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GST
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#Bharatpet 7th Line, Opposite Karnataka Bank, Amaravathi Road, Guntur -522002. Andhra Pradesh.
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+91-9392332895
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info@mrkfilings.com
GST Registration Online - An Overview
Launched on July 1 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are absorbed in one tax – GST, implemented on 01.07.2017. GST is to be charged at every step of the supply chain, with full set-off benefits available. The procedure for GST is entirely online and requires no manual intervention.
Every product goes through multiple stages along the supply chain, which includes the purchasing of raw materials, manufacturing, sale to the wholesaler, selling to the retailer and then the final sale to the consumer. Interestingly, GST will be levied on all of these 3 stages. Let’s say if a product is produced in West Bengal but is being consumed in Uttar Pradesh, the entire revenue will go to Uttar Pradesh.
What are the components of GST?
GST will have 3 tax components, which includes a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST) where centre and state will levy GST on all entities, i.e. when a transaction happens within a state. Inter-state transactions will attract the Integrated Goods and Services Tax (IGST), to be levied by the centre, i.e. when a transaction happens one state to another.
Every business or corporation that are involved in the buying and selling and good of services have to register for GST. It is mandatory for companies whose turnover is more than Rs.20 lakhs (for supply of services) and Rs. 40 lakhs ( for supply of goods) yearly to register for a GST.
All businesses making interstate outward supplies of goods have to register for a GST too. The same applies to businesses making taxable supplies on behalf of other taxable persons, example Agents and Brokers.
Also, as per the recent notification, e-commerce sellers/aggregators need not register if total sales are less than Rs.20 lakhs.
What are the GST tax rates?
Items that are considered basic necessities come under exempt list i.e. they are not taxed.
Household necessities and life-saving drugs etc. are taxed at 5%.
Products like computers and processed food are taxed at 12%.
Hair oil, toothpaste and soaps, capital goods, industrial intermediaries and services are taxed at 18%.
Luxury items are taxed at 28%.
You can see the tax rates for all the products here: https://cbec-gst.gov.in/gst-goods-services-rates.html
Check out the GST calculator which comes in handy to calculate the Goods and Service Tax using different slabs.
What is a GST Return?
A GST returns is a document containing details of income that is required to be filed as per the law with the tax authorities. Under the GST law, a taxpayer has to submit two returns on a monthly basis and one such return annually. All returns have to be filed online. Please note that there is no provision for revising the returns. All invoices for the previous tax period that went unreported must be included in the current month.
Under GST, a registered dealer has to file GST returns that include: Purchases, Sales, Output, GST (On sales) and Input tax credit (GST paid on purchases).
What is GSTIN?
GSTIN is a unique identification number given to each GST taxpayer. To verify a GSTIN number a person who has a GST number can log onto the GST portal.
The Goods and Service Tax Network (or GSTN) is section 8 (non-profit), non-government, private limited company. GSTN is a one-stop solution for all your indirect tax requirements. GSTN is responsible for maintaining Indirect Taxation platform for GST to help you prepare, file, rectify returns and make payments of your indirect tax liabilities.
Preparation of GST application
One of our GST representatives will collect all the required documents and process the GST application through the iCFO platform.
Application Filing
Once all the documents are collected, the application will be processed and filed. Then immediately the ARN number will be issued.
GST Registration Certificate
The GST registration certificate and GSTIN will be issued upon verification of GST application and other mandatory documents by the GST officer. Be aware that no hard copies of the certificate will be issued and the GST registration certificate can be downloaded from the GST Portal.
Penalties For Failure To GST Registration
As per the Section 122 of the CGST act, in India, there is a direct penalty for all those taxable persons who fail to register for GST.
Voluntary Registration Under GST (for Companies With A Turnover Below Rs.20 Lakhs)
Any small business with turnover less than 20 lakh can voluntarily register for GST even though it is not compulsory by law. Voluntary GST registration has its own advantages and some of them are:
Take input credit: In GST, there is a flow of input credit right from manufacturers of the goods till the consumers, across the country. Input credit means a taxpayer while paying tax on output can deduct the tax that has already been paid on inputs and pay only the remaining amount. Voluntarily registered businesses can increase their margins and profits through this.
Do inter-state selling with no restrictions: SMEs can increase the scope of their businesses and find prospective customers and explore online platforms
Register on e-commerce websites: SMEs can widen their market by registering through e-commerce sites.
Have a competitive advantage compared to other businesses.
GST Return Filing
A GST Return Filing is a return document that contains details of the income of the taxpayer. It has to be filed with the GST administrative authority. The document is used tax authorities to calculate the tax liability of a GST taxpayer. A GST Return Filing form has to include the following details.
Output GST (On sales)
Sales
Input tax credit (GST paid on purchases)
Purchases
For filing a GST Return, you need to have GST compliant sales and purchase invoices attached.
// about service
We Provide Best
We Provide Best
Web Development
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HTML Development
The HyperText Markup Language or HTML is the standard markup language documents to be displayed.
02.
Android Development
Android is a mobile operating system based on a modified version open source software.
03.
wordpress Development
WordPress is a free and open-source content management system written.
04.
PHP Development
PHP is a general-purpose scripting language geared toward web development.
01
#Bharatpet 7th Line, Opposite Karnataka Bank, Amaravathi Road, Guntur -522002. Andhra Pradesh.
