GST Registration in Trichy

Expert Guidance on Navigating India’s GST Landscape

Brought to You by Auditor Shiva – GST Consultant in Trichy

Gst registration in trichy

Embracing the GST Revolution : A Leap in India’s Taxation System

The advent of the Goods and Services Tax (GST) marks a transformative journey in India's fiscal fabric. This unified indirect tax system, heralding a significant shift from the erstwhile labyrinthine tax regime, levies a uniform charge on the supply of goods and services. Its core aim is to streamline the taxation process, ensuring a transparent and equitable tax burden distribution, except for the end consumer.

Key Highlights of GST

Diverse Tax Slabs

GST categorizes goods and services into distinct tax brackets - 0%, 5%, 12%, 18%, and 28%. Certain items like real estate, alcohol, petroleum, and electricity are exempt from GST and fall under state-specific taxation.

Special Rates for Precious Commodities

Gold is taxed at 3%, while rough precious and semi-precious stones attract a nominal 0.25% tax. Luxury goods, tobacco, and aerated drinks, in addition to the 28% GST, incur an additional cess, starting from 22%.

Tax Rate Transformation

Prior to GST, the average statutory tax rate for most goods hovered around 26.5%. Post-GST, this range is significantly narrowed, primarily between 18% and 28%.

Implementation Date

The monumental shift occurred on July 1, 2017, with the One Hundred and First Amendment of the Indian Constitution, replacing the previous multi-tiered tax regime.

Regulatory Body

The GST Council, comprising state and central finance ministers, is the pivotal authority determining tax rates and regulations.

GST : Reshaping and Challenges

The introduction of GST is a cornerstone in remodeling India’s $2.4 trillion economy, aiming for a cohesive tax landscape. A notable impact is the expedited interstate movement of goods, reducing transit times by 20% with the elimination of state checkpoints.

However, this transformation has not been without its challenges. The transition to this new system has been met with both adaptational hurdles and evolving amendments.

Your Partner in GST Compliance : Auditor Shiva

Navigating the complexities of GST requires astute understanding and meticulous compliance. As an esteemed auditing professional, Auditor Shiva provides unparalleled expertise in guiding businesses through the intricacies of the GST framework. Our services are tailored to ensure that your business not only complies with the GST mandates but also optimizes its fiscal strategies within this new tax paradigm.within this new tax paradigm

GST Registration FAQs

Auditor Shiva is a reliable option for GST registration services in Trichy, offering efficient and professional assistance for businesses seeking to comply with GST regulations.
GST is a federal consumption tax that covers all stages of the supply chain, including production, sale, and consumption. It replaces national and state taxes like excise duty, service tax, and value added tax, and applies to businesses with annual turnover above a certain threshold.
The GST number for Trichy starts with ’33’ and is followed by a unique 13-digit alphanumeric code assigned to registered taxpayers upon successful GST registration in the state.
The threshold limit for Trichy GST registration is ₹40 lakhs for businesses involved in supplying goods and ₹20 lakhs for service providers.
Following the GST registration process in Trichy requires compliance involving filing regular returns like GSTR-1, GSTR-3B, and others as per the schedule prescribed by the GST authorities. Additionally, maintaining accurate records, invoicing correctly, and timely payment of taxes are essential compliance duties.
Late fee of ₹100 per day, per Act (₹200 per day for CGST and SGST) Penalty of 10% of the tax due, subject to a minimum of ₹10,000 Imprisonment of up to six months for willful evasion of GST
HSN stands for Harmonised System of Nomenclature. This is a system of classification of goods all over the world. HSN is a 6 digit uniform code for more than 5000 products and is accepted globally. Developed by World Customs Organisation (WCO) and came into effect from 1988.
Yes, businesses in Trichy can voluntarily cancel their GST registration. To do so, file the application for cancellation on the GST portal, clear all dues, and submit the necessary documents. After verification, the GST authorities will cancel the registration within a specified time.
Small businesses and taxpayers with a turnover of less than Rs.1.5 crore can opt for the composition scheme, which charges them at a nominal rate of 0.5% or 1% for manufacturers, CGST and SGST respectively, but not interstate sellers, e-commerce traders, or service providers.
Yes, a person with multiple business verticals in a state may obtain a separate registration for each business vertical (in each state).
Any individual, business, or entity registered under GST is required to file GST returns. This includes regular taxpayers, composition scheme taxpayers, Input Service Distributors (ISD), Non-Resident Taxable Persons (NRTP), and others who are liable to pay GST.
There are various types of returns under GST, some of the common ones are:
a. GSTR-1: Monthly statement of outward supplies.
b. GSTR-3B: Monthly summary return to declare GST liability and pay taxes.
c. GSTR-4: Quarterly return for composition scheme taxpayers.
d. GSTR-9: Annual return providing a summary of transactions during the financial year.
GST returns serve as a mechanism to report the details of sales, purchases, and taxes paid. Filing GST returns ensures compliance with tax laws, facilitates claiming input tax credit, and enables the government to track taxable transactions, leading to a more transparent and efficient tax system.
GSTR-1 and GSTR-3B are the two primary monthly returns under GST. GSTR-1 is used to report outward supplies, while GSTR-3B is a summary return used to declare the tax liability and make payments.
Generally, GST returns are filed on a monthly basis. However, there are specific returns like GSTR-4 (composition scheme – quarterly basis) and GSTR-9 (annual return) that have different filing periods.
Yes, monthly GST return filing is mandatory for most regular taxpayers. They need to file GSTR-1 and GSTR-3B on a monthly basis.
The due date for GSTR-1 is the 11th of the following month, while the due date for GSTR-3B is the 20th of the following month.
No, GST is not based on profit. It is a consumption-based tax levied on the supply of goods and services.
GST payments are not monthly, but the frequency depends on the business’s turnover. Businesses with a turnover of up to ₹ 1.5 crores must file quarterly GST returns, while those with a turnover of more than ₹ 1.5 crores but less than ₹ 5 crores and businesses with a turnover of more than₹ 5 crores must file monthly returns.
Yes, you can file your own GST returns. The GST portal provides a user-friendly interface for filing GST returns. You can also use a GST return filing software to file your GST returns.
The time limit for GST return rectification is one year from the due date of filing the return.
A tax invoice is a document that is issued by a registered taxpayer to a recipient upon the supply of goods or services. A tax invoice must contain certain mandatory information, such as the GST number of the supplier and recipient, the description of the goods or services supplied, the value of the supply, and the amount of GST charged.
GSTIN stands for Goods and Services Tax Identification Number. It is a unique 15-digit alphanumeric identifier assigned to every registered taxpayer under the Goods and Services Tax (GST) regime in India. GSTIN helps the government and businesses track tax transactions and ensure compliance with GST regulations.
In India, there are three types of GST:
CGST (Central Goods and Services Tax): Collected by the Central Government on intra-state supplies.
SGST (State Goods and Services Tax): Collected by the State Government on intra-state supplies.
IGST (Integrated Goods and Services Tax): Collected by the Central Government on inter-state supplies and imports.
Unless the Tax Officer approves it earlier, the Registration Certificate (RC) including the GSTIN will be given after 3 working days following the generation of the Application Reference Number (ARN).
After cancellation, New GST Registration Process
• Submit a new registration request on GST portal after cancellation.
• Provide necessary information and supporting documentation.
• New GST registration number provided after authorities’ examination and approval.
• Cannot use same PAN and Aadhaar card for fresh registration.
• Legal name: Official, registered business name in government records.
• Trade name: Operational name, often referred to as Doing Business As (DBA) name.
• Legal name used for GST registration and tax-related matters.
• Trade name is publicly known.
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