GST Registration in Chennai

GST Registration in Chennai? We “Solubilis corporate Services”, do the GST registration in Chennai and in all the major places of India. GST registration can be done efficiently and can complete your process within the specified time duration.

What is GST?

GST is meant to be a unified tax across the country on products and services. Simply one services, right from the manufacturer to the consumer. The movement of the goods across the country will now become simple and cheaper as the new regime which replaces the existing system. In the old system, a product was taxed multiple times and at different rates. GST has been considered as the biggest reform in India since independence.

The Government aims to create a single comprehensive tax structure which subsumes all the other indirect taxes on consumption like sales tax, service tax etc. It is touted to be a major game changer.

It can be taken as the financial integration of India. GST ensures a comprehensive base with the minimum exception. It would help the industry as it can able to reap the benefits of common procedure and claim credits for the taxes paid. As per the Government estimates GST will boost India’s GDP (Gross Domestic Product) by 2 percent.

Taxes will be implemented more effectively that networks of indirect taxes like VAT, excise duty, Octroi, sales tax and services has been replaced by the single tax. The number of taxation be reduced to three taxes such as Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST) and Integrated Goods and Services Tax (IGST) for interstate dealings.

GST rates:

The GST council members are the finance ministers from all the states. There are four main tax slab rates they are 5%, 12%, 18% and 28% which aims to lower the tax incidence on the essential items.

The lower rate of 5% is for mass consumption, it is mainly for the normal people. The 12% and 18% tax slab is for most of the goods and services. The 28% is mainly levied on luxury goods and items.

Exemptions:

Under GST, government has fixed rates for 1211 goods and 500 services ranges from 5-28%. The specific items such as petrol, alcohol, diesel, and natural gas are exempted from GST. With the different tax slabs, the government also classified some of the items under the 0% tax rate. It includes the things such as daily use items, wheat, egg, milk, rice, vegetables, meat, bindi, sindoor, stamps, printed books, bangles, newspapers, handloom, judicial papers, drawing and colouring books, kajal, children’s pictures, bone grist, bone meal and human hair.

The services such as health care, education, lodges and hotels with tariff below 1000 have been kept out of GST purview.

Documents required for GST registration
Sole proprietorship/individual
OPC/ Private ltd company/Public ltd company
Partnership firm
Limited Liability Partnership
Documents of an individual:
  • PAN card proof and ID card proof of the individual.
  • Bank statement or the cancelled cheque copy.
  • Declaration which is about to comply with the provisions.
  • Photograph of the proprietor.
Documents related to registered office:
  • Copy of water bill/electricity bill/utility bill.
  • Rental Agreement (if it is rented).
  • NOC from the landlord.
Company documents:
  • PAN card of the company.
  • Incorporation certificate of the company.
  • Copy of the bank statement.
  • MOA and AOA.
  • Copy of board resolution.
Documents related to directors:
  • PAN and ID proof of the directors.
  • Photograph of the managing director or the authorised person.
Registered office documents:
  • Rental Agreement (if the premise is a rented one).
  • Copy of electricity bill/water bill/landline bill.
Partnership documents:
  • Partnership deed.
  • Copy of the bank statement.
  • PAN card of the partnership.
Documents related to partners:
  • PAN and ID card proof of the designated partners.
  • Managing/authorised/designated partners photograph.
Documents related to the registered premise:
  • Proof of rental agreement (If it is in a case of rented premise).
  • Copy of utility bills like electricity/water/landline bills.
LLP documents:
  • LLP agreement
  • PAN card of the LLP.
  • Copy of bank statement.
  • Copy of board resolution.
  • Related documents of partners:
    • PAN and ID card proof of the designated partners.
    • Managing/authorised/designated partners photograph.
    • Registered office documents:
    • NOC.
    • Rental Agreement.
    • Copy of utility bills.
Who requires GST registration?
  • All businesses must apply for GST if their supplies cross the threshold limit of Rs.20lakhs and Rs.10 lakh for north eastern states.
  • If you are supplying the non-taxable products or doing any export businesses, it is indeed to apply for GST registration.
  • This may apply even in the software businesses, since the export of which was untaxed previously.
  • If you are supplying the goods in the other states, you must need to do the GST registration regardless of the turnover.

If you already have a service tax registration or VAT registration, you would be subsuming with GST. Initially you will be granted for provisional registration. This acts as a gateway to migrate to GST. Within 6 months of time, you need to apply for GST registration.

In GST, the important thing to be noted is, you will not be collecting the tax on sales but supply of goods. Therefore, freebies, stock transfer and discounts will attract GST.

A person who has multiple business verticals need to register GST for each and every business separately.

Migration to GST:

PAN is a mandatory one for GST registration (if the person is a non-resident Indian, he can do the GST registration by using the other specified documents.)

All existing VAT dealers, central excise and service tax assessees would migrate to GST. In order to migrate, assessees will be provided a provisional ID along with the password which is issued by the State Commercial Tax Departments or The Central Board of Excise & Customs (CBEC). Provisional ID will be issued to the person who has a valid PAN associated with the registration.

The provisional ID can be obtained from the State VAT department. The unique ID and the password will be issued to the tax payers by the tax officers. It is a mandatory requirement to enrolling GST.


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