Goods and Service Tax, popularly known as GST, was levied in India on 1st July 2017, by the ruling Narendra Modi Government. GST council is responsible for governing the tax rates, maintaining rules and regulations & deciding the rate slabs. The council comprises of the Union finance minister of India as Chairperson and finance ministers of all states as Members. Since India has a federal structure of government, GST has been divided into three categories-
1. CGST: Central GST where the central government is in charge to regulate and collect the goods and service taxes on supply of goods and services within a state in India .
2. SGST: State GST where the state government is in charge to regulate and collect the goods and service taxes on supply of goods and services within a state in India.
3. IGST: Integrated GST where the central government is in charge to regulate and collect taxes on the supply of various goods and services from one state to another.
Do you need to register your business under GST?
Do you need to register your business under GST?
Any business or professional alliance that is liable to pay tax must register their business under Goods and Service Tax. GST offers several benefits for registered businesses such as legal sanctity to business, proper accounting of taxes paid, credit of input tax and eligibility to avail other benefits and schemes. In order to take advantages of various benefits offered by GST, you need to register your business. Contact Legal Dost for legal advice and support to understand the benefits of getting your business registered under GST.
How to get your business registered under GST?
An electronic mode is the only way to get your business registered under GST regime. After submitting an online application, you will obtain a unique GST Identification Number (GSTIN). This GSTIN is required to fill every tax return (even nil return) on the monthly & quarterly basis. With legal Dost, you can make this daunting process easy. All you need to do is contact Legal Dost and send the required documents for the registration process. After completion of the process, we will give your GSTN number with details.
What is the penalty layout under GST?
Taxpayers should make sure that the tax returns are paid on regular basis without any negligence or delay. If not so, the business owners have to suffer a penalty. It is important to know that an interest of 18% pa is calculated on the outstanding tax amount from the day after the deadline.
To avoid such conditions, you need a reliable and trustworthy support to protect your business from any cascading effects. Let Legal Dost be your guide for legal and compliance essentials along with GST registration for your business.
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