About Us KIP is a registered company, incorporated in 2008 to provide quality work, consultation and advisory services in the field of Accounting, Auditing and Assurance, Taxation and regulatory, Company registration, LLP formation, Project reports and Business registrations to its clients. KIP is managed by a very strong team of qualified and experienced professionals comprised of Chartered Accountants, Management Graduates and Post-Graduates.

GST Registration

GST (Goods and Services Tax) registration is the process by which a business or individual gets registered under the GST law. It is mandatory for businesses whose turnover exceeds the threshold limit specified by the GST Council. Here are the key points about GST registration:

Eligibility Criteria for GST Registration

  1. Having a valid PAN (Permanent Account Number)
  2. Turnover above a certain threshold limited of Rs. 20 Lakhs
  3. Being engaged in a taxable supply of goods or services
  4. Business engaged in the supply of goods or services across state or national borders
  5. If a business does not meet the mandatory criteria, it may choose to register for GST voluntarily.
  6. Business that are required to pay GST on a reverse charge basis (like transportation of goods, legal services)
  7. Business seeking to claim input tax credits on their purchase of goods or services

Benefits of GST Registration

  1. To establish the business as a legal entity in the eyes of the law.
  2. To claim input tax credit (ITC) and offset this against the GST collected on sales.
  3. To participate in interstate commerce without any restrictions (Wider market reach).
  4. Competitive advantage in market, as many customers prefer to deal with registered suppliers to avail ITC benefits.
  5. Credibility and trustworthiness of a business.
  6. Legal protection under the GSTLaw.
  7. Opens up opportunities for access to E-commerce Platforms.
  8. It provides benefits for exporters, including a simplified and transparent tax structure.
  9. Avail GST startups and GST refunds schemes.
  10. Prerequisites for participating in government tenders and contracts.

GST registration is mandatory For

Below listed are the Businesses for which GSR is mandatory :-

  1. Casual taxable persons.
  2. Non-resident casual taxable persons.
  3. Persons making any inter-state taxable supplies.
  4. Agents acting on behalf of a registered taxpayer.
  5. E-commerce operators.
  6. TDS/TCS deductors.
  7. Persons conducting business in a state other than the one they are located in.
  8. Persons who sell products on e-commerce sites such as Amazon and Flipkart.
  9. Individuals working in the import-export industry.
  10. Persons subject to reverse charge taxation.
  11. Businesses registered under previous taxes such as VAT, excise, and service tax.
  12. Individuals running an aggregator company.
  13. Input Service Distributors.
  14. OIDAR (Online Information Database Access and Retrieval). service providers in India

GST Registration threshold limit

  1. The threshold limit is Rs. 40 lacs or higher for the trading & manufacturing sector.
  2. The service sector has a threshold of Rs. 20 lacs or higher

Penalty for not registering under GST

  1. A penalty of Rs. 10,000 or 10% of the tax due, whichever is higher, for not registering despite being liable to do so.
  2. A penalty of Rs. 10,000 or the tax amount, whichever is higher, for collecting GST but not depositing it to the government within three months.

Reach Us

Call Us : 8683898080

E-mail Us : sales@kipfinancial.com

KIP Financial Consultancy Pvt. Ltd.

DSB – 38, Red Square Market, Hisar – 125001 (HR)

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About Us

We at KIP, working as Business Subsidy Consultant Since 2008 onwards. We works with MSME, Warehousing, Logistic Units and Agri Infra Projects.
We help our Clients in taking Right Investment Decision with appropriate business modeling. So that they can avail maximum Subsidies Benefits or Incentive and reduce their Business Cost & Maximize Profit.

Get In Touch

  • Address: DSB-38, KIP Complex, Red Square Market | Hisar- 125001
  • Email: sales@kipfinancial.com
  • Customer Help Desk : +91 8683898080, +91 7404855514
  • Business Development Cell : (Jitender Kumar) 9017151780

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