Interesting Facts about GST Registration in Chennai

Here, we are discussing Online GST Registration and a complete overview of GST. GST is Goods and Services Tax.GST was launched at midnight on July 01 2017.Goods and Service Tax is one indirect tax for the whole nation which makes the nation one unified common market. Firstly a proposal to introduce GST by April 01 2010  was first mooted in the budget speech for the financial year 2006-2007.Based on inputs from Government of India and states in November 2009 first discussion paper on Goods and Services tax. In order to work further, a Joint Working Group from central as well as state was constituted in September 2009.The constitution bill was introduced  in Lok sabha 2011.Committie on GST design was constituted. Based on the report changes were made in Constitution Amendment Bill in meeting at Bhubaneswar in January 2013.

Discussions were made on various aspects of GST.

GST Registration in Chennai | Interesting Facts |Solubilis

 They were (a): Committee on place of supply rules and Revenue neutral.

(b): Committee on dual control, threshold and exemptions and (c): Committee on IGST and GST on imports.

The Parliamentary Standing Committee submitted its report in August 2013 to Lok Sabha.The final draft Constitutional Bill incorporating above stated changes. It was sent to Empowered Committee for consideration in September 2013.

The EC once again made recommendations on bill in November 2013.The revised draft was sent in March 2014.

In 2011 the 115th Constitutional bill  for GST was introduced in Lok sabha on March 2011 but lapsed with dissolution of  15th Lok sabha.

Based on board consensus reached with Empowered Committee on contours of the bill the committee the cabinet on 17.12.2014 approved the proposal of introduction of bill.

The bill was introduced in Lok sabha on 065.05.2015.

It was then referred to Select committee  of Rajya Sabha and reports submitted 22.07.2015

Lok Sabah and Rajya sabha unanimously passed 122nd  Constitutional Amendment Bill in August 2016.

Rajya Sabah passes four supplementary GST bills. Final GST to be implemented on 01,July 2017.

According to  GST 2017,as per 32nd council meeting any turnover of Rs.40 lakh and above must register

For North-eastern and hill states the GST threshold is 10lakh.

GST registration in Chennai requires following documents.

  • *PAN card of the applicant
  • *Aadhar card of the applicant.
  • *Business registration proof or Company Incorporation Certificate
  • *Identity and address proof of the promoters.
  • *Identity and address proof of Directors with photographs.
  • *Address proof of the business place
  • *Bank account statement details or cancelled cheque
  • *Digital signature of the applicant
  • *Letter of Authorization

Online GST registration:

Online GST registration was passed in Parliament on 29 March 2017 yet became effective on 1st July 2017.

GST registration in Chennai helps online submission of the document and application tracking.

Filing of Application for GST registration in Chennai.

Secure GSTIN

Dedicated manager to process your GST registration end to end.

Firstly Online GST registration can be done by GST portal. It requires LegalDocExperts with simple and quick process.

*The GST online registration portal is GST.GOV.IN

*The next step in GST online registration is to enter the required information.

*Similarly the next step in GST online registration is to get the OTP.As soon as you get OTP enter and click continue.

*Get TRN:

When you do that you will get Temporary Reference Number on your mobile and E-mail ID.TRN will help you get closer to GST registration number.

*Again visit the portal and enter the TRN.Please enter the captcha code before clicking on proceed. You will get an OTP and click proceed.

*After this you will have to fill more details and submit several documents at this stage.

*On filling up these details enter declaration.GST registration is done with DSC

*Get Application Reference Number through registered mobile number or Email

*Upon receiving ARN the GST officer accepts the application within 3business days. If the officer needs any clarification you will have to reply in 7 days. Then you will be given GST number.

Reverse Charge Mechanism

Reverse charge mechanism under GST means the liability to pay GST is on recipient instead of supplier of Goods and Services.

That is in normal GST the supplier of the goods and services pay the tax and deposit with the government.

But in reverse charge mechanism the recipient pay tax and deposit with government on behalf of the supplier. 

GST return

Return is a document containing details of income. It is being used by the tax authorities to calculate tax liability. The income tax filing under GST registration in Chennai allows you to file 2 monthly returns and one annual return. This amounts 26 return in a year.

In this system the person should manually enter the details of one monthly return GSTR1.The other returnGSTR3B will auto populated by deriving information from GSTR1.

Late fees for not filing Return on time will be charged.Rs.100 per day per act. So it will be Rs.100 under CGST and Rs.100 SGST .So totally rs.200 per day. Maximum is Rs.5000.

There is no late fee for IGST.

If GST return not filed within time you will have to pay interest. Interest is 18% per annum.

GST Registration in Chennai | Interesting Facts |Solubilis

Benefits of GST registration in Chennai.

*You can legally collect tax from customers and pass on tax benefit to suppliers.

*GST registration in Chennai ensures the business becomes 100% tax compliant.

*On GST registration in Chennai GST certificate is provided and it can be used on opening Business account or current account.

*You can easily apply for various states and Central government tenders if you have GSTN.It can be given upon GST registration in Chennai.

If one has done GST registration in Chennai the one should be  educated that there is no renewal of GSTIN.

GSTIN will likely be cancelled if the one is not liable to pay GST anymore.

If the one is liable to pay GST he can apply as a fresh candidate and the same GST registration in Chennai will help to do so.

Because of GST tax structure is now simplified. The Small and Medium Enterprise can now register under Composition Scheme under GST. Through this they can pay tax by annual turnover.

GST will mean an increase in operational costs. For common man the school fees, health care and residential rents will be high.