GST refers to Goods and Services Tax. GST is India’s most ambitious and significant tax reform since independence. Its aim is to levy a single uniform tax on all the goods and services across India. GST seeks to replace various central and state-level taxes, bringing more producers within the tax net thereby making the Indian market more integrated. By enhancing the efficiency of the tax regime can substantially boost growth and government finances
GST is an indirect tax that seeks to replace various indirect taxes in India such as VAT, service tax, and excise duty. GST Act became applicable throughout the nation from 1st July 2017. GST is a multi-stage, destination-based tax regime that is levied on every value addition. GST is a multi-stage, comprehensive tax system that applies to the sale of goods and services. The primary aim of this tax regime which is applicable throughout India is to curb the cascading effect of multiple indirect taxes.
In a nutshell, GST is an indirect tax that is levied on the sale, manufacture, and consumption of goods and services. It applies to the entire nation and seeks to make it a common unified market. With the support of a uniform tax structure, GST will enable smooth supply across the whole supply chain in all states.
There are various advantages of GST registration in Visakhapatnam are such as:
|Type of Entity||Documents Required|
|Partnership and LLP|
|Private Limited Company and Public Limited Company|
GST registration in Visakhapatnam has no expiry and does not require any renewal. It may be suspended or canceled in case taxpayer failed to comply with the requirement. .
Inter-state supply means the goods or services supplied outside the home state. For Example A Visakhapatnam based company supplying services to Delhi based company.
Intra-state supply means the goods or services supplied within the limits of their home state. For example A Visakhapatnam based company supplying goods or services to another company in same state.
PAN Card is a must for GST registration in Visakhapatnam.
Yes, if the businesses are located in the same state you can have one GST number for multiple businesses.
If your business has two separate verticals you may submit a separate application for each vertical to get a new GST number within the same state. If you are working in multiple states you can apply for GST registration in each state.
Yes, any taxpayer can do the registration under GST in Visakhapatnam on a voluntary basis.