TAX SERVICES
What is GST ?
The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. It was introduced in India on July 1, 2017, with the aim of simplifying the indirect tax structure and creating a single unified market across the country.
We are one of the largest and most trusted tax firms in California with more than 500 5-star reviews on Google and Yelp. We have also won numerous awards including winning the Glendale’s Best Accounting Firm for the 7 years in a row.
Tax preparation is not always an easy task. If you have tried filing your taxes yourself, you have probably learned this. The truth is tax laws are complicated, and even seemingly simple tax returns can be confusing. Even if you utilize tax software programs, it is all too easy to overlook deductions and credits you are entitled to.
A tax preparation service like Fint can be a valuable asset. Our tax preparers and tax consultants can professionally prepare your taxes while offering insights into law changes that might affect you, your business, and your future.
Key Components of GST Registration
Whether you are a full-time employee at a large corporation, an independent contractor, or a business owner; selecting the right firm to prepare your taxes is crucial to getting the most out of your returns. From individual tax preparation to corporate tax preparation, Robert Hall & Associates can help with the following types of returns:
- CGST (Central Goods and Services Tax): Levied by the central government on intra-state supplies of goods and services.
- SGST (State Goods and Services Tax): Levied by the state governments on intra-state supplies of goods and services. In the case of Union Territories, UTGST (Union Territory Goods and Services Tax) is applicable.
- IGST (Integrated Goods and Services Tax): Levied by the central government on inter-state supplies of goods and services, and also on imports. The revenue from IGST is shared between the central and state governments.
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Benefits of GST
Our tax services focus on maintaining profitability and capitalizing on any new opportunities. At Robert Hall & Associates, we steer you closer to these goals with over four decades of experience. Our tax preparers stay on top of the latest tax laws and regulations so you can be confident that you are not missing out on any money-saving opportunities. Our tax preparation services include:
- Simplification of Tax Structure: GST has streamlined the tax structure by consolidating multiple indirect taxes into a single tax, reducing the complexity and compliance burden for businesses.
- Reduction in Cascading Effect: By allowing input tax credits at every stage of the value chain, GST eliminates the cascading effect of taxes, where tax is levied on tax. This reduces the overall tax burden on goods and services.
- Improved Efficiency: The uniform tax rate and standardized procedures under GST have improved the efficiency of tax collection and administration, reducing the scope for tax evasion.
- Boost to the Economy: GST has created a common national market, enhancing the ease of doing business in India. It has also reduced logistics costs and removed inter-state barriers, fostering economic growth.
- Increased Transparency: The GST regime is designed to be transparent, with a robust IT infrastructure for filing returns, claiming input tax credits, and maintaining records. This transparency helps in better compliance and reduces the scope for corruption.
Who should Register for GST
- The minimum threshold limit for GST (Goods and Services Tax) registration in India depends on the type of business and its location.
- For businesses operating in most states, the threshold limit for GST registration is an annual turnover of Rs. 40 lakhs (for the supply of goods) and Rs. 20 lakhs (for the supply of services).
However, for businesses operating in special category states such as Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim, the threshold limit for GST registration is an annual turnover of Rs. 20 lakhs (for the supply of goods) and Rs. 10 lakhs (for the supply of services).
However, the northeastern and hilly states were given a choice, allowing businesses to select between a GST ceiling of Rs. 20 lakhs or Rs. 40 lakhs as the annual turnover threshold for GST exemption in case of providers of goods.
Note- Businesses may voluntarily register for GST even if their turnover is below the threshold limit. This can help them take advantage of certain benefits and simplify their tax compliance.
Tax Services
Required Documents for GST Registration
| Sole proprietor / Individual | LLP and Partnership Firms | HUF | Company (Public and Private) (Indian and foreign) |
|---|---|---|---|
| PAN card of the owner | PAN card of all partners (including managing partner and authorized signatory) | PAN card of HUF | PAN card of the Company |
| Aadhar card of the owner | Copy of partnership deed | PAN card and Aadhar card of Karta | Certificate of incorporation given by Ministry of Corporate Affairs |
| Photograph of the owner (in JPEG format, maximum size 100 KB) | Photograph of all partners and authorised signatories (in JPEG format, maximum size 100 KB) | Photograph of the owner (in JPEG format, maximum size 100 KB) | Memorandum of Association / Articles of Association |
| Bank account details* | Address proof of partners (Passport, driving license, Voters identity card, Aadhar card etc.) | Bank account details | PAN card and Aadhar card of authorized signatory. The authorised signatory must be an Indian, even in case of foreign companies/branch registration |
| Address proof** | Aadhar card of authorised signatory | Address proof of principal place of business | PAN card and address proof of all directors of the Company |
| Proof of appointment of authorized signatory | Photograph of all directors and authorised signatory (in JPEG format, maximum size 100 KB) | ||
| In the case of LLP, registration certificate / Board resolution of LLP | Board resolution appointing authorised signatory / Any other proof of appointment of authorised signatory (in JPEG format / PDF format, maximum size 100 KB) | ||
| Bank account details* | Bank account details | ||
| Address proof of principal place of business | Address proof of principal place of business |
