Basic Provisions & Penalties in the process of GST Registration.

Are you facing issues in managing your business and organizational setup due to complex financial transactions and strict legal compliances? Whether you need help to set up a new business in India or want effective tax strategies for optimal tax management, Credeb is here to smoothen the task for you!

Credeb Advisors is one of the leading Accountancy Firms in Delhi, India to help streamline your business process by resolving all accounting conflicts and ensuring optimal tax management. Starting from Company incorporation in India to all kinds of business registrations including GST registration in Gurgaon, ITR filing, and the rest of the world to managing your accounts, GST, TDS, and Company Law compliance departments, Credeb Advisors LLP is your one-stop destination for all.

GST registration in Gurgaon

The strength of our organization lies in our capacity to gain in-depth knowledge of various areas of the business, with the detailed analysis and specialized aptitudes of its Accountancy and Tax experts which spreads over its broad network. With our unique approach of developing a clear understanding of specific business, financial situation & objectives, we’ve positioned ourselves as the most reliable and affordable Accounting service providers with subject matter experts under one roof.

GST Registration Provisions at a Glance!

GST which is an abbreviation for Goods and Services tax came into effect on 1 July, 2017. It is an unified & indirect tax which has repealed other taxes and merged them into one single uniform tax including Excise duty, VAT, service tax etc. Businesses having turnover more than 40 Lakhs need to register themselves as a normal taxable person. For some classes of businesses, GST registration is mandatory. Heavy penalties are imposed by income tax authorities if such organizations carry their businesses without registering under The Goods And Services Tax.

Keep the following documents handy as it is required at the time of GST Registration Online-

  • PAN Card of the applicant.
  • Bank Account details.
  • Aadhaar card of the applicant.
  • Address proof of the registered office.
  • Identity proof of the promoters and directors whose name is mentioned in the MOA.
  • Address proof of the promoters and directors along with attached photographs.
  • Digital Signature of the applicant.
  • Letter of authorization.

Who is Eligible to Register for GST?

  • Individuals registered under previous Indirect Tax Laws i.e. Excise Duty, VAT, Service Tax, custom tax etc.
  • Companies whose annual turnover Exceeds 40 Lakhs.
  • ( Note- For north eastern states , Uttarakhand, Jammu-kashmir and Himachal Pradesh, the turnover limit is 10 Lakh)
  • Normal taxation Person.
  • Non Resident taxable person.
  • Person paying Tax under the scheme- Reverse charge Mechanism.
  • Every E-commerce aggregator.
  • Person furnishing online information and data from a place outside India to a person residing in India, other than a registered taxable individual.
  • Input Service distributor and Supplier’s agent. 

Penalty for non-compliance of GST Provisions-

Offenses under GST and respective applicable penalties are mentioned under the Central Goods and Service Tax (CGST) Act. Anyone found breaching the terms of GST provisions or practicing any unauthorized act like tax evasion will be entitled to punishment in the terms of penalty.

An offender not paying tax or making less payments (intentional errors) has to pay the sum of 10% of the tax amount due subject to a minimum of Rs.10,000.The penalty will be at 100% of the tax amount due when the offender has deliberately evaded paying taxes and does some unlawful act.

Credeb is known for offering end to end Goods and Services tax advisory services and formulating effective tax strategies for businesses. We have a dedicated team of chartered accountants  and CPAs who can help you in all your Goods and Services tax related queries. Your search for GST registration in Delhi NCR stops right here. Your GST registration number will be taken care of by our in-house experienced tax experts.

Our team of CAs will file your GST Application in 24 hours and ensure that your GST Registration is granted within stipulated time. The GST Registration in Delhi at Credeb helps you to get your business GST registered and obtain your GSTIN. The GST experts at Credeb will guide you to understand the basic provisions, amendments, the applicability and compliances under GST for your business and get your business registered under GST.

Leave a Comment