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Goods and Service Tax (GST) Services

Understanding Goods and Services Tax (GST)

Goods and Services Tax (GST) has revolutionized India's indirect tax landscape since its introduction in 2017. It replaced multiple pre-GST era taxes like Excise Duty, Value Added Tax (VAT), and Service Tax, streamlining the taxation process. GST is not a singular Act but a combination of various Acts at both the Central and State levels, making it a complex tax regime. At Kanumuri & Co, we understand the nuances of GST and offer efficient online GST return filing services to businesses.

Need for GST and how it works

Before GST, India's taxation system was fragmented, leading to compliance challenges and a cascading effect. GST addresses these issues by streamlining the taxation process based on the supply of goods and services.

Under GST, every supplier collects tax at the point of sale and receives credit for the GST paid on input procurements, reducing the cascading effect. Goods and services are categorized into different slab rates based on their Harmonized System of Nomenclature (HSN) codes.

Registration Under GST

Understanding the Registration Process
Registering under the Goods and Services Tax (GST) regime is a critical step for businesses engaged in the supply of goods and services in India. It's essential to grasp the registration process to ensure compliance with GST laws.

Threshold Limits

General Threshold: As per GST regulations, businesses with an annual turnover exceeding Rs. 40 lakhs (Rs. 20 lakhs for services) are required to register for GST.
Special Category States: However, in certain North-Eastern states, including Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura, the threshold limit is lower, set at Rs. 10 lakhs.

Mandatory and Voluntary Registration

Mandatory: Businesses meeting the turnover thresholds must register under GST to comply with legal requirements and avoid penalties.
Voluntary: Even if a business doesn't meet the turnover thresholds, it can choose to register voluntarily to avail of the benefits of input tax credit and appear more credible to customers and suppliers.

Process of Registration

Preparation of Documents: Businesses need to gather necessary documents, including PAN card, Aadhaar card, proof of business registration, bank account details, and address proof.
Online Application: The registration process is primarily online through the GST portal (www.gst.gov.in). Businesses need to fill out Form GST REG-01 and submit the required documents.
Verification: The GST portal verifies the information provided, including PAN validation with the CBDT database and Aadhaar authentication.
Acknowledgment: Once verified, an acknowledgment is issued, and a unique Goods and Services Tax Identification Number (GSTIN) is assigned to the business.
Further Steps: After registration, businesses may need to comply with additional requirements, such as generating e-way bills or filing GST returns.

Benefits of GST Registration

Legal Compliance: Registration ensures compliance with GST laws, avoiding penalties and legal consequences.
Input Tax Credit: Registered businesses can claim input tax credit on GST paid on purchases, reducing their overall tax liability.
Credibility: GST registration enhances the credibility of businesses in the eyes of customers and suppliers, leading to better business opportunities.
Access to GST Network: Registered businesses gain access to the GST network, enabling them to avail of various benefits and services offered by the government.

Our GST Solutions

GST Consultancy and Advisory: Our expert consultancy services simplify GST complexities and keep you updated on evolving regulations.
GST Compliances: We take care of all GST compliances, including GST return filing, Composition scheme filing, and registration.
GST Annual Return/Audit: We ensure smooth GST compliance with expert services for annual return filing and audits for businesses exceeding turnover limits.
GST Review: Our annual GST reviews capture missed transactions, enabling timely treatment and preventing potential litigations.
GST Refund: We assist in claiming all types of due refunds from the Authorities, especially for exporters.
E-invoicing and E-way bill: We provide support for e-invoicing and help in generating e-way bills for seamless transportation of goods.

At Kanumuri & Co, we are committed to providing efficient and effective GST solutions to help businesses navigate the complexities of GST compliance and maximize tax savings.

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