GST Registration

GST Registration

We “Solubilis corporate Services” carryout, the GST registration in Chennai and in all the major cities and places in India. We dedicated to offer the service with cost-effective and on timely manner. Goods Service Tax is the only dominant tax followed across the country for the products and services. It is a single justifiable service from the manufacturer to the consumer. This activity makes the simple and profitable one than the previously existed tax system which taxed a product with multiple times with different rates. GST target to produce all-inclusive tax structure it controls all the indirect tax consumption like sales tax, service tax etc. Government undertake this huge and a revolutionary change in India is a remarkable financial unification.

Income Tax

Solubilis Income tax filing in Chennai, Bangalore, Hyderabad, Cochin and anywhere in India. Income tax registration is comes without hard tasks.is nothing but the direct tax paying by the people directly to the government. Paying tax is not similar to all. It is differs from the income and profit. Paying income tax is serving for both central and state government bodies. There is two division of tax. One is direct tax and other one is indirect tax. Indirect tax is levied mainly from trade relating goods and services. Income Tax slabs is made out with the structure of turnover.From proprietorship to limited companies, liability companies and Society/Trust registration all are framing with various income tax rates.Timely registration process will mandatory one to save reputation and avoid penalties punishments from law suits.

GST Registration:

GST registration in Chennai is a simple process by following the norms of Central Board of Indirect Taxes and Customs. GST (Goods and Service Tax) registration is an indirect tax system. Recently GST registration Council formulates and cutting the GST rates. Slabs of GST following from 5% to 28%.

Recent modifications of GST:

Both quarterly and annual return filings are offset in April 2019. As a central change GST registration limit is increased from RS.40 lakhs up to RS.1.5 crores. It means Rs.40 lakhs goods supply is enough to register their GST. Limit of turnover exceed RS.50 lakhs, tax slab is fixing as 6%. Goods supplying within Kerala need to pay the calamity cess of 1% up to 2 years. Otherwise, no rate cuts are announced. Latest tax implementations are prescribed for the building and housing units. Those rate structures are following from April 1st2019.

  • Documents and Information required in case of Individual/Proprietorship Firm Registration
    • GST registration document requirement:
    • PAN card of business admin (including directors and partners)
    • Address Proof
    • Proofs on business place
    • Bank account number
    • Partnership deed
    • Incorporation certificate
    • Trust deed and registration certificate
    • Foreign companies and LLP requiring business establishment certificate
    • Bank pass book
    • Bank statement and cancelled cheque
    • photo copy

Have your GST Registration with in 7 days.

Income tax importance:

Solubilis provides Income tax registration in Chennai, Bangalore, Hyderabad, Cochin and anywhere in India. Income tax paying is a crucial responsibility of a citizen. Income tax filings are announcing on pre-determining manner. Income tax filing is a fruit full process for avoid difficulties. ITR is a helpful process for hustle-free loan getting. Education, vehicle and education loans are need to submit three year ITR filing report. Other than this refund of TDS, additional deduction claiming, Visa processing and cutting the additional interest rates are practicing through this ITR filing.

Documents required for income tax filing:

  • Aadhar card
  • PAN Card
  • Bank statements
  • Phone number and E-mail ID

Income Tax slabs:

Certain value of rates and income tax slabs are following. It is vary from the individual to other types .

For individual tax slab structure

Income tax slab Income tax rate
Up to RS.2,50,000 Nil
RS. 2, 50,001 to RS. 5,00,000 5% of total income exceeding RS.2,50,000
RS.5, 00,001 to RS. 10,00,000 RS.12,500 + 20% of total income exceeding RS.5,00,000
Above RS.10,00,000 RS.1,12,500 + 30% of total income exceeding RS.10,00,000

Income tax/Proprietorship:

Income tax return filing is similar process as an individual income tax filing. Proprietors under 60 years and the income exceeds the limit of RS.2, 50,000 is need to file Income tax. It is totally different slab from LLP and other types of firm registration.

Income tax-Limited liability Partnership/Partnership companies/private limited company

Limited Liability Partnership or partnership companies are considering as the same token of Partnership firms. For Limited Liability Partnership and partnership companies are paying 30% from total income as the rate of income tax slab. Other than, the volume of income is deciding if it exceeded more than 30% or less than 30%. If the income exceed more than a crore sub-charge of 12% need to pay. Public limited company comes under the taxation amount of 25% from total income of earning.

