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GST Registration For Warehousing
Original price was: ₹2,750.00.₹2,475.00Current price is: ₹2,475.00.
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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) Turnover below Rs.20 Lakhs, may choose to register for GST voluntarily.
4) Being engaged in a taxable supply of goods or services
5) Business engaged in the supply of goods or services across state or national borders
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 for warehousing of GST Registration:-
- Easy to start business.
- Helps to trace vendor invoices that can help in capital subsidy.
- To establish the business as a legal entity in the eyes of the law.
- To claim input tax credit (ITC) and offset this against the GST collected on sales.
- Competitive advantage in market, as many customers prefer to deal with registered suppliers to avail ITC benefits.
- Avail GST start-ups.
- Avail GST refunds schemes.
- Avail Capital subsidy easily & also benfit of ITC in this.
- Prerequisites for participating in government tenders and contracts.
- Helps in an efficient and well-managed supply chain, will ensure lesser older fulfilment costs.
- Helps in faster operations.
- Help ensure orders are fulfilled in a timely manner.
GST Registration threshold limit
The threshold limit is Rs40 lacs or higher for the trading & manufacturing sector. The service sector has a threshold of Rs.20 lacs or higher.
Penalty for not registering under GST
A penalty of Rs.10, 000 or 10% of the tax due, whichever is higher, for not registering despite being liable to do so.
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.
Special Note: – KIP group provides many other services to our clients to grow easily like start-up benefits that helps to grow their business and stability also. Like start -up benefits, subsidies for many businesses, also helps to reach government tenders and many more benefits. Special benefits for accounting/ accounting supervision services with GST registration.
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