Goods and Services Tax (GST)
Goods and Services Tax (GST) is a destination-based tax applied to the consumption of goods and services. It is levied at every stage of the supply chain, from manufacturing to final consumption, allowing businesses to claim input tax credit on previously paid taxes. Essentially, only the value addition is taxed, and the final consumer bears the tax burden.
Who Needs to Register Under the GST Act?
GST registration is mandatory for:
✔ Businesses with an aggregate turnover exceeding ₹20 Lakhs in a financial year. Registration must be completed within 30 days in the state from where taxable supplies are made.
✔ Casual taxable persons and non-resident taxable persons must apply for registration at least 5 days before commencing business.
At VPS & Associates, Hyderabad, we assist businesses in obtaining new GST registrations, voluntary registrations, amendments to existing registrations, and filing monthly and annual GST returns. Our team has extensive expertise in GST compliance and advisory services.
Frequently Asked Questions (FAQs) on GST
- Can a business operate with a single GST registration across multiple states?
No. If a business operates in different states under the same PAN number, it must obtain separate GST registrations for each state where taxable supplies are made, as per Section 22(1) of the CGST Act. - Can a person with multiple business verticals in the same state obtain different GST registrations?
Yes. As per proviso to Section 25(2) of the CGST Act, businesses with multiple verticals in a single state or union territory can opt for separate GST registrations for each vertical, subject to prescribed conditions. - Is the transfer of goods to a branch located outside the state taxable?
Yes. Under Section 25(4) of the CGST Act, 2017, branches in different states or union territories are treated as distinct entities. Hence, stock transfers to branches outside the state are considered taxable supplies. Even transfers within the same state but to a separately registered unit are taxable. - Who is responsible for paying GST?
Generally, the supplier of taxable goods and services is liable to pay GST. However, in the case of imported services, the recipient (importer) is responsible for paying the tax.
Other Registrations Required to Start a Business in Hyderabad
Apart from GST registration, businesses may require additional registrations, including:
✔ Shops & Establishment Act Registration (Applicable in Telangana)
✔ Professional Tax Registration
✔ MSME (Udyog Aadhaar) Registration
✔ Employee Provident Fund (EPF) Registration
✔ Employee State Insurance (ESI) Registration
✔ Software Technology Parks of India (STPI) / Non-STPI Registration
✔ Import Export Code (IEC) Registration
✔ Trade License from GHMC (Greater Hyderabad Municipal Corporation)
Why Choose VPS & Associates?
At VPS & Associates, Hyderabad, we provide end-to-end taxation, accounting, and compliance services, ensuring businesses meet regulatory requirements efficiently.
Contact us today!
📧 Email Us: team@vpsandassociates.com
☎️ Landline: 040-31778205
📲 Mobile no: 8886359392 / 9030931302
