GST Registration
What is GST Registration ?
GST (Goods and Services Tax) registration is a process by which businesses in India that supply goods and services can obtain a unique registration number under the GST regime. GST is a unified indirect tax that has replaced multiple indirect taxes in India. The registration process is mandatory for businesses that have an annual turnover above a certain threshold, which varies depending on the nature of the business.
The GST registration process involves submitting an online application along with the required documents, such as PAN (Permanent Account Number) card, proof of business registration, bank account details, and other relevant documents. The application is verified by the GST department, and once approved, the business is issued a GST registration certificate, which serves as proof of GST registration.
GST registration is important for businesses as it allows them to charge and collect GST from their customers and claim input tax credit on the GST paid on their purchases. It also ensures compliance with the GST regulations, which can help businesses avoid legal and financial penalties.
Even businesses with a turnover below the mandatory threshold can choose to register for GST voluntarily. GST registration can be done online through the GST portal or with the help of a GST practitioner. It is advisable for businesses to seek professional advice to understand the specific GST regulations applicable to their business.
Who Should Obtain GST Registration?
In India, businesses that supply goods and services are required to obtain GST (Goods and Services Tax) registration under certain conditions. The following entities are required to obtain GST registration:
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Businesses with a turnover above the threshold limit: Businesses with an annual turnover above the threshold limit (currently Rs. 20 lakhs for most states in India, and Rs. 40 lakhs for certain special category states) are required to register for GST.
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Businesses engaged in inter-state supply: Businesses that supply goods and services across state boundaries are required to register for GST, irrespective of their turnover.
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E-commerce operators: E-commerce operators are required to register for GST, regardless of their turnover, if they are involved in facilitating the supply of goods or services through their platform.
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Input Service Distributors (ISDs): ISDs, which distribute input tax credit to their branches, are required to register for GST.
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Casual taxable persons: Individuals or businesses that supply goods or services on a casual or occasional basis are required to register for GST.
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Non-resident taxable persons: Non-resident taxable persons who supply goods or services in India are required to register for GST, irrespective of their turnover.
It is important for businesses to register for GST if they fall under any of the above categories to avoid legal and financial penalties. Even businesses with a turnover below the mandatory threshold can choose to register for GST voluntarily. Seeking the advice of a professional can help businesses understand the specific GST regulations applicable to their business.
Documents Required For gst registration
PAN Card
A copy of the PAN (Permanent Account Number) Card is required for the business owner, as well as the business entity.
Identity and Address Proof
The business owner is required to provide a copy of their Aadhaar Card or passport, along with proof of their address (such as a electricity bill, bank statement, or rental agreement). In case the business owner is a foreign national, they must provide a copy of their passport and a document showing their residency status in India.
Passport Size Photographs
Passport size photo required of business owner, all Partners (if Partnership Firm) or all director ( Company ).
Business Registration Proof
A copy of the business registration certificate, such as the certificate of incorporation (for companies), partnership deed (for partnerships), LLP agreement (for Limited Liability Partnerships), or shop and establishment certificate is required.
Bank Account Details
The business owner is required to provide a copy of the bank statement or passbook showing the name of the account holder, the account number, and the IFSC code.
Business Address Proof
A copy of the proof of the business address, such as the rent agreement or property tax receipt, is required.
In addition to the above documents, businesses may also be required to provide other documents depending on the nature of their business, such as the list of goods and services they supply, the HSN (Harmonized System of Nomenclature) code of their products, and other relevant details.
It is important to ensure that all the required documents are accurate and complete while applying for GST registration to avoid any delays or rejections. Seeking professional advice can help businesses understand the specific requirements and regulations applicable to their business.
Type of GST Regitration
Goods and Services Tax (GST) is a comprehensive tax system introduced in India in 2017, which has replaced multiple indirect taxes like VAT, excise duty, and service tax. GST is levied on the supply of goods and services across the country and has brought in uniformity in the taxation system. In India, there are two types of GST registration – Regular and Composition.
Regular GST Registration: Regular GST registration is mandatory for businesses whose turnover exceeds Rs. 40 lakhs (or Rs. 10 lakhs for businesses located in northeastern states of India) in a financial year. Businesses that carry out inter-state sales or supply, e-commerce operators, and those who are liable to pay taxes under reverse charge mechanism are also required to register under GST. Regular GST registration requires the submission of various documents, including proof of business registration, PAN card, Aadhaar card, bank account details, and address proof. After the submission of these documents, a GSTIN (Goods and Services Tax Identification Number) is issued to the business. The registration process may take up to 15 working days, and the business can start filing their GST returns only after the successful registration.
Composition GST Registration: Composition GST registration is a voluntary scheme designed for small businesses with an annual turnover of up to Rs. 1.5 crores. The scheme provides the business with the opportunity to pay tax at a lower rate and has simplified compliance procedures. Under the composition scheme, businesses are required to pay a fixed percentage of their turnover as tax, and are not eligible to collect tax from their customers. However, businesses registered under the composition scheme cannot claim input tax credit on their purchases, and they are not allowed to carry out inter-state sales. The businesses registered under the composition scheme are also required to file quarterly GST returns instead of monthly returns.
In conclusion, GST registration is mandatory for businesses whose turnover exceeds a certain threshold or for those who carry out inter-state transactions. The regular GST registration is suitable for businesses with a higher turnover, while the composition GST registration is designed for small businesses looking to simplify their compliance procedures. It is important for businesses to choose the right registration scheme based on their turnover and business requirements.
Register for GST through Singh Associates
You can obtain your GST registration through Singh Associates in less than 15 working days. Enter your name, phone number and email to being the process.
When we receive your request a GST expert will reach out to you and understands your business activity, the state where the business is operating and answer any questions that you may have.
The GST expert will also collect and verify the documents required to obtain GST registration. Once the payment is initiated we start with the GST registration process and we upload all your application into the GST Portal.
You obtain the GST registration within 7 to 15 working days. Everything is completely online you don’t need to be physically present at the office for the same.
Get in touch if you are interested or any Query
