What is GST?
GST (Goods and Services Tax) registration in Trichy 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 to complete GST registration in Trichy.
An overview of 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 varies from one form to another depending on business type and revenue generated from that particular type of business. GST registration 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.
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 GST Registration in Trichy?
- Business Entities: Companies earning over Rs. 40 lakhs annually need GST registration in Trichy (Rs. 20 lakhs for special states).
- Service Providers: Individuals with annual revenue exceeding Rs. 20 lakhs (Rs. 10 lakhs for special states) must register.
- Exceptions: Businesses with GST-exempt goods/services don’t require registration.
- Previously Registered Entities: Entities registered under old tax systems must migrate to GST.
- Inter-State Suppliers: Organizations involved in cross-border goods supply need GST registration.
- Casual Taxable Entities: Businesses engaging in occasional taxable supply must register.
- Reverse Charge Mechanism: Companies under this scheme must pay GST.
- Distributors & Agents: Agents and distributors require GST registration.
- E-commerce Platforms: E-commerce operators like Amazon or Flipkart need GST registration.
- Non-Residents: Foreign entities conducting taxable business in India need GST registration.
- Agents of Suppliers: Those offering services on behalf of a supplier need GST registration.
- Suppliers of E-commerce: Businesses selling through online platforms like Amazon need GST.
- Online Service Providers: Foreign organizations offering online services to Indians must register if not already registered.
Benefits of GST Registration in Trichy
- Better Tax Compliance: Avoid fines by staying compliant with tax regulations through GST.
- Input Tax Credit: Claim credits on GST paid, reducing your tax and registration costs.
- Facilitates Inter-State Trade: Easily trade across borders without tax issues.
- Cascading Effect Eliminated: GST reduces overall costs by eliminating taxes on already taxed amounts.
- Competitive Advantage: Boost customer confidence by adhering to GST rules.
- Access Larger Markets: GST registration attracts bigger businesses and suppliers.
- Optimized Cash Flow: Lower taxes and better management improve cash flow.
- Improved Credit Rating: Consistent GST compliance can enhance your credit profile.
- Legal Protection: GST registration safeguards your business and rights.
- Simplified Compliance: Easy online filing for returns and payments.
- Transparent Operations: GST encourages better accounting, fostering trust with investors.
GST REGISTRATION Certificate
Once an entity complete GST registration in Trichy, 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..
- 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.
- Loan Applications – Organizations might find themselves asked to submit their GST certificates when applying for loans or other forms of financial aid
- Government Tenders – The GST Certificate is often needed as evidence of tax compliance in order to be eligible and participate in official government tenders.
- 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 in Trichy for Businesses
GST registration in Trichy 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
For Sole proprietor / Individual
- PAN card of the owner
- Aadhar card of the owner
- Photograph of the owner (in JPEG format, maximum size 100 KB)
- Bank account details
- Address proof
For Hindu Undivided Family (HUF)
- PAN card of HUF
- PAN card and Aadhar card of Karta
- Photograph of the owner (in JPEG format, maximum size 100 KB)
- Bank account details
- Address proof of principal place of business
For Limited Liability Partnership (LLP) and Partnership Firms
- PAN card of all partners (including managing partner and authorized signatory)
- Copy of partnership deed
- Photograph of all partners and authorized signatories (in JPEG format, maximum size 100 KB)
- Address proof of partners (Passport, driving license, Voters identity card, Aadhar card etc.)
- Aadhar card of authorized signatory
- Proof of appointment of authorized signatory
- In the case of LLP, registration certificate / Board resolution of LLP
- Bank account details
- Address proof of principal place of business
For Company (Public and Private) - Indian and Foreign
- PAN card of the Company
- Certificate of incorporation given by Ministry of Corporate Affairs
- Memorandum of Association / Articles of Association
- PAN card and Aadhar card of authorized signatory. The authorized signatory must be an Indian, even in case of foreign companies/branch registration
- PAN card and address proof of all directors of the Company
- Photograph of all directors and authorized signatory (in JPEG format, maximum size 100 KB)
- Board resolution appointing authorized signatory / Any other proof of appointment of authorized signatory (in JPEG format / PDF format, maximum size 100 KB)
- Bank account details
- Address proof of principal place of business
Penalty for failing to obtain GST registration in trichy
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 in Trichy Online Quickly with Auditor Shiva
Get Online GST registration at Trichy with Auditor Shiva. Enter your name, email and phone number to start.
Upon receipt of your request, a GST consultant in Trichy will get in touch with you to discuss your business activity, state operation, and answer your question.
To ensure a smooth process while registering, our GST specialists would also collect GST registration documents for verification.
We take your payment and initiate an online GST registration process immediately while we upload your entire applications on the GST Portal.
You get your GST number within three to seven working days. One is that everything is digital, and you need not visit the office to do anything.
Apart from GST registration in Trichy, you also get access to the LEDGERS Platform, which enables you to do all GST invoicing and file your GST returns.
GST Return Filing
A taxpayer is required to give the government all information concerning sales, purchases and any taxes received by or from him to qualify for a return under GST.
After they complete GST registration in Trichy, taxpayers need to file these forms periodically even if there are no sales or such purchases in that particular period in India.
Although GST registration is free, ensure that it is done perfectly without any violations so as not to attract penalties.
GST Registration in Trichy FAQs
Auditor Shiva is a reliable option for GST registration 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.
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.