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Goods and Service tax (GST)
is an indirect form of tax which replaced many Central and State taxes in India like VAT, Service tax, Excise duty, Entry tax, Octroi, etc and was the biggest tax reform in India in recent times. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
GST is multi-stage as goods generally go through many stages and change hands from Manufacturer to wholesaler to retailer to consumer. There is a value addition at each stage hence GST is levied at each stage.
GST is destination-based tax, which means as the tax is collected by the state where the goods/service is consumed. For e.g, An equipment is manufactured in Tamilnadu and consumed in Karnataka, GST is levied at the point of consumption so tax revenue goes to Karnataka.
When would GST registration be required:
Goods and Service tax (GST) is required if your annual turnover is more than 20 lakhs if you are rendering service or 40 Lakhs if you are into manufacturing or trading of goods. Irrespective of the turnover in the below cases GST has to be applied:
What is CGST, SGST, and IGST?
CGST is a tax levied on Intra State supplies of goods and services by the Central Government and is governed by the CGST Act.
SGST is a tax levied on Intra State supplies of goods and services by the State Government and is governed by the SGST Act.
For e.g, The Startup Zone provides GST registration service to a business registered in Karnataka for Rs.2000, GST levied is 18% which is Rs.360 in which CGST is Rs.180 and SGST is Rs.180
IGST is a tax levied on all Inter-State supplies of goods and/or services and will be governed by the IGST Act. IGST will be also applicable on any supply of goods and/or services in case of import into India or export from India.
For e.g, The Startup Zone provides GST registration service to a business registered in Outside Karnataka for Rs.2000, GST levied is 18% which is Rs.360 in which IGST is Rs.360.
Document | Proprietorship | Partnership | OPC | LLP | Pvt Ltd |
PAN card of promoter/s | ✓ | ✓ | ✓ | ✓ | ✓ |
PAN card of the company/firm | – | ✓ | ✓ | ✓ | ✓ |
Aadhar card of promoter/s | ✓ | ✓ | ✓ | ✓ | ✓ |
Photograph of promoter/s | ✓ | ✓ | ✓ | ✓ | ✓ |
Board resolution/Authorized signatory document | – | ✓ | ✓ | ✓ | ✓ |
DSC of the Authorized signatory | – | – | ✓ | ✓ | ✓ |
Registered office documents such as Rental agreement/Sale deed/Latest tax paid receipt | ✓ | ✓ | ✓ | ✓ | ✓ |
Utility bill | ✓ | ✓ | ✓ | ✓ | ✓ |
Current account Bank statement/Cancelled cheque | – | ✓ | ✓ | ✓ | ✓ |
Savings account Bank statement/Cancelled cheque | ✓ | – | – | – |
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If everything is in order, it may take anywhere between 4 to 5 business days for registering GST. This timeline is further subject to Government processing, approval time, public holidays, etc.
There are no Government fees for GST registration. Our professional fees are Rs. 2,500/-. The Charges may change depending on the number of Partners/Directors.
Return Form | Particulars | Frequency | Due Date |
GSTR-1 | Details of outward supplies of taxable goods and/or services | Monthly | 11th of the subsequent month |
GSTR-3B | Monthly return containing the details of outward supplies and inward supplies along with the payment of GST amount | Monthly | 20th of the subsequent month |
GSTR-4 | Return that taxpayers opting for Composition Scheme need to furnish | Quarterly | 18th of the month succeeding quarter |
GSTR-5 | Return for Non-Resident foreign taxable person | Monthly | 20th of the subsequent month |
GSTR-6 | Return for Input Service Distributor | Monthly | 13th of the subsequent month |
GSTR-7 | Return for authorities deducting tax at source. | Monthly | 10th of the subsequent month |
GSTR-8 | Details of supplies through the e-commerce operator and the amount of tax collected | Monthly | 10th of the subsequent month |
GSTR-9 | Annual Return | Annually | 31st December of next financial year* |
GSTR-9A | Annual Return | Monthly | 31st December of next financial year* |
GSTR-10 | Final Return | Once, when registration is canceled/surrendered | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund | Monthly | 28th of the month following the month for which statement is filed |
* Subject to change by Notifications/ Orders
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