Online GST Registration


Goods & Services Tax (GST) is levied on all Indian service traders, service providers and manufacturers. It is an indirect tax that was rolled out on July 1, 2017. It has replaced a variety of Central taxes e.g., Service Tax, Excise Duty, Luxury Tax, Octroi, VAT, etc. The GST procedure is online and no manual intervention is required.

GST is levied at every step of the supply chain. Every product passes multiple stages in the supply chain, that is procuring raw materials, manufacturing & sale. Interestingly,  GST is levied on all of these stages. 


Components of GST

GST has 3 tax components, Central Goods and Services Tax or CGST, State Goods and Services Tax or SGST & Integrated Goods and Services Tax (IGST). CGST is levied by the central government, SGST is levied by the state government when all the transaction is done within the state. IGST is levied on the inter-state transactions. It is a destination-based tax consumer using any goods or services is liable to pay the Tax. 

Who needs a GST Registration?

Goods and Service Tax registration is mandatory for every business involved in purchasing and selling of good & services. Companies whose turnover is more than Rs.20 lakhs (for services) and Rs. 40 lakhs ( for goods) annually have to register for a GST. 


GST tax rates

  • Products that come in basic necessities are not taxed.

  • Household products and life-saving drugs etc. are taxed at 5%.

  • Products like computers and electronic items are taxed at 12%.

  • Capital goods, industrial intermediaries and services are taxed at 18%.

  • On luxury items, GST is levied at 28%.

GST Return

GST Return is a document having details of sales, purchases, tax paid, tax collected. The taxpayer has to submit two returns on a monthly basis and one return yearly under the GST law. The returns are filed online. There are various types of GST return like, GSTR-1, GSTR-2A, GSTR-2, etc.

 

GSTIN

GSTIN is a unique 15-digit identification number provided to each taxpayer. GSTIN has many benefits, it also helps to avail a loan to fund your business.

Ryot Associates is the tax consultant company and provide various services like GST Registration in Coimbatore. We help the start-ups in registration, company registration and also help in all statutory compliances of the companies. 

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