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GST refers to Goods and Services Tax which subsumes all tax such as Excise Duty, Sales Tax, etc.GST is the biggest reform in our country, improving the ease of business and increasing the taxpayer in Hyderabad by bringing the millions of small business in Hyderabad. This is done basically to improve the multiple tax system and subsuming them into one which would reduce the complexities. Under this GST regime, all the entities in Hyderabad are required to do GST registration in Hyderabad before starting their business. Entities without GST registration cannot claim GST from the customers.
Further, registration for GST becomes obligatory once an entity crosses a turnover of starting a new business of its prescribed turnover. As per the new GST council, the entities in the special category if crossing an annual turnover of 10 lac or above would be required to register for composition scheme under GST. Other categories of entities may register if annual turnover crosses 20lac.
Get the online GST registration in Hyderabad done by Company Vakil
If the Goods and service registration in Hyderabad is done, then the business will be recognized legally as a supplier of goods or services.
That business will be legally authorized to collect taxes from the purchasers and pass on the credits of taxes paid on goods to purchasers or recipients. To have a proper accounting of taxes on the input goods or services the GST online Hyderabad registration should be done
Hyderabad, capital of Telangana state is also known as a city of pearls because of its trading in pearls and diamond. A city filled with monuments like Charminar, Golkonda fort, laad bazaar etc. Hyderabad is also a major center for the technology industry and home for many restaurants and shops. The Telugu film industry based in the city is currently second-largest producer of motion pictures. Hyderabad is the fifth largest contributor to the gross domestic product.
GST registration in Hyderabad can be done online through a portal maintained by Company Vakil. Here, at company vakil, you can register your business in Hyderabad through GST process. It is easily accessible and quick also Goods and Service Tax registration in Hyderabad is an online process. The government also provides GST Suvidha Providers to help business with the process of registration.
The procedure is as follows:
The minimum requirements(like who can get GST online Hyderabad Registration ) are:
The documents required for GST online Hyderabad registration are:
The advantages of getting a GST registration in Hyderabad are:
Yes, VAT & Service Tax Registrations have been subsumed into GST i.e. Goods & Service Tax Registration. Migration from these Old Tax provisions to GST has to be done as Law.
GST is a Goods and Service Tax applicable. It's a Unified Indirect Tax Provision that was made applicable on 1st July 2017 and almost every kind of Indirect Tax i.e. Vat, Service Tax, and Excise has been replaced to only One Tax Provision – GST.
Goods and services Registration in Hyderabad is needed by every business in Hyderabad exceeding the threshold limit of Rs. 20 Lakhs, any business registered under pre-GST Laws (i.e. VAT, Service Tax and Excise) and apart from these there are some special cases too.
Special Cases for GST Registration are as follows: -
GSTIN is a unique Goods and Service Tax Identification Number and once a business is properly registered under the same, it receives a unique GSTIN.
Yes, there are penalties for not registering under GST, If a TAX Offender is not paying GST or is doing lesser payment than the actual Amount (due to genuine errors), has to pay the penalty of 10% of the tax amount due and subject to a minimum of Rs. 10,000. If it’s done deliberately by the offender, the penalty would be of 100% of tax amount due. So its important for you to have a GST Registration in India if you fall under the purview of the same.