GST Registration in Lucknow is an important thing when it comes to business in cities like Lucknow, Chennai and many more cities in India. A taxpayer’s registration under GST is the procedure through which he or she becomes a registered taxpayer. A unique registration number defined as the Goods and Services Tax Identification Number is issued to a company once it has been officially registered (GSTIN). There is a 15-digit number that the federal government assigns to taxpayers once they register. You can now register your GST in Lucknow with BizDesk.
If you operate out of more than one state, you will need to register separately for each state. You’re probably thinking if every business has to register for GST. Let’s take a closer look at GST registration and the process.
All companies that offer goods and have a revenue of more than Rs 40 lakh in a financial year must register as regular taxable persons. If you own a business in the north-eastern states, J&K, Himachal Pradesh, or Uttarakhand, the maximum is Rs 10 lakh.
The turnover ceiling for service providers is Rs 20 lakh, or Rs 10 lakh in special category states.
In addition, here is a list of enterprises for which GST registration is required regardless of revenue: Input, Service Distributor (ISD), Casual taxable person, Supplier of goods and services between states, Supplier of products via an e-commerce site, Any service provider, Taxpayer subject to the reverse charge mechanism TDS/TCS deduct or, and Provider of online data access or retrieval
Take a look at the names of papers you’ll need to register your company for GST: A copy of the Aadhaar card is required, Promoters/directors must provide verification of identity and address, as well as a photograph. Evidence of business registration or a certificate of incorporation, for an authorized signatory, a letter of authorization or a board decision is required. The applicant’s bank account statement/cancelled check, digital signature, and Permanent Account Number (PAN).
This is the case for the vast majority of Indian companies. Businesses with a revenue of more than Rs 40 lakh in a fiscal year must register as regular taxable persons. If you own a company in the north-eastern states, J&K, Himachal Pradesh, or Uttarakhand, the maximum is Rs 10 lakh.
Businesses that operate on a periodic or seasonal basis must register for GST in this category. Businesses must deposit an amount equivalent to their GST liability from one-time activities. GST Registration period is three months. Businesses, on the other hand, can seek renewal and extensions.
Individuals who live outside of India who regularly offer products or services to Indian citizens as dealers, partners, or in other roles are required to register under this category.
Composition scheme registration is available to businesses with a gross turnover of up to Rs 1 crore. Businesses must pay a set amount of GST under this system, regardless of their actual turnover.
The total turnover of all businesses is taken into account when determining the GST registration threshold limit.
The total value of all taxable products and services supplied is referred to as aggregate turnover. It excludes RCM-eligible inbound supplies but includes exempt supplies, exports of goods or services or both, and inter-state supplies between people with the same PAN calculated on an India basis.
If you want to apply for GST Registration in Lucknow. You can take help from BizDesk with personalized experience in GST registrations with all legalities and processes. For more information log on to BizDesk and get your GST Registration completed.
GST will avoid the tax cascade, since the entire supply chain will obtain an all-inclusive entry tax credit mechanism. The cascade tax is tax that is levied on a good at each stage of the production process up to the point of being sold to the final consumer.
In the GST The procedures for refund of taxes and registration of taxpayers will be common. taxpayers will have a common portal (GSTN), all processes will be done online via GSTN.
The aim of the Goods and Services Tax is to drive India towards becoming an integrated economy by charging uniform tax rates. It implies equality in the tax burden, which cannot exist without uniformity in the mode of evaluation, as well as in the tax rate.
According to the law in the Company Act, 2003 in order for any company to be registered in India, the below conditions have to be met.
Individual’s or Firm’s or Company’s copy of PAN Card:
Individual’s or Firm’s or Company’s copy of PAN Card is needed for the GST Registration.
Registered Office:
The registered office of a company does not have to be a commercial space. Even a rented home can be the registered office, so long as a NOC is obtained from the landlord.
Proof of constitution of business:
Certificate of incorporation given by Ministry of Corporate Affairs / Proof of constitution of business.
Bank Certificate/ Blank cheque:
As a proof a bank certificate or blank cheque is required.
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