GST Means GOODS & SERVICE TAX:- In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. The Act came into with effect from 1st July 2017, Goods & Services Tax Law in India is a destination-based/ Consumption based tax that is levied on every value addition. This law has replaced many indirect tax laws that previously existed in India.
Destination-Based Tax:- GST is a destination based taxed where the tax is collected by the State where goods are consumed
Following four types of gst tax charged
GST will bring in transparent and corruption-free tax administration, removing the current shortcomings in indirect tax structure. GST is business friendly as well as consumer friendly.GST in India is poised to drastically improve the positions of each of these stakeholders.We need a change in the taxation system which is better than earlier taxation. This need for change leads us to ‘need for GST’.
In the following cases person need to take GST Regstration Mandatory
Document Required for taking GST Registration
Normal taxpayer registration
In case of Proprietorship
In case of Partnership firm/ Company
Different types of documents will be required to be submitted on GST portal for GST registration depending upon the type of GST registration needed. This is based on the nature of activities being carried out by the entity.
Detailed list of documentation requirements for every type of GST registration is given below:
Address Proof of location of Office/ Shop
Bank statement/passbook copy laest upto date not moretan 2 month older
Normally there are two types of gst Registration:-
1. Composition Scheme:- Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer supplying goods and whose turnover is less than Rs. 1.5 crore
As per 32nd GST Council Meeting held on 10th Jan 2019, Service Providers can opt into the Composition Tax Scheme, and the Government has set the threshold turnover for service providers at Rs. 50 lakhs to be eligible for this scheme.