GST Registration in Mumbai

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What is GST?

 

Goods and Service Tax (GST) is an indirect tax (or consumption tax) levied all across our nation, on the sale of goods and services. GST is levied at every stride in the production process. It is refunded to the producers, dealers, wholesalers, and retailers, but not to the final consumer.

0%, 5%, 12%, 18% and 28% are the five slab rates for collection of tax on Goods and Services. Certain products such as Petroleum products, alcoholic drinks, electricity, and real estate are taxed separately by the individual state governments. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition, a cess of 22% or other rates on top of 28% GST applies on a few items like aerated drinks, luxury cars, and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post GST most goods are expected to be in the 18% tax range.

The act was enacted on July 1, 2017, through the implementation of One Hundred and First Amendment (101st) of the Constitution. The tax has replaced the existing taxes levied by the central and state governments which had multiple cascading effects. The rules, regulations and the tax rates are governed by the GST Council which made-up of finance minister of center and all the states. GST simplified a few of indirect taxes with a unified tax and is therefore expected to dramatically reshape the country's 2.4 trillion-dollar economy.Trucks travel time in interstate movement dropped by 20%, because of no interstate check posts.

 

GST Registration in Mumbai

 

In our country, we as a citizen have to pay two types of taxes i.e. Direct tax and Indirect tax. Goods and Services Tax (GST) is a type of Indirect tax which has replaced many other indirect taxes applicable all across the nation. The Goods and services tax act was passed by the parliament on March 29th, 2017 which came into effect on July 1st, 2017. In the year 2000, a committee was set up to draft GST law and it took its final form in 2017, therefore GST took 17 years to come into its real application i.e. a Unified Indirect tax reform for the people.

It is basically levied on the sale of goods and services. Now GST is the only indirect tax charged on the sale of goods and services on its value addition replacing various other previously existing indirect tax laws in the nation.

GST is a multi-stage and destination-based tax law which is levied at every point of sale of goods and services. Central GST (CGST) and State GST (SGST) is charged in case of transactions occurring intra – state while in case of the interstate, Integrated GST (IGST) is charged.

The production of goods and services goes through many stages from manufacturer to final sale to the customer. Thus, GST is levied at each stage, making it the multi-stage tax. GST is charged only to the value added at each stage by the seller. Also, GST is levied at the point of consumption, hence it is destination based. Get your GST Registration in India with help of Company Vakil Experts.

Mumbai is the cosmopolitan city located on the western coast in the State of Maharashtra. Marathi is the major language used, along with Hindi and English. Bombay’s cuisine is world famous. This city is the largest of all the cities in our country. It has provided employment and shelter to millions of families. The headquarters of some of the national financial institution like the Reserve Bank i.e RBI, the Bombay Stock Exchange, the National Stock Exchange of the country, SEBI, etc. are located here. Besides, the tourist spots consist of the Juhu Beach, Juhu Chaupati, Siddhi Vinayak Mandir, Haji Ali Dargah and many more. 

 

 

What is CGST, SGST & IGST?

 

  • CGST means Central Goods and Services tax and SGST means State Goods and Services Tax. When there is a transaction that takes place intra state i.e. within a state, CGST & SGST is levied. A transaction where the buyer and the seller are located in the same state, seller collects CGST & SGST from the buyer. The Central and the State governments, both agree to combine the charges in an appropriate proportion for sharing the revenue on a sale of goods and services that takes place intra-state but the tax rate should not exceed 14% each.
  • IGST means Integrated Goods and Services Tax which is charged on sales that take place between two or more states. This is levied when the location of the buyer and the seller is in different states. When an export or import of goods or services takes place and when the supply of goods or services is done to or by an SEZ unit, the deal is presumed to be Inter-State and IGST is charged. A seller collects IGST from the buyer in case of interstate transactions. The taxes have been segregated for the fact that both central and state government need to raise funds for their development and offering services and responsibilities.

 

 

 

Why do I need to register for GST in Mumbai?

 

  • A person carrying out taxable activities in Mumbai need to register for GST. Anyone who performs business in any part of the country needs to register for GST.
  • Any person who is engaged in trade and commerce activities in Mumbai is needed to register for GST.
  • Any firm, company, individual, LLP government company, etc. are under obligation to register under GST law.
  • GST registration is necessary to continue the commercial activities. Registration under GST is mandatory for few businesses. It will be considered to be a crime under GST and heavy penalties are charged on non-GST registered companies if an organization undertakes a business without registering under GST.
  • Generally, GST registration in Mumbai takes 2-6 working days for the completion of registration process. Company Vakil can help you to get registered under GST portal in Mumbai in 2-4 working days charging a nominal fee.

 

 

Who should register for GST?

