Accotax combines professional knowledge and industry experience, has created a niche for themselves in the industry with on-time service delivery and experts in offering quality service at reasonable cost. We offer a full range of services including Accounting and Book-keeping Services, Statutory Compliances, Setting-up business, Tax Advisory, Process/Internal Audits and Fund raising consulting services.
The Goods and Services Tax (GST) regime has successfully replaced and simplified the system of indirect taxation applicable on supply of goods and services across the country. GST Registration is an easy online process and mandatory for all dealers or entities having turnover above a specified threshold limit. Registering for GST is easy with us through cost-effective and top-quality services offered by Az ccotax services,holds (decades) of industry experience and presence across India and overseas. The online mode of registration in GST allows individuals and entities to focus on their core business without worrying about a hectic process of visiting a government office.
Registration of GST is mandatory if,
Annual turnover exceeds Rs. 20 Lakhs ( Rs. 10 Lakhs in case of North Eastern States)
Sale of Goods or Services outside your own state ( Inner-state)
Running E-commerce Company
Documents Required for GST Registration:
Proof of Business Registration ( Certificate of Incorporation/Partnership Deed)
Self-attested PAN card
Self-attested aadhaar card (Need Aadhaar Verification by OTP)
Business Address Proof (Electricity Bill and Rent Agreement).
PAN Card Copy of the Company/Firm/Proprietor
PAN Card Copy of the Directors/Partners ( incase of Company/Firm)
Proof of business registration Bank statement/ Cancelled Cheque of Business Entity
Aadhaar Card of owners/ directors/ partners.
Photograph of Owner/Directors/Partners
Digital Signature of Authorised Signatory
Benefits of GST Registration:
Claim Input Tax Credit (ITC) or Tax Refund
Only GST Registered entity can claim ITC or Tax Refund on goods purchase Services taken
Apply for Tender
If you are planning to fill Tender, most of the Company and Govt Department ask for a GST Registration Certificate.
Generally, MNC’s are not comfortable to deal with unregistered Business entities due to loss of ITC benefit.
With GST Registration, you can do formal business in India without any restriction and establish your credibility.
Open Current Bank Account
Nowadays Banks generally ask for a GST registration number and certificate to open a current account from firms.
Sale out of the State
With GST Registration, you can sell your services or become a service provider in any state in India. Otherwise your business will be restricted within the state.
Penalty for not doing GST Registration
All the individuals and entities who qualify under the eligibility criteria are required to do GST Registration.Who fail to comply with the rules are said to be defaulters and do not pay the tax or make short payments (genuine errors) instead of full payment are liable to pay a penalty. The penalty for tax evasion by an offender will be 100% of the tax amount due. The amount to be paid as penalty for not registering under GST is 10% of the total tax amount due subject to a minimum of Rs. 10,000.