Skip to main content

GST Returns in India

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? 
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.

Labels:
Location: 162, Sector 16 A, Chandigarh, 160015, India

Comments

Post a Comment

Popular posts from this blog

Tips to Pick the Right Legal Consultant for Your Business

All successful entrepreneurs need services of legal advisors/ consultants for their business, as they guide  business in  right legal direction, offer right advice on laws applicable to business, enable management to focus on growing the business instead of getting bogged down by legal issues, and bring on table business friendly legal solutions. Bringing the right legal consultant on board is  very important, and when it comes to legal matters one should aim to associate with professional offering good quality of work rather than those offering work at low cost.  One should hire a sound professional legal consultant as brings along many advantages some of which, are listed below- The legal consultant can advise on the right type of company organization depending upon business and operational requirements. They provide custom corporate compliance services as per the type of company (LLP, private limited, one person, etc.). T hey can prepare employm...
Post a Comment
Read more

Setting up an Indian Subsidiary

Foreign companies can establish their business presence in India by setting up a wholly owned Indian Subsidiary. Indian Subsidiary is the local entity of foreign company for doing business in India.  Indian Subsidiary is incorporated as a wholly owned subsidiary of parent foreign company.. The parent foreign company holds 100% shareholding in the Indian Subsidiary. Remittance received by Indian Subsidiary from foreign company is subject to Foreign Direct Investment (FDI) guidelines issued by the Government of India.   Incorporating a private limited company is a preferred choice for setting up an Indian subsidiary. Various global foreign companies operate in India through their Indian Subsidiaries, which in turn are fully owned by the foreign companies .  To setup an Indian Subsidiary following are some of the requirements: • At least 2 members are required • Minimum paid up capital required is Rs. 1 lakh • Minimum 2 directors are required, of which...
Post a Comment
Read more

Necessary Terms to be Included in Lease Agreement

When owner of an immovable property decides to confer upon another person the right to occupy and use that property, it becomes imperative to formalize the arrangement in form a Lease Deed/ Agreement.  A Lease Agreement is a document which outlines the terms and conditions governing the lease arrangement between the parties.  Under this agreement, the owner of property gives a right to tenant to use the property for a certain period of time in return of monthly rent.  A Lease Agreement should be carefully drafted so as to make sure that all terms as agreed between the parties are clearly recorded.  There are certain essential clauses mentioned below which should form part of every lease agreement-    Parties to lease-   There are two parties to a lease agreement- Lessor (one who gives the property on rent) and Lessee (one who takes the property on rent). Duration - The Lease Agreement should mention the duration of lease with commen...
Post a Comment
Read more