Indian Tax Services (GST)
HexaShared holds a team of experienced GST Consultants in Bangalore. Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. In simple words, GST is the indirect tax levied on the supply of goods and services. The GST law has replaced many indirect tax laws that previously existed in India.
Components of GST
Advantages of GST
- Removing cascading tax effect
- Composition scheme for small business
- Lesser compliances
- Increased efficiency in logistics
- Higher threshold for registration
- Online simpler procedure under GST
- Defined treatment for e-commerce Regulating the unorganized sector
Once business entity is registered, it has to obtain various other registrations, based on its nature of business. HexaShared provides the services of obtaining below mentioned post incorporation registrations:
Documents Required for
GST Registration
01
Sole proprietor / Individual
02
Partnership firm/ LLP
- PAN card of all partners (including managing partner and authorized signatory)
- Copy of partnership deed
- Photograph of all partners and authorised signatories (in JPEG format, maximum size – 100 KB)
- Address proof of partners (Passport, driving license, Voters identity card, Aadhar card etc.)
- Aadhar card of authorised signatory
- Proof of appointment of authorized signatory
- In the case of LLP, registration certificate / Board resolution of LLP
- Address proof of principal place of business**
03
Company (Public, Private, Indian or foreign)
- PAN card of Company
- Certificate of incorporation given by Ministry of Corporate Affairs
- Memorandum of Association / Articles of Association
- PAN card and Aadhar card of authorized signatory. The authorised signatory must be an Indian even in case of foreign companies/branch registration
- PAN card and address proof of all directors of the Company
- Photograph of all directors and authorised signatory (in JPEG format, maximum size – 100 KB)
- Board resolution appointing authorised signatory / Any other proof of appointment of authorised signatory (in JPEG format / PDF format, maximum size – 100 KB)
- Bank account details*
- Address proof of principal place of business**
Frequently Asked Question
What is GST?
The Goods and Services Tax is a unified, multi-stage, and consumption-based tax levied on the supply of goods or services, combining all stages such as manufacture, sale and consumption of goods and services. It functions at a national level in order to replace most of the national and state tax systems like VAT, service tax, excise duty, etc. It removes the cascading effect of tax-on-tax, earlier prevalent. It is applicable to you if you are into manufacturing, trading, e-commerce or providing services, and your annual turnover exceeds a prescribed limit.
How to enrol for GST?
You can enrol for GST via the common portal of the Goods and Services Tax. HexaShared can also help you with your enrollment. For more details, click here
What is Composition Scheme?
Small businesses and taxpayers with a turnover of less than Rs.1.5 crore (Rs.75 lakh for special category states) can opt for the composition scheme where they will be taxed at a nominal rate of 0.5% or 1% (for manufacturers) CGST and SGST each (rates as per the latest proposed changes in the Goods and Services Tax bills). Composition levy is available to only small businesses dealing in goods. It is not available to interstate sellers, e-commerce traders and operators, and service providers.
Can I have multiple registrations?
Yes, a person with multiple business verticals in a state may obtain a separate registration for each business vertical (in each state).
What are the benefits of Goods & Services Tax?
• Cascading tax effect (the tax-on-tax effect) does not exist
• It is easier to avail the input tax credit
• Return filing and compliance are consolidated
• Increased efficiency in logistics
• Subsumed a variety of indirect taxes
• Higher threshold for GST registration
• Composition scheme for small businesses
• Unorganised sectors brought under regulation
• Simpler online procedure
• It is easier to avail the input tax credit
• Return filing and compliance are consolidated
• Increased efficiency in logistics
• Subsumed a variety of indirect taxes
• Higher threshold for GST registration
• Composition scheme for small businesses
• Unorganised sectors brought under regulation
• Simpler online procedure
How many returns are required to be filed under GST?
A business, not opting into the Quarterly Return and Monthly Payment of taxes (QRMP), will be required to furnish two returns monthly and one annual return. That means any business will require to file twenty-five returns in a financial year. The taxpayers opting into the QRMP scheme can file only 8-9 returns every year, consisting of four GSTR-1, four GSTR-3B and one annual return, if applicable, filed.However, there are separate returns for a taxpayer registered under the composition scheme and as an Input Service Distributor, and a person liable to deduct or collect the tax (TDS/TCS).
Is input tax credit available under the Goods and Services Tax?
The input tax credit refers to the amount of tax on purchases that you can reduce at the time of paying tax on sales. One of the fundamental features of the Goods and Services Tax is the seamless flow of input credit across the chain (from the time the goods are manufactured until it is consumed) and country.
