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Bank Account Opening
The Reserve Bank of India has laid out Know Your Customer (KYC) norms for opening of current account in the name of a partnership firms and all Banks have procedure to open partnership current account in business name based on partnership deed. Partnership deed is required to open a current account or business account for a partnership firms.
What is the time limit for taking registration under GST?
An entity liable to be registered under GST should apply for registration under GST within 30 days from the date on which the entity becomes liable to register for GST. Casual taxable persons and non-resident taxable persons are required to be registered under GST, prior to commencing business.
Can a business operate across India with one GST number?
No. An entity operating in multiple states will have to get registered separately for each of the States from where taxable supply of goods or services is made.
Can entities with VAT or service tax apply for new GST certificate?
Procedure has been provided in the GST portal for migration of existing service tax or VAT or central excise to GST. Entities registered under old tax laws must complete GST migration mandatorily to obtain GST.
Can I register for GST voluntarily?
Yes. Any entity wishing to claim input tax credit can registered voluntarily, even if not liable to be registered. After registration, voluntarily registered entities will also have to comply with regulations as applicable to a normal taxable person.
Is PAN mandatory for registerting under GST?
Yes. PAN is mandatory for normal taxpayers and casual taxable persons to be registered under GST. However, PAN is not mandatory for a non-resident taxable person for obtaining registration.
What is the validity of GST certificate?
Once GST certificate is granted, the registration is valid until its surrendered or cancelled or suspended. Only GST certificate issued to non-resident taxable person and casual taxable person have a validity period.
How long does it take to obtain GSTIN?
After submission of GST application with all the required documents, GSTIN is alloted within 7 working days.
What is aggregate turnover?
Aggregate turnover is the aggregate value of all taxable supplies, exempt supplies, export of goods or services or both and inter-State supplies of a person having same PAN. Aggregate turnover does not include CGST, SGST, IGST and GST cess.
How to get GST certificate?
GST certificate is provided by the Government only in soft-copy format. Once GSTIN is allotted, GST certificate can be downloaded from the GST Portal at anytime by the taxpayer.
From which state the taxable person should obtain registration?
Businesses or entities supplying goods or services must register for GST from every State from where taxable supply of goods or services or both is made.
Who is primary authorized signatory?
Primary authorized signatory is the person who is primarily responsible to perform action on the GST System Portal on behalf of the taxpayer. It can be the promoter of the business or any person nominated by the promoters of the business.
Cancel GST Registration
A GST enlistment got in India can be dropped by the enrolled individual or by GST Officer or by the legitimate beneficiaries of the enrolled individual, if there should arise an occurrence of death of the individual enrolled under GST. GST enlistment abrogation is not quite the same as GST Registration alteration.
Bizcruise can help you drop a GST enrollment in India through an online cycle.
A GST registration granted to a person can be cancelled by an Officer, if:
- The available individual under GST doesn’t lead any business from the proclaimed business environment; or
- Issues receipt or bill without gracefully of merchandise or administrations disregarding the GST Act and additionally GST rules.
- In the event that an individual having GST enrollment has continously not documented GST returns for a half year.
Prior to the abrogation of enlistment, the Officer would give a notification to such individual whose GST enrollment is obligated to be dropped, requiring show cause inside seven working days from the date of administration of such notification. The enlisted individual can answer to the show cause notice inside the recommended time, or the GST enrollment can stand dropped.
Voluntary cancellation by the registered person
Under Section 29 of the CGST Act, a GST enrollment scratch-off can be started by the individual enlisted under GST in the accompanying conditions:
- Discontinuance or conclusion of a business.
- Move of business, combination, consolidation, de-consolidation, rent or other relevant reasons.
- Change in the constitution of business, which brings about a difference in PAN.
- Turnover diminishes underneath as far as possible for GST enrollment.
- Passing of the sole owner.
- Some other explanation, any semblance of which must be demonstrated in the application.