02
+91-9392332895
03
info@mrkfilings.com
// technology index
We Organize Our
We Organize Our
Production Process
- Analysis
- Design
- Testing
Engitech is the partner of choice for many of the world’s leading enterprises, SMEs and technology challengers. We help businesses elevate their value through custom software development, product design, QA and consultancy services. Our product design service lets you prototype, test and validate your ideas.
While integrating the security with the DevOps approach has always been of high demand, this requires a completely different range of processes and tools. DevOps is already known to boast of an agile development methodology. Now when the inputs of the security experts I’ll be brought in a collaborative environment, the project will have an array of effective security safeguards.
In spite of disturbing the agile development process of the DevOps approach, the additional security inputs only enhance the safeguards and reliability of the project. So, in a way, DevSecOps will only extend the benefits of a DevOps approach further with security inputs. DevOps is already known to boast of an agile development methodology.
// our service
We Offer a Web Design & Development Variety of Services
Web design
A website is the first step of the sales tunnel for many customers. Thus, developing a modern, supremely-crafted, well-adjusted website would leave a mark on the visitors head. With our expert team, we will ensure that your website stands better and above among the competition. Regardless of the nature of the business, our creative team of web designers will deliver the best.
Website Optimization
Websites are built with the objective of getting recognized by the target customer. To fall under the search radar, the websites are required to be optimized. At webitechlabs, we will ensure that the website is encountering the targeted traffic. Our SEO experts have delivered top-notch services in the past and aspire to provide in the future.
Web development
The framework for developing a website involves numerous stages. The designing is the primary section, which is later followed by web security, smart application architecture, long term cost saving, etc. We make sure the website is drafted in well suited security layers to give a long term secure experience. The approach towards developing the website id systematic and logical.
E-commerce websites
As compared to other websites, coming up with a user-friendly ecommerce website is a hard task. We have met similar requirements in the past and have received huge accolades for the services. The experience of the same comes handy for future references. Our team aspires to draft a unique and customer-friendly ecommerce website.
Website maintenance
Building a top-notch website is undoubtedly a tough job. However, we, as a web management company, have discovered that drafting a fresh website is way easier than maintaining it to be uptight. The development in technology has made one thing clear that up-gradation is essential to keep the customer’s interest intact. Our team of experts runs a tight ship when it comes to website maintenance.
App-development
We have created feature-packed, high-performing, and digital transformative apps for the global clientele. We, at webitechlabs, offer customized services for app development to make sure the customers are satisfied.
// choose your plan
Flexible Pricing Plans
We help businesses elevate their value through custom software development,
product design, QA and consultancy services.
Basic Plan
$ 129.99
Monthly Package- Web Counsulting
- 24/7 System Monitoring
- Machine and Deep Learning
- Data Quality Management
- Security Management
Economy Plan
$ 159.99
Monthly Package- Web Counsulting
- 24/7 System Monitoring
- Machine and Deep Learning
- Data Quality Management
- Security Management
Premium Plan
$ 189.99
Monthly Package- Web Counsulting
- 24/7 System Monitoring
- Machine and Deep Learning
- Data Quality Management
- Security Management
// Other Services
We are Trusted
We are Trusted
Other Services
Social media marketing
Social media is the Eldorado of today’s world, unexplored but has immense wealth. We at webitechlabs tend to open its gate to our clients by providing them a professionally designed social media presence. This alluring social media presence directs the organic crowd towards you, thus, intensifying the potential customers, providing more value to your brand.
Content Marketing
We’ll know that content is the king. But only through the strategic marketing of the content, we can make it Emperor. Marketing your flawless words is more crucial than writing them. Your search for marketing your content ends here! Our zealous and hardworking team, which has proved to be the king-maker for many firms, is here to help your content in reaching that extra mile.
PPC
Our team is specialized in pay-per-click marketing. We provide innovative and out-of-the-box PPC marketing, which brings successful and healthy traffic to your website. Our work speaks for itself!
// FAQ
Read Most
Read Most
FAQs on Trademark Registration
What are the rules for picking a name for a private limited company?
The registrar of companies (RoC) across India expect applicants to follow a few naming guidelines. Some of them are subjective, which means that approval can depend on the opinion of the officer handling your application. However, the more closely you follow the rules listed below, the better your chances of approval. First, however, do ensure that your name is available.
When can I use the ™ symbol?
As soon as you file the application and receive an acknowledgement, you can use the ™ symbol. Once the registration process is complete, you can use the ® symbol.
Does a private limited company have continuous existence?
Yes, so long as the annual compliances are met, the private limited company will continue to exist. If you do not comply with the requirements, it will go dormant, until it is struck off the register altogether.
What are articles of association and memorandum of association?
These documents contain the rules, vision and mission of your organisation, and define, among other things, the exact business and the roles and responsibilities of shareholders and directors.
How much time is needed for setting up a private limited company in India?
If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.
What documents are required to complete the process?
All directors must provide identity and address proof, as well as a copy of the PAN card (for Indian nationals) and passport (for foreign nationals). No-objection certificate must be submitted by the owner of the registered office premises.
What if someone has a similar word trademarked?
You can't get the word, but all is not lost. You could instead design a unique logo for your business and include the name in it. So there is a way out, but it is best to have a unique name.
Is it necessary to have a company’s books audited?
Yes, a private limited company must hire an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation. Compliance is important with a private limited company, given that penalties for non-compliance can run into lakhs of rupees and even lead to the blacklisting of directors.
Are two directors necessary for a private limited company registration?
Yes, a minimum of two directors are needed for a private limited company. The maximum members can be 200. You can register as a one person company, if you are the sole owner of the company.