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What is GST Registration

Businesses with a revenue of more than Rs. 40 lakhs must register as a typical taxable person under the GST system. GST registration is the name of the enrollment process. GST registration is required for certain businesses. It is a violation under GST to do business without first registering for GST, and there would be severe penalties if this occurs. The time it takes to register for GST is normally between 2 and 6 working days. We’ll walk you through the process of registering for GST in three simple stages. steps to obtain / get gst registration process online.

Who Should Register for GST?

• Individuals who were previously registered under the pre-GST law
• Businesses having a revenue of more than Rs. 40 lakhs are eligible, Rs. 10 Lakhs for the North-Eastern States, J&K, Himachal Pradesh and Uttarakhand
• A non-Resident taxable person or Casual taxable person
• Those paying tax using the reverse charge technique, such as suppliers’ agents and input service distributors
• A person who sells through an e-commerce aggregator
• Every e-commerce aggregator Person delivering information online and database access or retrieval services to a resident of India who is not a registered taxable person from a location outside India

What is GST Registration Process?

The Goods and Services Tax (GST) Registration services assist you in registering your company for GST and obtaining your GSTIN.

Our GST experts will suggest on the GST eligibility and norms for compliance for your enterprise.

 

Documents Required for GST Registration

• Aadhaar card with the applicant’s PAN
• Identity and Address Proof of Promoters/Directors with Photographs Proof of Business Registration or Incorporation Certificate
• Bank Account Statement/Canceled Check
• Address evidence of the place of business
• Authorized Signatory Digital Signature Letter of Authorization/Board Resolution

Penalty for not registering under GST

An offender who fails to pay tax or makes insufficient payments (honest errors) is liable to a penalty of 10% of the tax owed, with a minimum of Rs.10,000.

When the offender has purposefully avoided paying taxes, the penalty will be 100 per cent of the tax amount owed.

FAQ

Is GST registration mandatory?

Yes, once your annual turnover surpasses the stipulated thresholds, you must register for GST. GST registration is necessary for every business with a revenue of more than Rs 40 lakh in a financial year.

Can I apply for multiple GST registrations?

If a company works in more than one state, the taxpayer must register for GST in each state separately. For example, if a Cloth manufacturer sells in both West Bengal and Tamil Nadu, it must apply for separate GST registrations in both states.

Can I apply for multiple registrations within a state?

Yes, a company can file for as many GST registrations as it wants within a state. For simplicity of doing business, the system of granting numerous GST registrations only for distinct company sectors within a state has been discontinued.

Who can Register for the Composition scheme under GST?

The Composition plan is available to small taxpayers who want to deal with fewer compliances and pay reduced GST rates.

What turnover should be considered for the GST registration threshold limit?

The Composition plan is available to traders with an annual turnover of less than Rs 1.5 crore. The current limit for Himachal Pradesh and North-Eastern states is Rs.75 lakhs.

The Composition plan has also been extended to service providers with an aggregate sale of up to Rs.50 lakhs.

When calculating turnover, aggregate turnover must be taken into account. The total value of all taxable supply, excluding inward supplies subject to reverse charge, is referred to as aggregate turnover. Exempt supplies, exports of products or services or both, and inter-state supply of persons with the same PAN must all be calculated on an all-India basis. It should be observed that when determining aggregate turnover, CGST, SGST, UTGST, IGST, and cess should be excluded. steps to obtain / get gst registration process online.

What are the benefits of registering under GST?

1. For regular businesses that are registered:

Take advantage of the input tax credit.

Interstate commerce is unrestricted in this state.

1. Dealers in compositions:

Only a small percentage of people comply.

Tax liability is reduced.

Working capital is less impacted.

1. For enterprises that choose to register for GST on their own.

Take advantage of the input tax credit.

Interstate commerce is unrestricted in this state.

Register for online and e-commerce websites with ease.

Obtain a competitive advantage

What are the components of GST?

GST will include three tax components: a central component, the Central Goods and Services Tax (CGST), and a state component, the State Goods and Services Tax (SGST), in which the centre and states will impose GST on all businesses, i.e., when a transaction occurs inside a state. Inter-state transactions, which is when a transaction occurs from one state to another, will be subject to the Integrated Goods and Services Tax (IGST), which will be imposed by the central government.

What is the input tax credit?

The input tax credit allows you to deduct the tax you’ve already paid on inputs and pay the balance when you pay your taxes.

When you buy anything from a registered seller, you pay taxes on it, and when you sell it, you collect the tax as well. With input credit, you can offset the taxes paid at the time of purchase with the amount of sales tax (output tax) and pay the remaining tax liability, i.e. sales tax minus buy tax. steps to obtain / get gst registration process online.

Who needs a GST Registration?

GST registration is required for any firm or entity that engages in the purchase and selling of goods or services. Companies with an annual turnover of more than Rs.20 lakhs for provision of services and Rs. 40 lakhs for selling of products must register for GST.

Businesses who make interstate outbound supplies of products must also register for GST. Businesses that make taxable supplies on behalf of other taxable people, such as Agents and Brokers, are subject to the same rules.

