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GST
GST Consultancy
Beginning in July 2017, India implemented GST Registration. According to the laws, there are various indirect taxes like VAT and service tax for the same. As of the most recent modification, which took effect on April 1, 2019, it is necessary when your turnover or sales exceed 40 lakh rupees in a year (10 lakh for NE * Hill States).
For some particular businesses, registration is required without exceeding the turnover threshold. For instance, if you are operating an online store, you must have the GST Registration from the very beginning of operations. You can register for GST online with the assistance of CGSTINDIA in only two to three working days, and you’ll receive a certified GST Certification along with login information in your email inbox.
GST
Maintenance of Books
All corporations are required to keep books of accounts at their registered office or any other location that the board of directors deems appropriate. If a corporation keeps books at a location other than its registered office, it must notify RoC of this. The business has the option of keeping its accounts electronically. After the end of the relevant fiscal year, books must be kept for a minimum of 8 years. Each registered individual is required to keep GST records at their primary place of business.
Records to be maintained :-
- Production or manufacture of goods
- Inward and outward supply of goods or services or both
- Stock of goods
- Input tax credit availed
- Output tax payable and paid and
- Other particulars as may be prescribed