Goods and Service tax (GST) –Elimination of ‘Tax on Tax’

WHAT IS GST?

GST is abbreviated from the term Goods and Service tax. It simply means taxes which are charged indirectly on goods and services we consume on daily basis. GST has been in effect since 1st July 2017; it has replaced many indirect taxes which were imposed by Central and State such as excise, value-added tax VAT, and service tax. GST registration is mandatory and can be registered for all categories of Business or entrepreneurs whether sole proprietorship, Partnership, Limited Liability Partnership, One Person Company and Company. It applies to all individuals and entities supplying goods or services in India.

I would like to discuss:

BOONS OF GST FOR TRADE AND INDUSTRY:

  1. Ease in running business.
  2. Deletion of ‘tax on tax’ with fewer exemptions.
  3. Simplicity and uniformity by deducting multiplicity in taxes.
  4. Deletion of binary taxes on few sectors such as work contracts, hospitality, software and so on.
  5. Mitigates freight via Input Tax Credit on goods and services at every stage of supply.
  6. Deduction in compliance cost.
  7. Simple and auto procedures for registration, returns, refunds, tax payments, etcetera.
  8. Average tax burden on various goods and services which leads to boost in manufacturing industries in India and encourages “Make in India”.

REQUIRED DOCUMENTS:

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**

Partnership firm (including LLP)

    • 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 authorised 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**

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**

Company (Public and Private) (Indian and foreign)

  • PAN card of 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 authorised 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 authorised signatory (in JPEG format, maximum size – 100 KB)
  • Board resolution appointing authorised signatory / Any other proof of appointment of authorised signatory (in JPEG format / PDF format, maximum size – 100 KB)

*Bank account details:

For bank account details, a copy of cancelled cheque or extract of passbook/bank statement (containing the first and last page) must be uploaded.  (in JPEG format / PDF format, maximum size – 100 KB)

**Address proof:

UPLOAD ANY ONE OF THE FOLLOWING DOCUMENTS:

  1. Property tax receipt
  2. Municipal Khata copy
  3. Electricity bill copy
  4. Ownership deed/document (in the case of owned property)
  5. Lease / rent agreement (in case of leased / rented property) – To be submitted along with (a), (b) or (c)
  6. Consent letter / NOC from the owner (in case of consent arrangement or shared property) – To be submitted along with (a), (b) or (c)

ENROLLMENT PROCESS THROUGH SMARTBIZGURU:

Smartbizguru also helps in fulfill compliance of the GST Registration for monthly, quarterly and annual returns. You are just a call away to let us serve you. 

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