GST Registration in Trichy

GST Registration in Trichy

What is GST?

GST is a federal consumption tax applied at all stages of the supply chain, replacing taxes like excise duty, service tax, and VAT. It covers production, sale, and consumption and applies to businesses with annual turnover above a specified threshold.

An overview of online GST registration in Trichy

The new tax regime of goods and service tax (GST) was put in place on the first day of July in 2017. The Central and state government service taxes, excise duties, customer service tax (CST), entertainment taxes luxury with value-added taxes (VAT) all were united under the GST system so that it can streamline the tax administration. GST registration in Trichy varies from one form to another depending on business type and revenue generated from that particular type of business.

The process of registering for GST in Trichy can vary based on the business type as well as its turnover. Companies that have an annual income less than ₹1.5 crore are eligible to benefit from the composition scheme, which allows them to pay their taxes at a lower rate; this simplifies all aspects of tax filing and compliance. Online GST registration therefore becomes smooth sailing and without any hassles especially for small scale industries in Trichy.

GST Registration in Trichy: Key Elements

Central Goods and Services Tax (CGST)

The Central Government charges this tax on the supplies of goods and services within the territory of the particular state. CGST is applied on such transactions which are undertaken solely within the borders of one state.

State Goods and Services Tax (SGST)

SGST is imposed by state governments on goods and services supplied under their jurisdiction. Just like CGST, SGST can only be imposed on transactions carried out in a particular state.

Integrated Goods and Services Tax

Central government imposes this tax on inter-state sales or exchanges between a state and union territory. Furthermore, IGST comes into play when products or services cross both inter-state borders as well as those between union territories.

Who Needs to Register for GST?

  1. Business Entities: Any company that generates more than Rs. 40 lakhs in revenue annually. The GST threshold for special category states is Rs. 20 lakhs.
  2. Service Providers: Individuals whose annual aggregate revenue exceeds Rs. 20 lakh. However this limit is Rs. 10 lakh for states falling under special category.
  3. Exceptions: It should be noted that such businesses engaged exclusively in the trading of goods or rendering services which are subject to exemption from GST do not fall within these limits.
  4. Previously Registered Entities: Entities which were previously registered under the old tax regime (like excise, value-added tax, service tax etc.) need to migrate in order to get registered under GST regime.
  5. Inter-State Suppliers: Any organization or person engaged in the cross-border supply of goods.
  6. Casual Taxable Entities: those who periodically engage in taxable supply.
  7. Organizations subject to the Reverse Charge Mechanism: Companies have to pay taxes under this scheme.
  8. Distributors of Input Services and Agents: Distributors of input services and their agents.
  9. E-Commerce Platforms: GST registration is a must for e-commerce operators in Trichy, if they conduct their business via such platforms as Amazon or Flipkart.
  10. Non-resident: taxable entities are people or organizations that conduct taxable business in India but are not residents.
  11. Agents of the Supplier: Those who provide services on a primary supplier’s behalf.
  12. Suppliers of E commerce: People or organizations who sell products or services via an electronic commerce aggregator.
  13. Online Service Providers: Organizations that provide online data, database access, or retrieval services to an individual in India from outside the country; this category does not include those that are already GST registered.

Benefits of Business GST Registration

  1. Better Tax Compliance: This means organizations never get fines as they are still observing tax regulations,a key benefit when businesses apply for GST.
  2. Input Tax Credit: It allows businesses to apply for credits against the GST they paid on sales, thus decreasing their tax obligation and GST Registration cost.
  3. Facilitation of Inter-State Trade: It enables organizations to carry out cross-border trade without any tax complications.
  4. Cascading Effect Eliminated: The overall cost of goods or services is reduced through the removal of taxes on amounts already taxed.
  5. Competitive Advantage: By observing GST rules, a business can gain clients’ confidence hence having better prospects.
  6. Accessing Larger Markets: Larger firms often prefer working with suppliers who are GST-registered.
  7. Optimized Cash Flow: Effective management and lower tax burden can help improve cash flow for any business.
  8. Improved Credit Rating: Maintaining a consistent and positive record of GST compliance can enhance a company’s credit profile.
  9. Legal Protection: A GST registration protects businesses and upholds their rights.
  10. Simplified compliance: Return submission and payment collection made easy through online filing with a simplified VAT system.
  11. Transparent Operations: The requirements of these regulations compel firms to maintain proper accounting systems which are significant in garnering trust among investors hence

GST REGISTRATION Certificate

Once an entity registers under the Goods and Services Tax (GST) framework, they are given a legitimate document by the Indian government known as GST Certificate. In the certificate there are major features such as business name, right addresses and identifiable number that shows correct registration of the entity in GST. To make it easier for organizations to apply for GST online, Auditor Shiva is available..
  1. Tax Credit claims – Such a document allows firms to legally make claims for deductions on taxes that they have incurred while acquiring goods or services when they register for GST.
  2. Loan Applications – Organizations might find themselves asked to submit their GST certificates when applying for loans or other forms of financial aid
  3. Government Tenders – The GST Certificate is often needed as evidence of tax compliance in order to be eligible and participate in official government tenders.
  4. Market Reputation – The certificate establishes a business’ compliance with federal tax regulations and enhances its position on the market.

What is GSTIN Number?

GSTIN, or Goods and Services Tax Identification Number is an exclusive 15-digit alphanumeric identifying code allocated to every taxpayer who registered under the Indian GST system. In terms of transactions and adherence to GST, this particular identification number acts as the primary means for both individuals and organizations. The GSTIN will be issued after successful submission of application via GST Apply online portal.

