VittaDhara Accounting & Payroll Solutions
What is GST?
Goods and Services Tax (GST) is a unified tax system that replaces multiple indirect taxes like VAT, excise duty, and service tax. It ensures uniformity by applying the same tax rates across India for goods and services. Businesses with turnover exceeding the prescribed threshold must obtain GST registration to stay compliant.
For example, if you operate a clothing store, GST applies to the clothes you sell while also allowing you to claim credit for the GST paid on materials purchased. This not only ensures compliance but also improves your business's financial transparency.
Advantage of obtaining GST registration
Utilise Input Tax Credit
Claim Goods and Services Tax Refund
Claim Goods and Services Tax Refund
Businesses can use the Input Tax Credit mechanism under Goods and Services Tax to offset the tax paid on inputs against the tax on outputs. This lowers the overall tax burden, reducing operational costs and improving cash flow.
Claim Goods and Services Tax Refund
Claim Goods and Services Tax Refund
Claim Goods and Services Tax Refund
Exporters can claim refunds on unutilized Input Tax Credit when the tax paid on inputs exceeds their output tax liability. This improves liquidity and allows reinvestment, boosting competitiveness in global markets.
Seamless Movement of Goods
Claim Goods and Services Tax Refund
Seamless Movement of Goods
The Goods and Services Tax E-Way Bill system streamlines the transport of goods across states and within the country. It reduces delays, lowers costs, and enhances supply chain efficiency.
Eligibility Criteria for GST Registration
- Turnover Threshold Exceeding Rs. 40 lakhs for goods or Rs. 20 lakhs for services
- Interstate Supply
- Businesses supplying goods or services across state borders.
- E-commerce
- Sellers on e-commerce platforms.
- Casual Taxable Person
- Occasional suppliers of taxable goods or services.
- Non-Resident Taxable Person
- Foreign entities supplying goods or services in India.
Documents Needed for GST Registration in Hyderabad
- PAN Card of the business and authorized signatory
- Aadhaar Card of individuals and business owners.
- Proof of Business Address (rent agreement, utility bills, or property papers)
- Bank Account Details (canceled cheque or statement).
- Passport-size photographs of owners or authorized personnel.
- Business Constitution Proof (MOA, AOA, or partnership deed)..
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