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Goods and Services Tax (commonly known as GST) is a comprehensive indirect tax on manufacturing, selling, and consuming goods and services throughout India. GST is a destination-based tax that is imposed on every value addition. GST has replaced several indirect taxes previously set by the central and state governments. GST registration by a trusted Business Advisory company in Delhi is a mandatory requirement for all companies engaged in the supply of goods and services.
This process can be complex and time-consuming, but it is essential for compliance with the law. In this blog, we will discuss the GST registration process for companies and the role of GST audit consultants in Delhi.
Eligibility for GST registration
The GST Act requires all entities engaged in the supply of goods and services to register under GST if their turnover exceeds a specific threshold limit. The threshold limit for registration varies for different states and is different for goods and services. In Delhi, the threshold limit for registration for goods is Rs. 40 Lakhs, and for assistance, it is Rs. 20 Lakhs. If a company’s turnover is below the threshold limit, it is not required to register for GST, but it can do so voluntarily.
Documents required for GST registration
The following papers must be submitted to register for GST:
- PAN card
- A passport, voter ID card, or Aadhaar card
- Bank account details
- GST registration application form
- Photographs of the proprietor, partners, or directors
- Copy of rent agreement or ownership proof of the business place
- Copy of canceled cheque
- Details of existing registration under any other law (if any)
Role of GST audit consultants in Delhi
GST audit consultants in Delhi play a crucial role in the GST registration process.
- They help companies prepare and submit the GST registration application form.
- They also assist in compiling the required documents and ensure that the application is complete and error-free.
- GST audit consultants in Delhi also help companies prepare GST returns and ensure compliance with GST laws.
- They also assist in conducting GST audits and ensure that the company complies with the GST Act.
Conclusion:
GST registration is a mandatory requirement for companies engaged in goods and services. The process can be complex and time-consuming, but it is essential for compliance with the law. GST registration companies in Delhi play a crucial role in the GST registration process and help companies prepare and submit the GST registration application form.
They also assist in compiling the required documents and ensure that the company complies with GST laws. By engaging the services of GST audit consultants in Delhi, companies can ensure compliance with GST laws and avoid any penalties or fines.