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Overview on GST Registration in Kolkata

We strongly believe that our goals can only be reached through the vehicle of a plan. There is no other route to success. Do you feel the same? Then what are you waiting for? Run your business with unquestionable compliances. Just Scroll down and get our Premium offers to get your GST Registration in Kolkata done! Kolkata is acknowledged as “The Cultural Capital of India”. The name Kolkata, itself signifies the culture of a different kind, which this city so proudly enchants.

The city is the commercial and financial hub of eastern India and amongst one of the most important metropolitan cities in the country. Kolkata is also working in various major industries like steel, heavy engineering, mining, minerals, cement, pharmaceuticals, food processing, agriculture, electronics, textiles, and jute. Here, Food and Beverages, Customized jewellery, Event planning, and Café businesses are some of the lucrative business ideas to start that can be highly profitable for Entrepreneurs.

You must take a note that when it comes to a business establishment it is important to keep a track of different compliance requirements. As the entire process of starting a business is not that easy and mostly every business is covered under the GST regime and taxes are charged as per GST slab rates i.e. 5%, 12%, 18%, or 28%. We must acknowledge the criteria and procedure for GST registration before starting the business in any state. There are considerable details to be taken care of, lengthy process to go through which often end up looking for expert help. Then what are you looking for? Get your business registered under GST in Kolkata from one of the leading GST Registration Consultants in India. We provide comprehensive assistance on GST Registration and GST related services.

Threshold limit for GST Registration

The GST was launched on 1st July 2017, with certain rules and regulations, and a lot many changes have taken place since then. Due to a large number of amendments in the Act, there is still confusion in the mind of people as regards to threshold limit for registration under the Act.

Maintaining the high compliances in the business will have a positive impression in the GST ecosystem that results in speedy credit of refund claims. In this article, an effort has been made to explain the requirement for registration under GST. GST is imposed at every step of the supply network, to set off all the available benefits. The procedure for GST is online and requires no physical medaling.

Every product goes through multiple stages along with the supply network, which includes the purchase of raw materials, manufacturing, selling to the wholesaler and the retailer, and then the final sale to the consumer. Interestingly, Goods and Service Tax will be levied on all of these 3 stages-

Threshold limit for GST Registration

A person is required to take GST registration in the following cases-

  • Exceeding the threshold limit of aggregate turnover
  • Compulsory Registration
  • Voluntary Registration

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Who all are the people required to get registered under GST in Kolkata?

The following persons are required to get registered under GST in Kolkata:-

  • Any business whose aggregate turnover in a financial year exceeds Rs 20 lakhs (Rs 10 lakhs for special category states in GST).
  • Note- This clause does not apply if the entity is only dealing in supply of goods/services which are exempt under GST
  • Every person who is registered under an earlier law of taxation (i.e., Excise, VAT, Service Tax,etc.)
  • Needs to get register under Goods and Service Tax.
  • Any entity or supplier dealing in inter-state supply of goods.
  • Casual taxable person
  • Non-Resident taxable person
  • Agents of a supplier
  • Person paying tax under the reverse charge mechanism
  • Input service distributor and its agent
  • E-Commerce operator or aggregator*
  • A Person who supplies through E-commerce aggregator.
  • Entities who are providing online information, acquiring database, or retrieval services from a place located outside India to a person in India, other than a registered taxable person.
Note- Here, Person includes Sole proprietor, Individual, Partnership firm, company, LLP, an AOP/ BOI, HUF, any corporation or Government company, body corporate incorporated under laws of a foreign country, co-operative society, Regional authority, administrative authority, trust, an artificial juridical person.

The Basic Components that are required to be considered for GST Registration in Kolkata

As India is a federal country, a model is designed to administer GST in India, involving both Centre and States in its implementation. Both Central and States government have powers to impose and collect taxes through their respective legislations.

Taking this into consideration, A Dual GST Model has implemented that distributed powers to both Centre and States to levy the tax simultaneously. The Components of GST are:

The Basic Components that are required to be considered for GST Registration in Kolkata

Central GST-

Central GST is the tax imposed on the Intra State supplies of goods and services by the Central Government. When the location of the supplier and the buyer are in the same state it is termed as an Intra-state supply of goods or services. In this component, a seller has to collect both CGST and SGST in which CGST remains with the Central government while the SGST gets deposited with the State government.

