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GST Registration

Corpstore provides you greater services for GST registration in Madurai and Karur. The registration process usually takes between 10-15 working days. We will help you to register for GST in 3 easy steps. GST stands for Goods and services tax and it is a destination based tax on consumption of goods and services. By abolishing multiple taxes into a single system, tax complexities would be reduced while tax base increases substantially. Under the new GST regime, all business entities who are involved in buying or selling goods or providing services or both are required to obtain for GST.

This tax system came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of Constitution of India by the India Government. The taxes are replaced with existing multiple central and state government taxes. Entities without GST registration will not be allowed to collect GST from a customer or claim an input tax credit of GST paid and it could be punishable one. Further, registration under GST is mandatory once an entity crosses the minimum turnover of starting a new business that is expected to cross the prescribed turnover.

Income Tax Filing

Corpstore offers hassle-free Income tax e-filing for our clients in Madurai and Karur. Income e-Filing is filed by all types of taxpayers in India to file their income tax returns. Salaried individuals can easily file ITR-1 returns, ITR-2 return and ITR-4 return through the income tax e-filing website itself.

Any person having a taxable income of more than Rs.2.5 lakhs must be aware of the procedures for using the income tax e-filing website and have an account. There are two tax divisions namely direct tax and indirect tax. Indirect tax is charged mainly from trade relating goods and services. From proprietorship to limited companies or liability companies and Society/Trust registration all are enclosed with various income tax rates. Timely registration process will save your reputation and avoid penalties punishments from law suits.

Just share your bank statement and all cash transaction details and we will create the financial statements. In two working days, you will get your ITR filed.

As per the changes made in the 32nd council meeting, the threshold limit for GST registration is 40 lakhs for the supplier of goods and 20 lakhs for the supplier of services. Along with that, the North-Eastern States have an option to choose between 20 lakhs and 40 lakhs. The initial stage GST registration should be done with the help of experts and here at Solubilis, you will be able to get done with your GST registration with a simple and quick process.

What is GSTIN?

GSTIN is a unique identification number given to each GST taxpayer. To verify a GSTIN number a person who has a GST number can log onto the GST portal.

Why file IT returns?

The advantages of filing for IT returns are:

Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.

Visa: As Immigration centres examines many documents and IT returns proofs is a mandatory document for visa applicants.

Avoid penalties: Bulk amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal consequences.

Why I Need GST Registration?

  • You will be more economical in comparison to those unregistered competitors, since you will carry valid tax registration.
  • You cannot sell your products or services on e-commerce sectors without GST registration. If you are planning to give a blow on e-commerce platform like Flipkart, Amazon, Paytm, and Shopify or through your own website, you must need a GSTIN.
  • Only GST holders can benefit input of GST tax paid on their purchases and save the cost.
  • Various government tenders requires GSTIN for applying tender. If you don’t have then you will miss the business opportunity.
  • Without having GSTIN you cannot trade inter-state. This is possible only if you have registered your business under GST.
  • Generally, MNC’s are not comfortable to deal with small business entities until they carry valid tax registration proof.

Who should file income tax return?

  • All partnership firms regardless of income.
  • A university, college or other institution referred to u/s 35(1) (ii)/ (iii).
  • Any Co-operative society, company, and local authority that are notwithstanding of income.
  • Individuals, Association of Persons or Body of Individuals and Hindu undivided families
  • Societies and Trusts - Income gained from property held for charitable, religious purposes or receiving voluntary contribution.
  • Persons who have not filed their returns and received a notice for assessment under Section 142(1) or reassessment u/s 148.
  • Any person who has paid TDS or advance tax in excess of tax payable on total income, or who has paid tax but does not have taxable income.

Documents Required for GST Registration

  • PAN of the Applicant
  • Aadhaar card
  • Proof of business registration or Incorporation certificate
  • Identity and Address proof of Promoters or Director with Photographs
  • Address proof of the place of business
  • Bank Account statement/Cancelled cheque
  • Digital Signature
  • Letter of Authorization/Board Resolution for Authorized Signatory

Documents Required for Income Tax Filing:

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

FAQ'S

  • Q. What was the penalty for not registering GST?
    An offender not paying tax has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10, 000.
  • Q. When should a business apply for multiple GST registrations?
    If a business operates from more than one state, then a separate GST registration is required for each state. For instance, if a coconut vendor sells in Karnataka and Tamil Nadu, he has to apply for separate GST registration in Karnataka and TN respectively.
  • Q. What is the time limit for GST registration?
    An entity liable to be registered under GST should apply for GST registration within 30 days from the date on which the entity becomes liable to register for GST.
  • Q. What is the validity of GST certificate?
    Once GST certificate is approved, the registration is valid until it is surrendered or cancelled. Only GST certificate is issued to non-resident taxable person and casual taxable person will have a validity period.
  • Q. What is aggregate turnover?
    Aggregate turnover is the aggregate value of all taxable supplies, except supplies, export of goods or services and inter-State supplies of a person having same PAN. Aggregate turnover does not include CGST, SGST, IGST and GST cess.
  • Q. What type of GST is proposed?
    GST is differentiated in three different types CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax) and IGST (Integrated Goods and Service Tax).