Goods & Services Tax (GST)
GST Registration
Starts From ₹999/- ₹1,999
GST stands for Goods and Services Tax. It is a consumption-based tax system that is levied on the supply of goods and services. The primary objective of GST is to create a streamlined and transparent tax system that reduces complexities, eliminates cascading taxes (taxes on taxes), and promotes economic growth. By consolidating various taxes into a single tax, GST aims to simplify the taxation process for businesses and consumers.
Businesses should maintain proper records, stay updated on the GST regulations, and seek professional advice if needed to fulfill their GST filing requirements.
- businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh
- E-commerce aggregators
- To Utilise Input Tax Credit
- Legal recognition of a business
- To Claim Refunds On Excess GST Paid
GST Return Filing
Starts From ₹499/- ₹1999
GST returns typically include details of the sales made by the business, purchases made from registered suppliers, and the amount of GST collected and paid on those transactions. It allows tax authorities to verify the accuracy of the reported information and ensures that businesses are compliant with their GST obligations. Filing GST returns accurately and within the specified timelines is important to avoid penalties or fines imposed by the tax authorities. It is essential for businesses to maintain proper records and reconcile their sales and purchase invoices.
Penalty for not registering under GST.
All the businesses required to register under GST mandatorily will have to pay a penalty of 10% of the tax amount payable up to a maximum of INR 10,000.
- Monthly / Quarterly / Annually Return Filing
- To Avoid Penalties And Late Fees
- Not To Lose Input Tax Credit
- Enhances The Credibility
GST Registration for Foreigners
Starts From ₹8,999/- ₹14,999
Foreign Non-Resident GST refers to the Goods and Services Tax (GST) obligations and regulations applicable to non-resident businesses that engage in taxable supplies or services in a particular country. It is a specific category of GST that pertains to businesses located outside the country but are liable to comply with GST requirements due to their activities within the country.
It is important for foreign non-resident taxpayers to understand the specific GST laws, regulations, and requirements of the country where they conduct taxable supplies or services.
Here are the general turnover limits for GST registration in India:
- Supply of Goods: For most states: INR 40 lakhs (INR 10 lakhs for northeastern states).
- Special category states (Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, and Uttarakhand): INR 10 lakhs.
- Supply of Services: For most states: INR 20 lakhs (INR 10 lakhs for northeastern states).
GST Revocation
Starts From ₹1999/- ₹2999
GST revocation refers to the process of canceling or revoking the Goods and Services Tax (GST) registration of a taxpayer. This typically occurs when a taxpayer is no longer liable to be registered under GST or wishes to voluntarily cancel their registration.
A taxpayer can choose to voluntarily revoke their GST registration if they no longer wish to continue their business activities or if they are no longer liable to be registered under the GST laws.
The tax authorities may revoke GST registration if the taxpayer has failed to comply with the GST laws, such as non-filing of GST returns, non-payment of taxes, or non-compliance with reporting requirements.
Here are some key points to understand about GST revocation:
- Mandatory Revocation
- Voluntary Revocation
- Revocation Rejection and Appeal
- Pay All Dues Before Revocation
GST Registration For E-Commerce
Starts From ₹1999/- ₹2,999
As a Flipkart seller, it is mandatory to have a GSTIN because the government requires it to carry out taxable supplies of products and services for every online business. This means that if you are selling goods on Flipkart / Amazon or any other online platform, then you must register for GST if your turnover exceeds the prescribed threshold, that is businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh
- Mandatory Registration
- Helps To Increase Creditability
- Input Tax Credit Usage
- To Avoid Scrutiny
GST LUT Form
Starts From ₹999/- ₹1999
The LUT (Letter of Undertaking) form is used for furnishing a Letter of Undertaking under the Goods and Services Tax (GST) system. The LUT is a document that allows eligible exporters to make exports without payment of Integrated Goods and Services Tax (IGST) and claim a refund of the input tax credit (ITC) on inputs used in the export process.
- Intention To Export Without Payment Of IGST
- LUT Form Is Known As Form GST RFD-11
- Valid For 1 Financial Year And Needs To Be Renewed Annually
- Maintaining Proper Records is Important