The example of a GSTIN would go like this: 44CCCCC0000C1Z5, where 22 is the state code, which is Chattisgarh, AAAAA0000A is the PAN or the Personal Account Number, 1 is the entity number of the same PAN holder in a state, Z is the default .

Voluntary GST Registration for Businesses

GST can also be applied for voluntarily by companies with an annual turnover of less than Rs. 20 Lakhs. By doing so, they have benefits such as selling through e-commerce platforms, allowing for free movement of goods between states, getting input tax back and standing out as compared to other non-GST registered firms. Although it is not obligatory, it allows for better growth avenues and possibly increased profitability.

Documents Needed for GST Registration in trichy

Sole proprietor / Individual

  1. PAN card of the owner
  2. Aadhar card of the owner
  3. Photograph of the owner (in JPEG format, maximum size 100 KB)
  4. Bank account details
  5. Address proof

Hindu Undivided Family (HUF)

  1. PAN card of HUF
  2. PAN card and Aadhar card of Karta
  3. Photograph of the owner (in JPEG format, maximum size 100 KB)
  4. Bank account details
  5. Address proof of principal place of business

Limited Liability Partnership (LLP) and Partnership Firms

  1. PAN card of all partners (including managing partner and authorized signatory)
  2. Copy of partnership deed
  3. Photograph of all partners and authorized signatories (in JPEG format, maximum size 100 KB)
  4. Address proof of partners (Passport, driving license, Voters identity card, Aadhar card etc.)
  5. Aadhar card of authorized signatory
  6. Proof of appointment of authorized signatory
  7. In the case of LLP, registration certificate / Board resolution of LLP
  8. Bank account details
  9. Address proof of principal place of business

Company (Public and Private) (Indian and foreign)

  1. PAN card of the Company
  2. Certificate of incorporation given by Ministry of Corporate Affairs
  3. Memorandum of Association / Articles of Association
  4. PAN card and Aadhar card of authorized signatory. The authorized signatory must be an Indian, even in case of foreign companies/branch registration
  5. PAN card and address proof of all directors of the Company
  6. Photograph of all directors and authorized signatory (in JPEG format, maximum size 100 KB)
  7. Board resolution appointing authorized signatory / Any other proof of appointment of authorized signatory (in JPEG format / PDF format, maximum size 100 KB)
  8. Bank account details
  9. Address proof of principal place of business

Penalty for failing to obtain GST registration

In case of Default or Undersized Payment: If a taxpayer does not pay the required tax, or pays too little, an imposition of 10% of the unpaid tax amount is considered appropriate. Deliberate Tax Evasion: The penalty imposed on an individual or corporation that willfully avoid their tax obligations is equal to 100% of the unpaid taxes.

Get GST Registration Online Quickly with Auditor Shiva

With AuditorShiva, you may get your Online GST registration in Trichy. To begin the process, enter your name, email address, and phone number.

Upon receipt of your request, a GST specialist will get in touch with you to discuss your company activity, the state in which it operates, and to address any queries you may have.

To ensure that the registration process runs smoothly, our GST specialist will also collect and verify the GST registration documents. We initiate the online GST registration process immediately after receiving the payment and upload all your applications onto the GST Portal.

In three to seven working days, you receive the GST registration. You don’t need to be physically present at the office to perform anything because everything is done entirely online. Access to the LEDGERS Platform is granted in addition to the GST registration, enabling you to complete GST invoicing and file GST returns. 

GST Return Filing

In order to make a GST return, a taxpayer is supposed to furnish the government with information on their sales, purchases, and any tax received or paid. However, all GST-registered taxpayers must submit these forms periodically even if there are no sales or purchases during any particular period in India. Irrespective of the fact that GST registration is free, ensure that your registration is done correctly without any violations so as not to attract penalties.

For your GST Registration in Trichy

Trust Auditor Shiva to do the job properly with precision and care. With expert guidance, from GST filing to cancellation, let us assist you simplify compliance and growth. Start today to benefit from our unmatched expertise!

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GST Registration FAQs

Which firm is Best for GST registration in Trichy?

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.

What is GST?

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.

What is the GST Code of Trichy?

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.

What is the threshold limit for GST registration in Trichy?

The threshold limit for Trichy GST registration is ₹40 lakhs for businesses involved in supplying goods and ₹20 lakhs for service providers.

What are the compliance requirements post-GST registration in Trichy?

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.

What are the penalties for non-compliance with GST regulations in Trichy?

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

What is the HSN Code?

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.

Can I voluntarily cancel my GST registration in Trichy?

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.

What is Composition Scheme?

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.

Can I have multiple registrations?

Yes, a person with multiple business verticals in a state may obtain a separate registration for each business vertical (in each state).

Who can file a GST return?

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.

What are the types of returns under 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.

What are the benefits of GST return filing?

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.

What is the monthly return of GST?

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.

What is the filing period for GST?

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.

Is monthly GST return mandatory?

Yes, monthly GST return filing is mandatory for most regular taxpayers. They need to file GSTR-1 and GSTR-3B on a monthly basis.

What are the GSTR-1 and GSTR-3B due dates?

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.

Is GST paid on profit?

No, GST is not based on profit. It is a consumption-based tax levied on the supply of goods and services.

Does GST have to be paid monthly?

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.

Can I file my own GST 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.

What is the time limit for GST return rectification?

The time limit for GST return rectification is one year from the due date of filing the return.

What is a tax invoice?

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.

What is GSTIN number?

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.

What are the three types of GST?

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.

How much time does it take for Online GST verification?

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).

How can I get a new GST after cancellation?

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.

What is the difference between legal name and trade name in GST?

In GST,
• 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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