Goods and Services Tax (GST )- An Overview

Goods and Services GST is an Indirect Tax. It applies to goods and services that are bought and sold for use or consumption in India. It is a consumption tax because it is ultimately borne by the end-user. This tax is not directly paid to the government by customers, but it is levied on the manufacturer or seller of goods and the providers of services. The trader collects the tax from the customer and remits the collected GST to the tax authorities.


Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. The development of GST took many consultations, negotiations and revisions before it was launched in its final form. The introduction of the Goods and Services Tax (GST) was the most significant economic reform since Independence. 


There were plethora of indirect taxes levied on goods and services in India. Major indirect taxes include Customs duty, Excise duty, Service tax and Sales tax (VAT/Central Sales Tax).

GST has replaced all these taxes with a single central tax regime applied uniformly on all products and services. The biggest benefit of GST was that it opened up entire India as a single unified market that allows free movement of goods across states’ borders. GST has multiple tax rate slabs for different categories of products.


GST Registration Online

Under the current GST Regime, businesses whose turnover is greater than Rs. 40 lakhs is required to register under GST. This process of registration is called GST registration.

For certain businesses, registration under GST is compulsory. If the organization runs a business without registering under GST, it will be an offence and heavy penalties can be applied to business. GST registration usually takes between 2-6 working days. 

Ryot Associates is the trusted tax consultant company and provide various services like GST Registration in Coimbatore. We help the start-up companies in their legal matter, EPF registration, company registration and also help in all statutory compliances of the companies. We’ll help you to register for GST in easy steps.

Who needs to register for GST?

  • Businesses whose turnover exceeds the limit of Rs. 40 Lakhs (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)

  • Every e-commerce Company

  • Casual taxable person / Non-Resident taxable person

  • Agents of a supplier & Input service distributor

  • The company which sell digital products, such as software, SAS, etc.

  • The person who pay taxes under the reverse charge mechanism.

If you need GST Registration for Startups in Coimbatore contact Ryot Associates. 

 

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