GST Services

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GST Services

What is Goods and Services Tax (GST)?

GST is an indirect tax that is leveled on goods as well as services. All the existing state and central indirect taxes are subsumed under the GST. It is applicable to all states in country.

Applicability of GST

1. GST is levied on sale of goods and services.
2. If in any financial year annual turnover exceeds Rs.40 lakhs then you will have to register for GST if dealer engaged in providing goods or composite supply.
3. If in any financial year annual turnover exceeds Rs.20 lakhs then you will have to register for GST if dealer engaged in providing only services.
4. There is no requirement for re-registration or renewal under GST, as it has no expiry

5. If the business is GST registered then you can avail the benefit of Input Tax Credit.
6. Where in you will have to pay only the difference between GST paid and payable by the business.

Benefits of availing GST registering

1. Under this system, a single product is taxed at the same rate in every corner of the country.
2. Proper accounting of taxes on input goods or services can be utilized by the business for the payment of GST that is due on supply of goods or services or both.
3. Tax can legally be collected from purchasers and the credit of the taxes paid on the goods or services supplied can be passed on to purchasers or recipients.
4. It is a simpler process, and involves lesser compliances.
5. There is a common portal for various requirements such as registration, making tax payments, refunds, and returns.
6. The Composite Scheme and its tax benefits can be availed by the entrepreneurs whose turnover is within the prescribed limit.
7. Businesses prefer to choose GST registered entrepreneurs over unregistered entrepreneurs so as to avail the benefits of input tax credit.

E-Way Bill

e-Way Bill is an Electronic Way bill for movement of goods to be generated on the e-Way Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated Alternatively, E-way bill can also be generated or cancelled through SMS, Android App and by site-to-site integration through API. When an e-way bill is generated, a unique E-way Bill Number (EBN) is allocated and is available to the supplier, recipient, and the transporter.