levied by the central and state governments. It is a comprehensive, multistage, destination based tax.
GST is levied on the supply of goods and/or services. Just like VAT (Value added tax), it is levied on the value added. GST is to be levied at multiple rates ranging from 0 per cent to 28 per cent. The lowest rate of 5% would be for common use items. There are two standard rates of 12 per cent and 18 per cent, which would fall on the bulk of the goods and services. This includes fast-moving consumer goods.
The most common rate in use is the 18% rate bracket.
In This Page
- GST - Introduction
- Compliances Under GST
- Our Services
- Registrations
- Filing Returns
- Composition Scheme
- Accounting + Returns
While Accounting or filing returns, GST should ideally be classified into CGST(Central GST), SGST (State GST), UTGST (Union territories GST) and IGST (Integrated GST).
Compliances Under GST
–
Registration
Businesses with turnover greater than Rs. 20 Lakhs have to compulsorily get registered under GST. In a few north eastern states, this limit is Rs.10 Lakhs.
Businesses with a turnover of less than the threshold limit mentioned above can also voluntarily register under GST.
Routine Compliances
Maintaining books of accounts with GST related information is a must at this point of time.
While RCM for URD purchases is deferred until September of 2019, RCM for a number of services is still applicable.
E-way Bills : Transporting goods within or outside of the state? An E-way bill will be required and it is to be generated and sent with the transporter.
File Returns
Those with turnover of Upto Rs. 1.5 Crores can file their returns on a quarterly basis. [Other than GSTR 3B]
GSTR3B is a return which will continue to be filed on a monthly basis irrespective of the turnover of the business.
GST Registration
Who needs to Register?
- Any business whose turnover in a financial year exceeds Rs 20 lakhs (Rs 10 lakhs for North Eastern and hill states) has to get registered under GST. [Note: Registration is not required If your turnover consists of supply of only exempted goods/services which are exempt under GST]
- Casual taxable person
- Non-Resident taxable person
- Agents of a supplier
- Those paying tax under the reverse charge mechanism
- Input service distributor (see below)
- Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person
What if you are not Registered?
A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.
Requirements for Registration Under GST
Details of the Proprietor
- Photo of the Proprietor
- ID proof (any one from the proofs mentioned below)
- PAN
- Passport
- Driving license
- Aadhaar card
- Voters identity
- Address Proof
- Ration Card
- Passport
- Driving license
- Aadhaar card
Details of the Business
- Address Proof for Place of Business [For all places mentioned in GST registration]
- For self owned property – Any Utility Bill
- For Rented or Leased property – Rent Agreement and Utility Bill [NOC may also be required in certain cases]
- Bank Account Details [including Bank Account No., MICR, IFSC and Branch details including code]
- Digital Signature
Details of the Partners (upto 10 incase number of Partners is 10 or more)
- Photo of the Partners
- ID proof (any one from the proofs mentioned below)
- PAN
- Passport
- Driving license
- Aadhaar card
- Voters identity
- Address Proof
- Ration Card
- Passport
- Driving license
- Aadhaar card
- Email id and Mobile Number
Details of the Business
- PAN of the Firm
- Proof of Business Registration [Partnership Deed]
- Address Proof for Place of Business [For all places mentioned in GST registration]
- For self owned property – Any Utility Bill
- For Rented or Leased property – Rent Agreement and Utility Bill [NOC may also be required in certain cases]
- Bank Account Details [including Bank Account No., MICR, IFSC and Branch details including code]
- Digital Signature
Details of the Partners (upto 10 incase number of Partners is 10 or more)
- Photo of the Partners
- ID proof (any one from the proofs mentioned below)
- PAN
- Passport
- Driving license
- Aadhaar card
- Voters identity
- Address Proof
- Ration Card
- Passport
- Driving license
- Aadhaar card
- DIN of all Partners
- Email id and Mobile Number
Details of the Business
- Proof of Business Registration [Partnership Deed]
- Address Proof for Place of Business [For all places mentioned in GST registration]
- For self owned property – Any Utility Bill
- For Rented or Leased property – Rent Agreement and Utility Bill [NOC may also be required in certain cases]
