GST Registration in Ajmer Rajasthan

Components of GST

1. Central Goods and Services Tax (CGST): This is the tax levied by the central government on an intra-state supply of goods or services. It replaces taxes like Central Excise Duty, Service Tax, etc.
2. State Goods and Services Tax (SGST): This is the tax collected by the state governments on an intra-state supply of goods or services. It replaces state-level taxes like VAT, Luxury Tax, Entertainment Tax, etc.
3. Integrated Goods and Services Tax (IGST): This tax is levied on any inter-state supply of goods or services. It is collected by the central government and then shared between the central and state governments. IGST also applies to imports, as they are considered supplies from outside the country.
4. Union Territory Goods and Services Tax (UTGST): Similar to SGST, this is applicable in Union Territories without a legislature (like Chandigarh, Lakshadweep, Daman and Diu, and Dadra and Nagar Haveli), where the central government levies this tax instead of SGST.
5. GST Council: This is not a tax component per se, but it’s crucial for GST administration. The GST Council comprises the Union Finance Minister (who is the chairperson), the Minister of State (Revenue) from the Centre, and the Finance Ministers of all the states. It makes recommendations on GST rates, exemptions, etc.
6. GST Rates: GST is applied at different rates based on the nature of goods or services:
   1. 0% GST: Items like fresh fruits, vegetables, and certain other essential commodities.
   2. 5% GST: Items of daily use like sugar, tea, coffee, edible oil, etc.
   3. 12% GST: Includes items like butter, cheese, ghee, and certain processed foods.
   4. 18% GST: Most goods fall here, including soaps, deodorants, toothpaste, etc.
   5. 28% GST: Luxury items like small cars, consumer durables like ACs, refrigerators, etc., and certain services like 5-star hotel stays.
7. Compensation Cess: This is an additional tax levied on certain luxury and sin goods (like tobacco, aerated drinks, and cars) to compensate states for any revenue loss due to the implementation of GST.
8. Input Tax Credit (ITC): This is a mechanism where businesses can claim credit for the GST they pay on inputs (like raw materials, services) against the GST they charge on their output. This reduces the tax burden and prevents cascading of taxes.
9. Reverse Charge Mechanism (RCM): Under this, the recipient of goods or services is liable to pay GST instead of the supplier. This is mainly used to curb tax evasion in certain sectors.
10. E-Way Bill: For the movement of goods valued above a certain threshold, an electronic waybill (e-way bill) must be generated. This helps in tracking the movement of goods and ensuring compliance.

Documents Required for GST Registration in Ajmer Rajasthan

• Proof of Constitution of Business:
  1. For Proprietorship: PAN card of the proprietor.
  2. For Partnership Firm: Partnership Deed.
  3. For Private Limited Company: Certificate of Incorporation, Articles of Association, and Memorandum of Association.
  4. For Trust/Society: Trust Deed/Registration Certificate.
  5. For LLP (Limited Liability Partnership): Incorporation Certificate, Agreement.
• Proof of Address:
  1. Electricity bill, water bill, or telephone bill (not older than two months).
  2. Rent agreement if the property is rented, along with a No Objection Certificate (NOC) from the owner.
• Identity Proof:
  1. PAN Card of the applicant (mandatory).
  2. Aadhaar Card, Voter ID, Driving License, or Passport.
• Bank Account Details:
  1. Cancelled cheque of the business bank account.
  2. Bank statement showing the business account details.
• Photographs:
  1. Passport size photographs of the authorized signatory.
• Digital Signature Certificate (DSC):
  1. DSC of the authorized signatory.
• Authorization:
  1. If someone other than the promoter/partner/director is applying for GST, an authorization letter on the company letterhead.

GST Registration Process with FastLegal

1. Initial Consultation: FastLegal would likely start with an assessment to determine if your business needs GST registration based on turnover, type of business, or other criteria like being an e-commerce operator or supplier through an e-commerce portal.
2. Document Collection: You’d need to gather necessary documents, which typically include:
   • Identity and address proof of the business owner(s).
   • Business registration proof (like Certificate of Incorporation for companies, Partnership Deed for partnerships, etc.).
   • Address proof for the principal place of business.
   • Bank account details.
   • Photographs of the authorized signatories.
3. Application Preparation: FastLegal’s experts would help in filling out the GST REG-01 form on the GST portal. This involves entering detailed information about the business, its activities, and the principal place of business, along with additional places if applicable.
4. Aadhaar Authentication or Document Verification: If you opt out of Aadhaar authentication, you might need to visit a facilitation center for document verification, which includes submitting photographs and getting original documents verified.
5. Submission: FastLegal would submit the application online through the GST portal. They ensure all fields are correctly filled and documents are properly uploaded.
6. Follow-Up: Post-submission, FastLegal would monitor the application status, handle any queries or requests for additional information from the GST department, and provide updates.
7. GSTIN Generation: Upon approval, your GSTIN (Goods and Services Tax Identification Number) would be generated. FastLegal would assist in obtaining this and setting up your GST account.
8. Post-Registration Compliance: After registration, there might be steps like submitting bank details if not done during registration, or setting up your GST account for returns filing. FastLegal could guide you through these initial compliance requirements.
9. Ongoing Support: Beyond registration, FastLegal might offer services for regular compliance, like filing returns, managing invoices, or handling amendments if business details change.

• Expert Guidance: Ensuring all legal requirements are met without errors.
• Time Efficiency: Handling the entire process, which can be complex for those unfamiliar with GST laws.
• Compliance: Keeping up with any changes in GST regulations which might affect your registration or compliance.

Who Needs GST Registration in India

• Businesses Exceeding Threshold: Any business whose aggregate turnover of taxable supplies exceeds the prescribed threshold must register for GST. The thresholds are:
  • Regular states: Rs. 40 lakhs (Rs. 10 lakhs for North-Eastern states and certain special category states).
  • Casual taxable persons and individuals making taxable supplies of specific goods/services: Rs. 20 lakhs.
• Inter-State Suppliers: Businesses making inter-state taxable supplies, regardless of turnover, must obtain GST registration.
• Input Service Distributors (ISD): ISDs are required to register under GST to distribute credit of input tax among their branches or units.
• E-commerce Operators: E-commerce operators facilitating the supply of goods/services through their platform must obtain GST registration, irrespective of turnover.
• Non-Resident Taxable Persons: Non-resident individuals or businesses making taxable supplies in India need to register under GST.
• TDS Deductors: Entities required to deduct tax at source under GST must obtain TDS registration.
• OIDAR Service Providers: Online Information and Database Access or Retrieval (OIDAR) service providers located outside India but supplying services to non-taxable online recipients in India must register under GST.

Why FastLegal

• Efficiency: FastLegal ensures your GST registration is completed within 5-10 working days, significantly reducing the time and effort typically required.
• Comprehensive Service: We offer an all-inclusive package that not only handles the registration but also provides guidance throughout the process. This includes document preparation, filing, verification, and obtaining your GST Certificate.
• Expertise: Our team of experts specializes in GST registration and compliance, guaranteeing a smooth, error-free registration process.
• Seamless Experience: FastLegal manages every detail of the registration, simplifying compliance with GST regulations for you.
• Dedication to Compliance: We are dedicated to ensuring that all legal and regulatory requirements are met, providing you with peace of mind about your GST registration status.