 

  • A person who is already registered under previously established laws (i.e., Excise, VAT, Service Tax etc.) is needed to register under GST as well.
  • If the turnover of the business in a financial year exceeds Rs. 20 lakhs (Rs. 10 lakhs for North Eastern and hill states), they need to register under GST.
  • In case of transfer of business, then the person to who it is transferred will have to register under GST.
  • Anyone who supplies online information and database access or other services from a place outside of the nation to the person residing in the country, other than a registered taxable person, also has to register himself under GST laws.
  • A person driving the inter-state supply of goods will be required to register for GST.
  • A casual taxable person who irregularly supplies goods or services in a territory where GST is applicable has to register for GST.
  • Non-Resident taxable person.
  • Agents of a supplier are also needed to register under GST tax norms.
  • People who are paying tax under the reverse charge mechanism will be required to get themselves registered under GST law.
  • Supplier of the goods/services which receives tax invoices on receipt of input services and issues tax invoices for the purpose of distributing said services to the branch with same PAN is required to register for GST.
  • E-commerce operator or aggregator needs to register for GST if the total sales exceed Rs. 20 lakhs.
  • The person who supplies goods and services through e-commerce aggregator.

 

Process of GST Registration in Mumbai

 

At Company Vakil, you may avail services to get your business registered in Mumbai under the GST Law and get your Goods and Services an Identification Number.

Experts of Company Vakil guide you on its applicability and guidelines to be followed under GST for the business. GST registration process in Mumbai is online through a Central Government portal. Following is the process for GST registration in Mumbai:

  • The applicant will have to submit his PAN number, valid email id and phone number in the PART – A of the GST REG – 01 form on the GST portal.
  • After submitting the details, verification of PAN, Phone Number, and Email id is done and the application reference number is sent to the registered mobile number and email id. In the GST REG – 02 form, an acknowledgment is issued electronically.
  • After filing the required details and reference number in PART – B of GST REG – 01 form, the applicant will have to submit the form.
  • For additional information, GST REG – 02 form is required to be filled further.
  • After this, GST REG – 04 form needs to be submitted in 7 working days with required information after receiving GST REG – 03 form.
  • In the form of GST REG – 06, the registration certificate will be provided.

 

Fee for GST Registration in Mumbai

 

GST Registration is lengthy and time consuming 11 step process which involves filling in various details, submitting documents and scanned certificates.

Company Vakil charges a nominal fee at stated above for GST Registration. You can opt for the expert advice from Company Vakil where experts will be there with you to assist you at each step.

 

The penalty for Not Registering under GST

 

Those who are not registered under GST law are subject to the penalty of 10% of the total of the tax amount to a minimum of Rs.10, 000. The penalty will be charged at 100% of the tax amount due if the lawbreaker has purposely evaded from paying taxes.

Documents required for GST registration in Mumbai

 

All the documents are required in scanned format only. You can attach the document in the form after payment or email it to us at documents@companyvakil.com. Feel free to get in touch for any query.

Following are the necessary documents required to be submitted for offline/ online GST registration process in Mumbai:

  1. Bank Passbook - Scanned copy of the first page of the bank account passbook mentioning few transactions and address is to be submitted.
  2. Address Proof of business - Another important document is the address proof where the business is needed to be conducted. It can be rent agreement or sale deed along with NOC from the owner.
  3. A business registration document/ certificate need to be submitted for authentication like MoA, A or partnership deed.
  4. PAN card of the applicant.
  5. Address proof of the owners or promoters and list of directors with their address proof.
  6. A cancelled cheque from the bank having IFSC Code, bank branch details, MICR code or account holder’s details.

 

TIME TAKEN in registration process

2 working hours

Temporary Reference Number

3 working days

GST Number

Frequently asked questions

 

1.      I have a VAT or Service Tax Registration, do I need to Apply for GST?

Yes, VAT & Service Tax Registrations have been merged into GST i.e. Goods & Service Tax Registration. Migration from these Old Tax provisions to GST has to be done as per Law.

 

2.      What is GST?

GST is Goods and Service Tax applicable all across the nation. 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.

 

3.      Who needs a GST Registration in Mumbai?

GST Registration in Mumbai is needed by every business exceeding the threshold limit of Rs. 20 Lakhs (Rs. 10 Lakhs in case of North Eastern and the Hill States), any business registered under pre-GST Laws (i.e. VAT, Service Tax and Excise) and apart from these there are some special cases too.

 

4.      What are these Special Cases for Mandatory GST Registration in Mumbai?

Special Cases for GST Registration in Mumbai are as follows: -

1. Any business registered under Pre-GST Laws i.e. Vat, Excise or Service Tax

2. A Casual Taxable Person

3. Taxpayers under the Reverse Charge Mechanism

4. Online e-commerce Operators/Aggregators like Amazon, Flipkart etc.

5. People who are Agents of a Supplier

6. People Supplying through an E-commerce Operator / Aggregator

7. Non – Resident Taxable Person

8. Input Service Distributors

9. When a person supplies online information and database access or retrieval service from a place outside of the country to person in the country, other than a registered taxable person.

10. Anyone doing a business that involves inter-state Supplies of Goods & Services [As per the new Amendment Service Providers doing Inter-state Supply of Service is exempted from GST Registration till their Annual turnover doesn’t Reach the threshold of Rs. 20 Lakhs [10 Lakhs in the Special States & 20 Lakhs for Jammu & Kashmir)]

 

5.      What is GSTIN and when do you receive it?

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.

 

6.      Is there a penalty for not registering under GST?

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.

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