GST is a value-added tax levied on manufacture, sale and consumption of goods and services

GST offers a comprehensive and continuous chain of tax credits from the producer’s point/service provider’s point up to the retailer’s level/consumer’s level thereby taxing only the value-added at each stage of the supply chain

India has adopted a dual GST model because of the federal structure of the country. Consequently, Centre and States simultaneously levy GST on the taxable supply of goods or services or both which, takes place within a State or Union Territory. Thus, tax is imposed concurrently by the Centre and States. GST extends to the whole of India including the State of Jammu and Kashmir

GST is a destination-based tax applicable on all transactions involving the supply of goods and services for a consideration subject to exceptions thereof. GST in India comprises of Central Goods and Services Tax                                                                  

(CGST)    – levied and collected by Central Government                                              

(SGST)     – levied and collected by State Governments                                         

(UTGST) – levied and collected by Union Territories                                                  

 (IGST)     – levied by Centre on all inter-State supplies

1. Businesses having turnover above the specified threshold limit (Rs. 40 lakh for small businesses and Rs. 20 lakh for hilly and northeastern states, as per recent regulations)

2.Non-resident Indian (NRI) taxable persons

3.Those who pay tax under reverse charge mechanism

4. Entities involving in e-commerce or supply of goods and services via e-commerce operators

5. All e-commerce aggregators

6. Entities involved in the provision of online information or retrieval services or database access, from an overseas location to a person within India, other than a registered taxable person

It is very easy to register this type of business as very few documents are needed. The required documents include:

1. PAN Card of the company

2. COI, MOA & AOA of the company

3. Cancelled cheque

4. Passport size photo of all the Directors

5. Proof of Address(Power bill, Municipal tax bill, Sale deed copy)

6. Rental Agreement or NOC 

Registration of GST takes the shortest time and can be completed within a min. of 2-3 days. Despite registration taking the shortest time possible, this solely depends on government procedures and approvals during the time of your registration.