GST Filing
For Traditional Businesses- GST Filing Acknowledgement
What You Will Get
GST Filing Acknowledgement
Documents Required
Premises
Rent agreement – NOC
Electricity bill ((should not be older than two months)
Directors
Bank account details
Photo
Authorization Letter/Board Resolution
Frequently Asked Questions
Is it compulsory to get GST Registration?
No, there is no need to get GST number until the turnover does not exceed the limit of 20 lakhs in general category states and 10 lakhs in special category states or the business does not fall in the mandatory registration category.
What are the mandatory post-GST registration compliances?
In order to avoid the penalties, the following mandatory compliances need to comply properly:
- Invoices: Every invoice generated must be uploaded on GSTIN website before making supply to generate a reference number.
- Monthly Returns: Three monthly returns, i.e. GSTR-1, GSTR-2 and GSTR-3 are required to be filed based on the uploaded invoices.
- Annual Return: One return should be filed annually through form GSTR-9.
What is the difference between CGST, SGST and IGST?
- CGST: Tax component levied by the Central Government over the intra-state trade transactions.
- SGST: Tax component levied by the State Government over the intra-state trade transactions.
- IGST: Tax component levied by the Central Government over the inter-state trade transactions.
What are the GST rates applicable in India?
GST tax slabs in India:
| GST RATE | GOODS | SERVICES |
|---|---|---|
| No Tax | Sanitary Napkins, Milk, fruits, vegetables, bread, salt, bindi, curd, sindoor, natural honey, bangles, handloom, besan, flour, eggs, stamps, judicial papers, and newspapers. | All hotels and lodges who carry a tariff below ₹ 1,000 are exempted |
| 5% | Goods include skimmed milk powder, fish fillet, frozen vegetables, coffee, coal, fertilizers, tea, spices, pizza bread, kerosene, ayurvedic medicines, agarbatti, sliced dry mango, insulin, cashew nuts, unbranded namkeen, lifeboats and life saving drugs etc. | Small restaurants along with transport services like railways and airways |
| 12% | frozen meat products, butter, cheese, ghee, pickles, sausage, fruit juices, namkeen, medicine, umbrella, instant food mix, cell phones, sewing machine, man-made yarn, computers etc. | All Non-AC hotels, , business class air tickets |
| 18% | movie tickets, tooth powder, flavored refined sugar, cornflakes, pasta, pastries and cakes, preserved vegetables, tractors, ice cream, sauces, soups, mineral water, stones used in flooring other than marble & granite, stationery items like clips, some diesel engine parts, some parts of pumps etc. | AC hotels which serve liquor, IT and Telecom services and financial services along with branded garments |
| 28% | Over 200 goods will be taxes at a rate of 28% which includes deodorants, chewing gum, hair shampoo, sunscreen, pan masala, cigarettes, consumer durables, weighing machine, vacuum cleaner. Other items include shavers, automobiles, small cars, hair clippers, motorcycles etc. | Five-Star hotels, racing and betting on casinos and racing |
What are the mandatory compliances after the incorporation of a business entity?
- Private Limited Company
- Appointment of auditor
- Statutory audit of accounts
- Filing of annual return
- Filing of financial statements
- Holding Annual General Meeting (AGM)
- Prepare directors’ report
- Filing of income tax return
- One Person Company
- Appointment of statutory auditor
- Holding Board Meetings (BM)
- Filing of financial statements
- Filing of annual return
- Limited Liability Partnership
- Filing of financial statements
- Filing of annual return
- Filing of income tax return
- Appointment of auditor
- Filing of LLP annual return
Can a business entity register on the residential address?
You don’t need a proper office to incorporate a business entity. You can register your residential address as a registered place of your business with MCA for which some address proof along with the NOC (No Objection Certificate) has to be filed with the prescribed form.
Can an NRI allow to incorporate a business entity in India?
NRIs only allowed to incorporate limited business entities in India including private limited company and limited liability partnership. Also, there is no requirement to obtain the prior approval from the government or RBI. But, in order to register a private company or an LLP at least one director/partner must be a resident of India. However, the private limited company is ideal for NRIs.
Which business entity is the most suitable for start-ups and why?
In order to execute the idea into a long-term business, choosing the right form of business is important. For start-ups, Private Limited Company is the best option for the following reasons:
- Limited legal compliances
- No minimum capital contribution
- Need only 2 directors and shareholders (both can be the same person)
- Funding can be raised
- Limited liability of the members
What is the minimum investment required to start a business entity in India?
As per the relevant Act, there is no minimum requirement for Paid-up Share capital or contribution to incorporate a private company, one person company or limited liability partnership. However, each shareholder/partner should subscribe to a minimum one share of Rs.10 face value.
Location
Office No. T-4, S-521/522, 3rd Floor Moon House Building, Laxmi Nagar, Delhi, 110092
Contact Us
+91-7050056056
support@licitwink.in