- Bank Account Details [including Bank Account
- No., MICR, IFSC and Branch details including code]
- Digital Signature
Details of the Directors (upto 10 incase number of Directors is 10 or more)
- Photo of the Directors
- ID proof (any one from the proofs mentioned below)
- PAN
- Passport
- Driving license
- Aadhaar card
- Voters identity
- Address Proof
- Ration Card
- Passport
- Driving license
- Aadhaar card
- DIN of the Directors
- Email id and Mobile Number
Details of the Business
- Proof of Business Registration [Incorporation Certificate]
- Address Proof for Place of Business [For all places mentioned in GST registration]
- For self owned property – Any Utility Bill
- For Rented or Leased property – Rent Agreement and Utility Bill [NOC may also be required in certain cases]
- Bank Account Details [including Bank Account No., MICR, IFSC and Branch details including code]
- Digital Signature
- Board Resolution
- List of all the directors
Details of the Karta
- Photo of the Karta
- ID proof (any one from the proofs mentioned below)
- PAN
- Passport
- Driving license
- Aadhaar card
- Voters identity
- Address Proof
- Ration Card
- Passport
- Driving license
- Aadhaar card
- Email id and Mobile Number
Details of the Business
- PAN of the HUF
- Proof of Business Existence [HUF Deed]
- Address Proof for Place of Business [For all places mentioned in GST registration]
- For self owned property – Any Utility Bill
- For Rented or Leased property – Rent Agreement and Utility Bill [NOC may also be required in certain cases]
- Bank Account Details [including Bank Account No., MICR, IFSC and Branch details including code]
- Digital Signature
I
GST RETURNS
All registered businesses have to file monthly, quarterly and/or annual GST Returns based on the type of business.
Seamless GST compliance and hassle-free GST return filings.Monthly, quarterly and/or annual GST Returns Filing plans based on the type of business.
- GSTR 1
- GSTR 2
- GSTR 3
- GSTR 4
- GSTR 5
- GSTR 6
- GSTR 7
- GSTR 8
- GSTR 9
- GSTR 10
- GSTR 11
Plans for Filing Returns
Starter Plan
Rs 499/-
Per month
File Nil returns
Nil returns have to be filed on a monthly basis [GSTR-3B] and on a quarterly basis [GSTR-1] even if there are no transactions during the period.
Plan SME-1
Rs 1,499/-
Per month
File returns with less than
50 transactions
GSTR-3B filed on a monthly basis with less than 50 transaction and GSTR-1 on a quarterly basis with 150 transactions in a quarter.
Plan SME-2
Rs 2,499/-
Per month
File returns with less than
100 transactions
GSTR-3B filed on a monthly basis with less than 100 transaction and GSTR-1 on a quarterly basis with 300 transactions in a quarter.
Looking for more plans – Contact Us for Customised Solutions.
The Composition Scheme
Who is it for?
Not all businesses can be registered under the GST composition scheme. Only entities with an annual turnover of less than Rs.150 lakhs and satisfying other criteria’s can be enrolled under the Composition Scheme.
The GST composition scheme is designed to help small taxpayers having a turnover of up to Rs.150 lakhs per annum with a simpler GST compliance mechanism. Entities registered under the GST composition scheme will be able to pay tax at prescribed rates and file quarterly GST returns.
GST Returns For Businesses Under the Composition Scheme
Businesses who have opted for the composition scheme have to file quarterly returns by filing GSTR-4. Keeping this in mind, we have the perfect plan for these businesses.
GST Return Filing
Rs.
1,749/-
Per Quarter
File Your Returns
GSTR-4 is a GST Return that has to be filed by a Composition Dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR-4.
Accounting + GST Returns
Customised Accounting + GST plans where we do the accounting and file GST returns.
These are the most popular plans among our clients. What makes these plan efficient is that we do everything – from accounting to filing GST returns; We cover all the important areas. The most efficient plans for the businesses where we maintain the books of accounts as well as file the GST returns.
Even if your business has just started, we’ll help you in selecting and getting started with an accounting system and assist in maintaining them as well. We provide a full range of accounting services as well.
As these plans are customised, there are no preset prices for these. You can contact us at any time to know more about these plans or to customise a plan for your business.
Contact Us
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