GST registration in Bangalore is a process by which a taxpayer registers himself under GST. Once the business is successfully registered, they are assigned a unique registration number known as the Goods and Services Tax Identification Number (GSTIN). This is a 15-digit number assigned by the Central Government after the taxpayers have registered. All businesses supplying goods with a turnover of more than Rs 40 lakh in a financial year are required to be registered as ordinary taxable persons. However, if you do business in the north-eastern states, J&K, Himachal Pradesh and Uttarakhand, the threshold limit is Rs 10 lakh.
Turnover limit is Rs. 20 lakhs, and in the case of special category states, Rs. 10 lakhs for service providers.
Also, we provide a list of some businesses for which GST registration in bangalore is mandatory regardless of their turnover:
- Casual Taxable Person / Input Service Distributor (ISD)
- Non-resident taxable person
- Inter-state supplier of goods and services
- Supplier of goods through e-commerce portal
- Any service provider
- Responsible for paying taxes under the reverse charge mechanism
- TDS / TCS deductor
- Data Online data access or retrieval service provider
Types of GST registration in bangalore
General taxpayers
Most businesses in India fall into this category. Businesses with a turnover of more than Rs 40 lakh in a financial year are required to register as ordinary taxable persons. However, if you do business in the north-eastern states, J&K, Himachal Pradesh and Uttarakhand, the threshold limit is Rs 10 lakh.
Casual taxable person
Occasional or seasonal businesses are required to register their businesses under GST for this category. Businesses need to make deposits equal to GST liability from occasional operations. The period for registration is 3 months. However, businesses can apply for renewals and extensions.
Non-resident taxable person
Individuals who are living outside India and occasionally provide goods or services as agents, principals resident goods or other categories of goods to Indian residents are responsible for registration under this category. Apart from gst registration, we also involve in trademark registration in bangalore. The business owner must pay the same deposit of expected GST liability during the GST active tenure. Normal tenure is 3 months. However, individuals can extend or renew the registration if necessary.
Composition registration
Businesses with an annual turnover of up to Rs 1 crore are eligible for registration under the composition scheme. Under this scheme, industries will have to pay a fixed amount of GST irrespective of their actual turnover.
Benefits of GST Registration in bangalore
For general registered businesses
Run a business in different states without any restrictions
Get input tax credit
For composition dealers
Less impact on working capital
Limited compliance compared to other taxpayers
Low tax liability
For businesses that voluntarily opt for GST registration
Run a business in different states without any restrictions
Get input tax credit
Competitive advantage over other businesses
Cancelling process of GST registration
Taxpayers has the ability for cancellation of GST registration in maruthi seva nagar using Form GST REG-16.
The form must be included in GST REG-16
Details of raw material, semi-finished, finished goods are requested to cancel the registration on the date kept in stock
GST liability on such goods
Details of tax payments
The officer who is authoritative issues an order for cancellation in Form GST REG-19 within 30 days from the date of application.
Activating the cancelled GST
Canceled GST filing in bangalore can be activated (canceled) only when the tax officer cancels the registration on his note. The taxable person, whose registration has been revoked, can apply for revocation within 30 days from the date of the revocation order.
They will have to file for cancellation using Form GST REG-21, directly or through the facility center notified by the Tax Commissioner.
Advantages of GST filing in bangalore
Eliminates the cascading effect of GST tax
GST is an indirect tax that is comprehensive which is designed to bring indirect taxes under one umbrella. More importantly, it will eliminate the cascading effect of the tax that was made clear earlier. The cascading tax effect can best be described as a ‘tax on tax’.
High threshold for registration
Previously any business with a turnover of more than Rs 5 lakh in the VAT structure was liable to pay VAT. Please note that these limits vary by state. Also, service providers who have turnover lesser than Rs 10 lakh were exempted from service tax. Under the GST regime, however, this threshold has been raised to Rs 20 lakh, exempting many small traders and service providers. We also involve in private limited company registration in bangalore.
Design plans for small businesses
Under GST, small businesses (with a turnover of Rs 20 lakh to Rs 75 lakh) can benefit as it offers the option of tax reduction using the composition scheme. The move has now lessen down the tax and compliance burden on many small businesses.
Simple and easy procedure
The entire process of GST (from registration to filing return) is done online, and it is very easy. This has been particularly beneficial for start-ups, as they do not have to run from one pillar to another to get various registrations like VAT, excise and service tax.
Improved efficiency of logistics
To know more on gst registration in chennai, click here. Previously, the logistics industry in India had to run and had maintain several warehouses. This is done in the states to avoid the current CST and state entry tax on the international movement. This forced the warehouse to run below their capacity and this can lead to an increase in operating costs. However, these restrictions on interstate transport of goods under GST have been reduced. As a result of GST, warehouse tors operators and e-commerce aggregators players have shown interest in setting up their warehouses in strategic locations like Nagpur instead of every other city on their delivery route. The reduction in unnecessary logistics costs is increasing now. It is for businesses involved in the supply of goods through transportation.
Regulation under GST
In the pre-GST era, it was always observed that some industries in India like construction and textiles were largely unregulated and unorganized. Under GST, however, there are provisions for comp online compliance and payment, and only when the supplier has accepted that amount to receive input credit. This has brought accountability and regulation to the industry. To know more about gst return filing in coimbatore, click here.
