Start-up Consultancy & GST Registration
Goods and Services Tax (GST) was introduced in India on 1 July 2017. It came into force as per 101st Constitution Amendment Act, 2016 after 122nd Constitution Amendment Bill, 2014 was passed. GST Council governs GST. Chairman of the Council is Finance Minister of India. GST is applicable throughout India.
GST is an indirect tax. It is transparent. It replaces multiple taxes that were levied earlier by Central and State governments. There will be no hidden taxes under GST regime.
Companies benefit from GST since the cost of doing business is expected to be lower. Prices will come down. Consumption will increase. Biggest advantage will be to consumers due to the reduction in the overall tax burden on goods, which is currently expected to be around 25%-30%.
A taxable person, as per GST law, is a person who engages in an economic activity (including trade and commerce) and has or is required to have GST registration. The person is required to comply with all GST regulations. The term ‘person’ refers to an individual, HUF, company, firm, LLP, AOP/BOI, corporation, a government company, body corporate incorporated under laws of a foreign country, co-operative society, local authority, government, trust or/and artificial juridical person.
We, at Pearl GST, provide Advisory Services for Business Start-Ups including the formation of business entity and GST procedures.
Our business start-up advice and GST services can be availed from anywhere in India. In Kerala, locations include the following places.
Business Start-up Consultancy
Are you looking to form a company in India? You are at the right place. No matter where you are, we will help you form your company fast, secure and cheap.
Our organization serves international businesses. It has grown successfully through consistent focus on exceptionally low prices, outstanding delivery, and excellent customer service.
We offer formation of all types of business entities in India as well as Corporate Law Compliance services. Our specialized team of Company Secretaries, Chartered Accountants, and Corporate Lawyers ensure that the services are at best standards and quality. You can register your company anytime online with the help of a trusted agent like Pearl Accountants. We have been registering companies for the past 15 years. Our company formation services have been used by more than 1000+ customers.
We also provide registered office address in India, Bank Accounts in India and Accountancy Consulting services in India along with company formations.
From 1st July 2017, GST replaced Central and State level indirect taxes like VAT, Service tax, Excise etc. GST registration is mandatory for all entities involved in buying or selling of goods and/or services having an annual turnover exceeding the minimum threshold of:
- Rs 10 lakhs in the case of North Eastern and hill States (“special category States”)
- Rs 20 lakhs in rest of India
GST registration is compulsory when an entity’s turnover crosses the minimum threshold or starts a new business that is expected to have a turnover above the minimum threshold.
Business entities without GST registration are not allowed to collect GST from a customer or claim Input Tax Credit of GST paid. They can also be penalized.
GST experts of Pearl Accountants will assist you to identify applicability and compliances under GST for your business. They will perform formalities and procedures required to register your business and obtain your Goods and Service Tax Identification Number (GSTIN).
We can also arrange for migration and registration of GST for existing businesses that have not yet migrated to GST.
- GST Migration (If required)
- Filing of Application for Registration
- Follow up till receipt of GSTIN
|Section||Document Required (Anyone in each section)||Type of Attachment|
|Constitution of Business||Partnership Deed||JPG, PDF|
|Registration Certificate||JPG, PDF|
|Principle place of business||Memorandum of Association and Articles of Association||JPG, PDF|
|Bye-laws of Society||JPG, PDF|
|Tax Paid Receipt||JPG, PDF|
|Municipal Khata Copy||JPG, PDF|
|Electricity Bill||JPG, PDF|
|Rent / Lease agreement||JPG, PDF|
|Consent Letter||JPG, PDF|
|Any other Certificate/document issued by Government||JPG, PDF|
|Any other Certificate or record from Govt department||JPG, PDF|
|Bank Statement||JPG, PDF|
|Details of authorized signatory||Letter of Authorization||JPG, PDF|
|Copy of resolution passed by BoD / Managing Committee||JPG, PDF|
|Details of Bank Accounts||First page of Pass Book||JPG, PDF|
|Bank Statement||JPG, PDF|
|Others||Any other documents||JPG, PDF|
|Any supporting documents||JPG, PDF|
A Return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
Under GST a registered dealer has to file GST Returns that include details of:
- Output GST (on sales)
- Input Tax Credit (GST paid on purchases)
Filing of GST Returns
- GSTR-1: Details of outward supplies of taxable goods and/or services (Businesses with annual turnover up to Rs 1.5 Crores need to file GSTR-1 quarterly only. If turnover is above Rs 1.5 Crores, monthly Returns have to be filed.)
- GSTR-2: Details of inward supplies of taxable goods and/or services claiming Input Tax Credit
- GSTR-3: Monthly Returns on the basis of finalization of details of outward supplies and inward supplies along with payment of tax amount
- GSTR-3B: Provisional Returns for the months of July 2017 to March 2018. All businesses have to file GSTR-3B by 20th of the following month until March 2018.
- All businesses have to file GSTR-1 and GSTR-3B until March 2018.
This scheme is for small taxpayers. It makes taxation simpler and with less compliance cost. It is optional. Instead of paying tax at a normal rate, eligible taxpayers can opt to pay tax under this scheme at a prescribed percentage of turnover. This can be paid on a quarterly basis.
This scheme can be availed only by:
- Businesses with annual turnover up to Rs 1 Crore (Rs 75 Lakhs in the case of special category States (except J&K and Uttarakhand))
Note: This threshold will be increased soon to Rs 1.5 Crores after necessary amendments in the Act.
- Businesses dealing in goods only
- Businesses supplying both goods and services (services not exceeding Rs 5 Lakhs in total)
- Restaurants that do not serve alcohol
Services providers cannot opt for this scheme.
GST rates under composition scheme are as follows:
- Manufacturers & Traders: 1%
- Restaurants that do not serve alcohol: 5%
GST For Export Business
GST is a consumption-based tax. This means that tax is payable in the State in which goods or services or both are finally consumed. In the case of exports, place of consumption is outside India. So exports are not taxable. Such supplies are zero-rated.
Zero-rated goods and services can be exported either:
- On payment of IGST and Compensation Cess which can be claimed as refund after export (or)
- Under Bond or Letter of Undertaking (LUT) without payment of IGST and Cess
ACCOUNTING SUPPORT BY PEARL ACCOUNTANTS
We, at Pearl Accountants, offer accounting and bookkeeping support to all businesses.
We also provide temporary staff such as Chartered Accountants, Senior Accountants and Accounts Assistants for accounts and taxation work at clients’ offices.
GST CONSULTANCY BY PEARL ACCOUNTANTS
We provide consultancy services such as the following:
- One day training session including practical session related to GST Return filing
- Doubt clearance related to GST registration and Returns filing
- Support to file appeals if there are any disputes related to GST