Penalty on Income tax:

Ending of the financial year, all the financial reports need to submit. From the April 1st new financial year is commencing for further business progress. Government of India allotting 31st July the deadline for filing all company’s ITR report. Rs.5000 is levied per day as a penalty for submitting ITR before December 31st. Suppose, if it extends after December 31st the penalty amount will be Rs.10, 000.

Solubilis’ support on ITR:

Solubilis will be the best guider and service provider for filing your Income Tax Returns. Time alerts and notifications intimate from us to avoid the complexities on income tax filing. We are aspiring to complete the service on behalf of you.

Recent modifications of GST:

Both quarterly and annual return filings are offset in April 2019. As a central change GST registration limit is increased from RS.40 lakhs up to RS.1.5 crores. It means Rs.40 lakhs goods supply is enough to register their GST. Limit of turnover exceed RS.50 lakhs, tax slab is fixing as 6%. Goods supplying within Kerala need to pay the calamity cess of 1% up to 2 years. Otherwise, no rate cuts are announced. Latest tax implementations are prescribed for the building and housing units. Those rate structures are following from Apri lst 2019.

Penalty:

Common GST penalty of 10% of penalty amount is receivable from from the total tax amount. Minimum amount of Rs.10,000. If the GST is not paying more than a year should met prosecution penalties with arrest.

FAQ'S

It is a destination based tax on goods and services. It is levied at all stages starting from manufacture up to end consumer with credit of taxes paid at earlier stage available as Input credit. Burden of tax is borne by the final consumer. It’s levied on both supply of goods and supply of services.

The central GST and State GST is levied simultaneously on each transaction of Supply of goods and supply of services except for exempted good and services and entities below the prescribed threshold limit. Example if rate of GST is 18% - SGST is 9% CGST is 9%.

The GST on supply of Goods and Services in the case of inter- State trade shall be imposed and collected by Central Government that is IGST. Example if rate of GST is 18% for the goods in trade – IGST – 18%.

Companies involved in supply of goods with annual turnover of more than Rs.40 lakhs are required to register GST mandatorily. In addition to the turnover, If there is Interstate sale of goods its mandatory to register GST irrespective of the turnover Example - If a product is sold from Tamilnadu to Kerala, its mandatory to register GST for supply of goods through E-commerce and Companies involved in Supply of services with annual turnover of more than 20 lakhs are required to register GST mandatorily and it’s not required to register GST for interstate supply of services.

Business entities which are involved in supply of goods with an aggregate turnover in a financial year up to Rs.40 lakhs & Rs.10 Lakhs for NE and special category states is exempted from registration of GST and Business entities which are involved in supply of services with an aggregate turnover in a financial year up to Rs.20 lakhs is exempted from registration of GST.

The composition scheme is a method of tax provided for small taxpayers whose turnover is up to Rs. 75 lakhs (Rs. 50 lakhs in case of few States). It is optional and the eligible person opting this scheme can pay tax at a prescribed percentage of his turnover on quarterly basis, instead of paying tax at usual rates.

Manufacturers, other than manufacturers of goods notified by the Government – Tax at the rate of 2% on turnover, Restaurant Services – Tax at the rate of 5% on turnover, Traders or any other supplier eligible for composition Scheme – 1% of the turnover.

No, Person registered under composition scheme is not eligible to claim input tax credit.

No, customer who buys goods from registered person who is under composition scheme is not eligible for composition input tax credit because composition scheme supplier cannot issue a tax invoice.

Imports of Goods and Services will be considered as inter-state supply IGST will be levied on import of goods and services. Complete set-off will be available on the GST paid on import on goods and services.

Exports have treated as zero rated. No tax will be payable on exports of goods or services, But input tax credit will be available and the exporter can get refund. The Exporters are insist as an option to either pay tax on the output and claim refund of IGST or export under Bond without payment of IGST and claim refund of Input Tax Credit.

It means the liability to pay tax is on the recipient of goods and services instead of the supplier of goods or services in respect of specific categories of supply.

In case of receipt of supply from an unregistered entity, the registered person who is receiving goods or services shall be liable to pay tax under reverse charge mechanism.

Time limit for GST filing:

Due dates of GST filing is not consistent. To resolve the issue and reduce the GST compliance Annual and quarterly Return filing are now introduced. Annual turnover up to 1.5 crores are applicable for quarterly filing. October quarterly should complete its filing before 31st January. January quarterly should complete before April 30th.

Annual Return more than 1.5 crores need to file their returns in monthly-wise. January filing needs to submit before February 11th and it is consequently following for upcoming months. It is the due structure for monthly filing.

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