GST Registration
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GST Registration is mandatory for businesses such as Export and Import, E-commerce, Casual Dealers, and also the Market Place Aggregator. Carrying out business without GST registration is considered an offence. Contact us to get this Registration.
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Introduction
What is GST Registration?
GST Registration is mandatory for businesses such as Export and Import, E-commerce, Casual Dealers, and also the Market Place Aggregators. Carrying out business without GST registration is considered an offense. Contact us to get this Registration.
The Goods and Service Tax is the biggest indirect tax reform which blends in all the other taxes into one single tax structure. Under GST Regime, goods and services are now taxed under a single law Goods and Service Tax Laws. The taxes are levied at a single rate. The collection is then bifurcated between both the Central and State Governments in the name of CGST and SGST or IGST.
Threshold Limit for Registration
The registration under GST is mandatory for the business entities based on the criteria of turnover or activities. The business dealing in goods and those providing service have to mandatorily apply for GST Registration if their aggregate turnover for a financial year exceeds Rs.40 Lakhs and Rs.20 Lakhs respectively. However, for business making supplies and providing services in the North Eastern States, the same is Rs. 20 lakhs and Rs. 10 lakhs respectively. Owing to its benefits, many dealers also obtain voluntary registration under GST.
The GST registration in India is completely an online process. GST Registration affirms seamless flow of Input Tax Credit in addition to providing recognition as a registered supplier.
Benefits
Benefits of GST Registration in India
Input tax credit and lower cost
In the past small and medium-sized businesses have faced various hurdles while trying to get loans from banks. However, udyam registered businesses can get easy and collateral-free loans from banks and financial institutions. Additionally, loans are offered at a subsidized rate of interest to MSME registered businesses.
Legally recognized as Supplier
With compulsory or voluntary registration under GST, the supplier is eligible to collect the taxes legally. Further, the supplier can also pass on the credit. The voluntary registrant also gets equal status and responsibilities of taxpayer registered under the mandatory criteria. With the said registration, the registrant can also issue pakka invoice to the consumers.
Simplified and permanent registration
The online registration process is simplified with the assistance from LW experts. With the completion of registration process, the certificate is granted to the applicant stating the GST registration number, which is called GSTIN. The registration granted is permanent registration without any renewal requirement.
Easy compliance requirements
Upon registration, every registrant is liable to fulfil compliance in the form of return filing in a periodical manner. These compliance requirements are simplified under the GST regime. It is also proposed to simplify the compliance through single return filing from multiple filings. A regular taxpayer would be awarded a higher GST Compliance rating as compared to others.
Process
Process To Get GST Registration
Document Checklist
Documents Required for GST Registration
Digital Signature
DSC of Partners or Directors, in case of LLP and Company only
PAN & Aadhar Card
A copy of Aadhar Card of Proprietor/ Partners/ Directors
Bank details
Latest Bank Statement/ Copy of cancelled cheque/ copy of first page of passbook
Photograph
Copy of passport size photograph of the Proprietor/ Partners /Directors
Business Address Proof
Latest Electricity bill/ Any Tax paid bill/ Municipal Khata Copy
Rent Agreement
If place is rented, rent agreement is mandatory, else consent letter is sufficient
Faq
Frequently Asked Questions (FAQ)
Following are the general criteria of mandatory registration:
• If the total business turnover exceeds ₹ 40 Lakh/₹20 Lakh in case of business of goods/providing service respectively in the concerned financial year (Threshold for North-eastern States is ₹ 20 Lakh/ ₹ 10 Lakh in case of business of goods/providing service respectively)
• Casual taxable person / Non-Resident taxable person
• Agents of a supplier & Input Service Distributor (ISD)
• Electronic Commerce Aggregator
• Person supplying through an E-commerce platform
In addition to above, there are certain other criteria when registration is mandatory. Apart from compulsory registration, one can also apply for GST registration voluntarily.
The supplier of Goods and Services is required to apply for GST registration in the state from where the taxable goods or services are supplied, mentioning the place(s) of business. When the places of Business are situated in more than one state, application of GST shall be made from more than one place.
In India, GST is proposed in 3 tiers, i.e., CGST, SGST, and IGST.
In India, GST is proposed in 3 tiers, i.e., CGST, SGST, and IGST.
The GST or Goods and Service Tax Act came into force on 01.07.2017.
