Import Export Code Registration
GST Registration is applicable on all goods and services except Petroleum products as of now. Goods & Service Tax (GST) is a consolidated tax, which essentially means that State and Central Indirect taxes have been merged. Entire country now operates under a uniform tax system. It now replaces service tax, excise, VAT, entertainment tax, luxury tax, octroi, CST etc.
GST Registration Process in India is completely online. It requires no manual intervention or no physical paper submissions. A very simple procedure has been prescribed for GST Registration.
The GST exemption limit earlier was Rs 20 lakhs for all the businesses and services. But now with latest amendment Businesses with an annual turnover of up to Rs 40 lakh are exempted from GST. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1% tax. However, for services the exemption limit of turnover is still 20 lakhs. Also, service provider having turnover up to 50 lakhs can opt for composition scheme for services and pay only 6% of tax
Aadhaar Card is mandatory to get GST registration:
A new system for new GST registration has been introduced and activated from 21st August, 2020 where the Aadhaar card is now mandatory for GST registration. That means, the applicant who are seeking for GST registration now will be given an option to select if he wishes to authenticate Aadhaar or wishes to opt for physical verification. If the applicant opts for Aadhaar authentication for his GST registration then the applicant will get his / her GST registration in just three days.
Need and Advantages of GST Registration:
- The Taxpayer will be legally recognized as a supplier of goods or services.
- He would be legally authorized to collect tax from his customers and pass on the credit of the taxes paid on the goods or services supplied to the purchasers/ recipients.
- He can claim input tax credit of taxes paid on his purchases / procurements and can utilize the same for payment of taxes due on supply of goods or services.
- Seamless flow of Input tax credit from suppliers to recipients at the national level
You can contact us for more information, on filing your Import Export Code Registration and also for resolving your complex queries and easily meet our team of experts by calling on +91 9409810715 or mail us your query at contact@aeldraconsultancy.in.