Before applying for GST cancellation
Prior to applying for GST enlistment dropping, the citizen must document all the GST returns cutting-edge. In the event that there is resistance concerning GSTR-3B return or GSTR-1 return or GST yearly return, the past due returns must be documented prior to starting the GST undoing measure.
Applying for GST cancellation
An application for GST scratch-off should be made in Form GST REG-16 on the basic GST entrance. In the GST crossing out application, the enrolled individual must give the accompanying data:
- Contact address, which incorporates the versatile number and email address. Purpose behind dropping.
- The ideal date of scratch-off.
- Specifics of the worth and the duty payable on the supply of sources of info, the data sources accessible in semi-completed products, inputs accessible in completed merchandise, the load of capital products/plant and apparatus.
- Specifics of enlistment of the element wherein the current unit have been consolidated, amalgamated, or moved.
- Points of interest of the most recent GST return documented by the citizen alongside the ARN of the specific return.
Final GST payment
While applying for GST crossing out, the candidate is ordered to pay any past due GST obligation according to the GST returns recorded. What’s more, the input tax contained in the supply of sources of info, semi-completed merchandise, completed products, and capital products or the yield charge obligation of such merchandise – whichever is higher must be dispatched by the citizen. The information tax reduction on the current stock must be taken care of, as the citizen would not be ineligible to guarantee ITC on undoing of GST enlistment.
The last GST installment can be made through the GST electronic credit or The last installment can likewise be made during the accommodation of recording of last GSTR-10 return.
Grounds of non-acceptance of cancellation application
On accommodation of the GST undoing application, the application can be affirmed, and the GST enlistment would stand dropped on the date referenced in the request. At times, the concerned Officer may rule against tolerating the application if:
- The submitted application is inadequate.
- In case of move, consolidation or mixture of business, the new substance hasn’t enlisted with the duty authority preceding the accommodation of use.
In these circumstances, the concerned Officer gives a composed suggestion to the candidate with respect to the idea of the disparity. In which case, the candidate is needed to react to the equivalent inside seven days of the date of receipt of the letter, bombing which the concerned Officer may dismiss the application in the wake of giving him/her with an occasion to be heard.
GSTR-10 final GST return
Each individual whose enrollment has been dropped are needed to in Form GSTR-10 inside a quarter of a year of the date of undoing or the date of request of wiping out, whichever is later. This is done to guarantee that the citizen is without liabilities. It could be noticed that Input Service Distributors or who are needed to pay charge under segment 10, segment 51 or segment 52 are excluded from this arrangement.
In the event that the last GST return isn’t documented in Form GSTR-10, the citizen will be given an inciting him/her to do likewise inside 15 days of the issue of such notification. On the off chance that the citizen neglects to consent to the notification, activities will be taken to evaluate the obligation of the citizen dependent on the data accessible with the concerned Officer. The evaluating request will be removed if the candidate documents the return inside 30 days of the issue of notice.
Consequences of not cancelling GST registration
Subsequent to acquiring GST enlistment, if there is no business action, the citizen needs to start GST abrogation according to the cycle spread out above. In the event that the citizen quits documenting GST returns and lets the GST enlistment to be dropped by the GST office, at that point the person would not be qualified to acquire another GST enrollment under a similar PAN.
Likewise, in the event that a GST enlistment gets dropped by the Government, the available individual would initially need to apply for repudiation of GST enrollment undoing by paying all the late expenses (which could run into lakhs) and after rebuilding – drop the GST appropriately or keep documenting GST returns. Consequently, when a GST enlistment is acquired, it is fundamental for the citizen to screen consistence ,and if there should arise an occurrence of no business action, record for retraction of GST enrollment at the soonest.
Cancellation of GST registration through Bizcruise
On the off chance that you have a GST enlistment that you might want to give up, counsel an Bizcruise GST Expert. We will check the status of GST return documenting, help you record any late GST returns and record for wiping out of GST. Additionally, on accommodation of GST enlistment wiping out application, we will screen the application, react to any inquiries raise and help you complete the cycle.