State GST-

State Goods and Service Tax is the tax imposed on the Intra State supplies of goods and services by the State Government. Here, the tax levied passes to the state government.

Integrated GST-

Integrated Goods and Service Tax is the tax levied on the inter-state supply of goods and services. Integrated GST is governed by the IGST Act. In IGST, the seller has to collect IGST from the buyer, and the tax collected will be divided between the Central and State Governments.

Note- Inter-state supply of goods takes place when the location of the supplier and the buyer are in different states.

Union Territory GST-

Union Territory GST is applicable when any services and goods are consumed in the Union territories (UTs) of India. Under Union Territory GST, the revenue is collected by the government of union territory.

The necessary Necessary Papers required for GST Registration in Kolkata

Depending upon the types of business, the following necessary papers are required for GST Registration in Kolkata

1. For Sole Proprietorship/Individual

Necessary Papers required for Sole Proprietorship/individual are as follows:-

  • PAN Card of the owner
  • Aadhar card of the owner
  • Photograph of the owner (The photo shall be in JPEG format, maximum size – 100 KB)
  • Bank account details
  • Address proof*

2. For Partnership firm/LLP

Necessary Papers required for Partnership/ LLP are as follows:-

  • Identity Proof of the partners
  • Address Proof of the partners
  • Copy of partnership deed
  • Photograph of the partners
  • Photograph of the authorized signatories.
  • Id and Address Proof of the person authorized by the partners.
  • Proof of appointment of authorized signatory
  • In the case of LLP, registration certificate, and Board resolution of LLP.
  • Bank account details
  • Address proof of principal working place.

3. For Company-

Necessary Papers required for company are as follows:-

  • PAN Card of Company
  • Certificate of incorporation
  • MOA and AOA of the company.
  • Identity Proof and Address Proof of authorized signatory.
  • Note-The authorized signatory must be an Indian even in case of foreign companies/branch registration.
  • Identity Proof and address proof of all directors of the Company.
  • Photograph of the directors and authorized signatory.
  • Board resolution appointing authorized signatory.
  • Bank account details.
  • Address proof of the working premise.

4. For HUF

Necessary Papers required HUF are as follows:-

  • PAN card of HUF
  • Identity Proof of Karta
  • Address Proof of Karta
  • Photograph of the Karta
  • Bank account details
  • Address proof of the working premise.

What are the Different Rates Considered for GST?

In General, there are 4 types of GST rates in India, and the same GST rates are applied to every state based on the types of goods and services.

Under GST slab of 5%

Goods-

The goods of Basic amenities, Household necessities, and life-saving drugs are covered under this slab Sugar, oil, spices, coffee, coal, fertilizers, tea, ayurvedic medicines, Agarbatti, sliced dry mango, cashew nuts, sweets, handmade carpets, lifeboats, fish fillet, unbranded snacks, and life-saving drugs, etc. are few products covered under 5% GST slab.

Services-

Further, services like Railways, airways, takeaway food, AC and Non-AC restaurants, hotel rooms with a tariff less than Rs. 7,500, and special flights for pilgrims, etc. are covered under 5% tax slab of GST.

Under GST slab of 12%

Goods-

Goods like cell phones, sewing machines, a Drip irrigation system, jewelry box, Mechanical sprayers, processed foods like frozen meat, fruit juices, butter, cheese, ghee are covered under the 12% tax slab of GST.

Services-

The services under this slab include Air travel apart from economy class, Hotel accommodation with per room per night charge upto Rs 7500.

Under GST slab of 18%

Goods-

Goods like washing machine, vacuum cleaner, pasta, detergent, scent sprays, leather clothing, cookers, oil powder, artificial flowers, wristwatches, Travelling bags, furniture, stationery items, mattress monitors, television screen, lithium-ion batteries, video games are covered under 18% tax slab of GST.

Services-

The services under this slab include restaurants within hotels whose tariffs are above Rs. 7,500, actual hotel bill below Rs. 7,500, movie tickets above Rs. 100.

Under GST slab of 28%

Goods-

Over 200 products like cars, cigarettes, durable consumer products, high-end motorcycles, ATM vending machine, pan masala, weighing machine, cement, dish-washer are covered under 28% tax slab of GST.

Services-

Services under this slab include Race club, Supply of drinks in AC Restaurants in 5-star or above rated hotel, Accommodation in the hotel, where room rent is 7500/-or above per night per room.

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