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GST Registration in Tirupur

Get your GST registration done swiftly at Smartcorp, Tirupur. GST unifies taxes nationwide for both products and services, benefitting everyone from manufacturers to consumers. Businesses with an annual turnover surpassing Rs. 40 lakh need to register under this system. Implemented from July 1, 2017, by the Indian Government's One Hundred and First Amendment to the Constitution, GST replaces various previous Central and State Government taxes, streamlining taxation.

Recent modifications of GST

Both quarterly and annual return filings merged in April 2019. The GST registration limit increased from Rs. 40 lakhs to Rs. 1.5 crores, making it easier for those with Rs. 40 lakhs in goods supply to register. For turnovers exceeding Rs. 50 lakhs, a 6% tax rate applies. Suppliers within Kerala must pay a 1% calamity cess for up to 2 years. No other rate cuts have been announced. New tax rules are now in place for building and housing units since April 1st, 2019.

Income Tax

The Income Tax Act of 1961 governs income taxation in India. At Smartcorp in Tirupur, our skilled professionals handle income tax registration quickly and efficiently. Paying taxes is a fundamental duty for Indian citizens. Those under 60 earning over Rs. 2, 50,000 annually must pay income tax, while senior citizens above 60 with incomes exceeding Rs. 3, 00,000 are also obligated to pay. Income tax is the amount you directly pay to the government based on your earnings. It's calculated on the net taxable income for the fiscal year. India's government collects two types of taxes: direct and indirect. Direct taxes are paid directly by individuals. Indirect taxes, like GST and sales taxes, are included in the price of goods or services and paid by businesses, eventually passed on to customers.

Benefits of GST

  • Legal Tax Collection: Collect taxes from customers, benefit suppliers
  • Tax Resilience: Achieve full tax compliance
  • Input Tax Credit: Reclaim paid taxes, boosting profits
  • Business Documentation: Utilize GST certificate for opening accounts
  • Government Tender Eligibility: Easily apply for state and central tenders with GSTN
  • Business Expansion: Explore online sales, import-export opportunities
  • Payment Convenience: Use mobile wallets with your GST number for payment gateways

Benefits of Income Tax

  • Smoother Loan Processing: Helps streamline loan applications
  • Visa Requirements: Mandatory for visa processing
  • Property Registration: Enables swift immovable property registrations
  • Credit Card Eligibility: Regular returns filing required for bank-issued credit cards
  • Income Tax Record: Establishes a record with the tax department

GST Documents

  • Director's ID: Identity proof with photo and address
  • Authorization Letter: For authorized signatory
  • Business Address Proof: Proof of the business location
  • PAN Card: Business or applicant's PAN card
  • Business Registration: Document showcasing business registration
  • Applicant's Aadhar Card: Aadhar card of the applicant
  • Digital Signature: Required for official use
  • Bank Statement: Proof of financial transactions

Income Tax Documents

  • Aadhar Card: Identity proof
  • PAN Card: Tax identification
  • Bank Statements: Financial records
  • Phone Number and Email ID: Contact information