Good and Service Tax (GST)
Goods and Service Tax
Trend Setter Associates offering a services of GST Registration, return filing, and more in it. Trend Setter Association can help you obtain GST registration in India and maintain GST compliance. The average time taken to obtain GST Certificate is about 3 – 4 working days, subject to government processing time and client document submission. GST (Goods and Services Tax) is an indirect tax levied in India on the supply of goods and services. Goods and services are divided into five tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, Petroleum products, alcoholic drinks, electricity, are not taxed under GST and instead are taxed separately by the individual state governments as per the previous tax regime
Goods & Service Tax registration is mandatory required for most businesses and entities in India. GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalized. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.
Docments Needed for GST Registration against type of business
Unique Mobile Number
Unique Email ID
Id & Address proofs
Trade Name for the Business
Rental Agreement/EB Card/EB Readings or Bills
Bank Account Details – Statement, Pass Book, Cancelled Cheque (Savings Account)
Reasons to Obtain GST Registration
For most entities, GST registration would be mandatorily required. Entities not mandatorily required to obtain GST registration can also obtain GST registration voluntarily. Having GST registration has the benefits of allowing the entity to becoming a legally recognized supplier of goods and/or services, allows the entity to collect GST from customer, permits the entity to pass on GST input credit to customers and makes entity eligible to claim GST input tax credit on taxes paid and adjust against GST liability.