Ryot Associates

What is GST Registration?   GST Registration is mandatory for every supplier who is supplying taxable goods or services or both in every state from if his total turnover is more than 20 lakh (10 lakh for northeastern states) in a financial year. Registration applications are made online via goods and services tax network portal.  Advantages of GST registration: Eligible to avail many other benefits and privileges under the GST laws. Legally recognized as suppliers of goods or services Become authorized legally for collecting tax from the purchasers GST reduces transaction costs of running the business and thus increases competitiveness for trade and industries.  GST makes it easier for businessmen to pay taxes. GST is mainly technology-driven and reduces human involvement to a great extent. GST Registration Criteria: A person is required to take GST registration irrespective of turnover if he is required to pay tax under RCM, making interstate supplies,  making a ta...

Goods and Services Tax (GST) is an indirect tax effective from July 1, 2017. It is levied on the goods and services across the nation. It has replaced all the indirect taxes that existed before the GST was levied such as VAT, service tax, excise duty, etc. and brought uniformity in the indirect tax structure.  Under the present GST rules, every company or individual that trades in goods and services has to register under Goods and Service Tax (GST) and submit monthly returns . So, a business will be liable to GST if its annual turnover exceeds Rs.20 lakh (in all Indian states, other than north-eastern states). According to the section 122(1)(xi) of CGST Act, 2017 any taxable business who fails to register under GST who is legally bound as per the GST Act needs to pay penalty. Once you have registered under GST, you will get a unique 15-digit GSTIN (Goods and Service Tax Identification Number) after completing GST registration , issued by the Central Government. There are various ad...

The goods and services tax (GST) is a value-added tax that is applied to the most goods and services sold for domestic consumption. The industries add the GST to the cost of the product, and a consumer who buys the product pays the price of the product including the GST. The GST is collected by the seller or companies and forward it to the government. GST is effective from July 1, 2017. Before then the Indian tax system was very complex. There were a lot of central and state taxes that needed special invoices (challans). The range of tax evasion is high and it is also prone to lawsuits. The main aim of tax modification is to apply a common tax all over India. GST registration Every business having a turnover of more than Rs. 20 lakh is required to register for GST. In the case of special category states, every business having a turnover of over Rs.10 lakh has to register for GST.  Ryot Associates offers GST Registration in Coimbatore . Our experts will solve all your questions reg...

GST comes in handy when changing compliance costs. It has major benefits for small, medium and micro enterprises (MSMEs). For MSMEs, the GST tax deduction limit has been increased to an annual revenue of 40 lakhs from the old 20 lakhs. Upto1.5 crore business acquisition also prefers an implementation plan where they charge only a 1% flat rate and a one-year full-time filling only. Up to 50 lakh service providers can also charge GST at a cost of 6% instead of 18%. Businesses that earn more than 35 lakh also receive these benefits. The Indian government is also looking at the benefits of allowing GST payers to contribute more than 90% of the quarterly return. This GST registration in Coimbatore and installation is very useful for business owners who manage their taxes easily. Consistent, universal performance of ITC: The new GST regulations have blocked the systematic approach to providing ITC between service tax and property tax. It does a great job of providing the right input tax to...