E-commerce sellers or aggregators also do not need to register if their overall revenue has been less than Rs.20 lakhs, according to a recent notification.

What are the GST tax rates?

• Exempt items are those that are deemed fundamental requirements and are therefore not taxed.
• Household essentials and life-saving pharmaceuticals, for example, are taxed at 5%.
• Electronics and processed foods are taxed at a rate of 12 per cent.
• Capital products, industrial intermediaries, and services, as well as hair oil, toothpaste, and soaps, are all taxed at 18 per cent.
• Luxury goods are taxed at a rate of 28%.

Preparation of GST application

One of your GST representatives will gather all essential documents and submit the GST application.

Filing of an Application

The application will be completed and filed once all of the required documents have been obtained. The ARN number will be supplied right away.

Certificate of GST Registration

The GST registration certificate and GSTIN will be issued after the GST officer has verified the GST application and other required papers. The GST registration certificate can be retrieved through the GST Portal; no paper copies of the certificate will be supplied.

Does GST apply to all businesses?

Certainly, all service providers, manufacturers, and traders are subject to GST. It includes dealers, writers and bloggers, import-export firms, and all types of startups and businesses, including LLPs, proprietorships, partnerships, and private limited corporations.

How many days will it take to get a GST number?

GST registration generally requires 5-7 business days.

Can I apply for multiple GST registrations?

If a company conducts business in more than one state, it must register for GST in each state separately.

Can I be voluntarily registered under GST

Yes. steps to obtain / get gst registration process online.

What is the threshold limit for OST registration?

Businesses selling goods with a turnover of more than 40 lakhs or 20 lakhs in the north-eastern and hill states must register as a regular taxable person. The barrier for service providers is Rs. 20 lakhs Rs. 10 lakhs for north-eastern and hill states.

Why is there a delay in GST registration?

• Officials send a clarification notice, requesting that additional documentation be submitted.
• Due to document mistakes such as name discrepancies,
• Aadhaar is not connected to a mobile number.

What are the documents required for GST registration?

• Aadhaar card with the applicant’s PAN
• Identity and Address Proof of Promoters/Directors with Photographs Proof of Business Registration or Incorporation Certificate
• Bank Account Statement/Canceled Check
• Address evidence of the place of business
• Authorized Signatory Digital Signature Letter of Authorization/Board Resolution

 

What is the composition scheme under GST?

The composition system was created to make it easier for small taxpayers to comply with the law by allowing them to file quarterly rather than monthly filings. The scheme is open to any taxpayer with annual revenue of fewer than 1.5 crores.

Is the process of GST Registration fully online?

Yes, the entire GST registration process is completed digitally.

What happens once the GST registration process is over?

You will receive a GST registration certificate and a verified GSTIN once the GST registration process is completed successfully. You can begin claiming the input tax credit and filing GST reports once you are qualified.

What is an E-way Bill?

An EWay Bill is an Electronic Waybill that a GST registered individual must obtain for the transport of goods in a vehicle valued at more than Rs. 50,000. steps to obtain / get gst registration process online.

How long can I wait to register under GST?

Anyone who is required to register for GST must do so within 30 days of becoming obliged to do so.

Can a person without GST registration claim ITC and collect tax from their Customers?

No.

Is GST charged on exported goods and services?

No, GST is not levied on products and services that are exported. GST is a consumption-based tax, and because products and services exported outside India are not used in India, they are not taxed.

Is it mandatory for an e-commerce operator to obtain GST registration?

Yes, it is mandatory.

My business operates in two different states. Do I need to register for GST separately in these states?

Yes, if your company operates in two states, you must register for GST in each of them separately. The same is true when it comes to several states.

I don’t know the HSN Code for any of the products I supply. What should I do?

A built-in electronic tool in the Services and Goods part of the new registration application form will assist you in selecting the HSN Code. Simply begin typing the product type below Search HSN Chapter by Name or Code, and a selection will appear from where you can select the suitable chapter. After you’ve chosen a chapter, simply type in the Search HSN Code section and choose a product category. In the application, the HSN Code of the goods will be auto-populated. If you want to enter details for more than one item, simply repeat the process.

Is a PAN card mandatory for registering GST?

Yes, a PAN card is required to register for GST. If you don’t have a PAN card, you’ll need to get one before commencing your GST registration, with the exception of TDS, which can be done with a TAN.

Can we use the same GST number for multiple businesses?

If the firms are in the same state, you can register two or more enterprises under one GST registration, but you can’t use two trade names.

Can we apply for GST after cancellation?

Taxpayers who have had their GST registrations cancelled are forced to apply for a new one. Taxpayers will be unable to operate their businesses unless they have registered for GST.

What happens if the GST application is rejected?

If your application for GST registration was denied, you will be given the opportunity to respond to the refusal letter. If you want to submit a fresh application, you’ll have to wait for a final denial, which should take about 10 days.

How can I discover the GST rate for my product/service?

For each good and service, the GST department has assigned a code. The GST rate must be determined based on the code. steps to obtain / get gst registration process online.