Still confused about the new One Nation, One Tax regime in India effective July, 2017?

Goods and Services Tax is a unified indirect tax combining VAT, CST, Service Tax, Excise duty, Entertainment Tax, etc and applicable all over India from 1 July 2017

Remember these important quick reference notes for New Goods and Services Tax (GST) Act in India developed by MindWorks Data services Bangalore , Karnataka based GST Practice team.

  1. Goods and Services Tax is a unified indirect tax combining VAT, CST, Service Tax, Excise duty, Entertainment Tax, etc and applicable all over India from 1 July 2017
  2. Mandatory to register under GST:
    1. if turnover in a financial year exceeds Rs 20lakhs (Rs 10 lakhs for Special category states)
    2. if you are into inter-state trading of goods and services
    3. If you are conducting your any sort of e-commerce activity
    4. If you were registered under an earlier law like VAT or Excise, then also you will take registration under GST
    5. if you are Non-Resident taxable person
    6. if you are Casual taxable person
    7. if you need to avail benefit of input tax credit
  3. GST Tax rates vary from 0% to 28% depends on the type of goods & nature of services your business deals with
  4.  Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.
  5. Benefit of GST Composition Scheme is that a business having an annual turnover less than ₹ 1 crore may opt to pay subsidized at tax range between 1% to 5% & file quarterly return.

For more detailed information on GST registration and return filing , fill up the form below and our GST consulting team headquartered in Bangalore, Karnataka will be in touch with you.

Documents required for GST registration:

  1. PAN Card
  2. Details of Goods and Services
  3. Address Proof of Business
    • Electricity Bill
    • Rental / Lease Agreement + NOC
    • Municipal House/Property Tax Paid Receipt
  4. Bank Account Proof (Bank Account Statement / Cancelled Cheque)

 

 

 

GST Registration and Return Consultation