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GST Registration
About GST Registration
GST is the product of the biggest tax reform in India which has tremendously improved ease of doing business and increasing the taxpayer base in India by including millions of small businesses. Tax complexities would be reduced due to the abolishing and subsuming of multiple taxes into a single, simple system. GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.
It implies altogether there are four kinds of rates being exacted on various classes of goods and services. The rate ranges from 5% to 28%, where 5% is imposed on important products and 28% being the most noteworthy tax rate is demanded on luxurious goods.In Goods and Service Tax month to month returns are to be recorded by specified assesses (depending upon the turnover). Late Filing or no filling of Profits on time will involve punishments and interest.
ADVANTAGES
Take Input tax credit
GST Registration holders can avail the input tax credit during the purchase of any goods or services. So if you are B2B Business then its required GST registration from starting.
Sell Online
if you thinking about the e-commerce then on the basis of GSTIN Registration Number you can easily sell with e-commerce portals like Amazon or Flipkart etc.
Credibility
if you issue a Valid GSTIN Tax invoice then it increases the trust between your customer’s & increases your brand value.
Legally recognised
GST Registered supplier is legally recognized as supplier of goods or services
Authorized to collect GST
Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.
Government Tender
Various government tenders requires GSTIN to apply tender. If you don’t have you may miss the business opportunity.
Compulsory GST Registration
Inter State Supplier
Persons making any inter-State taxable supply of goods (Interstate service can be up to turnover of 20 lakh and 10 lakh in case of special category states)
Casual Taxable person
Casual taxable persons making taxable supply (casual taxable person making taxable supplies of handicraft goods and the aggregate value of such supplies, does not exceed the amount of aggregate turnover above which a supplier is liable to be registered is exempted from taking GST registration)
Reverse Charge
Persons who are required to pay tax under reverse charge (however person engaged exclusively in making supplies in which tax is payable by reverse charge basis are exempt from taking registration)
Electronic Commerce Operator (ECO)
Persons who are required to pay tax under sub-section (5) of section 9 (specified services, in which tax will be paid by the ECO on behalf of the service suppliers if such services are supplied through ECO channel)
Online Seller
Persons who supply goods, other than supplies specified under Section 9(5), through such e-commerce operator who is required to collect tax at source under section 52(however supplier of services through an e-commerce platform having an aggregate turnover not exceeding an amount of twenty lakh rupees or ten lakh rupees in case of “special category States” other than the State of Jammu and Kashmir is exempted from taking registration)
Other Cases
Persons who make taxable supply of goods or services on behalf of other registered taxable persons whether as an agent or otherwise
Persons who are required to deduct tax under section 51 (who is require to deduct TDS under GST)
Every electronic commerce operator who is required to collect tax at source under section 52
Every person supplying online information and data base retrieval services from a place outside India to a person in India, other than a registered person
Non-resident taxable persons making taxable supply
Input service distributor (whether or not separately registered under the Act)
Documents Required for Registration
- PAN of the Applicant
- Aadhaar card of the Applicant
- Proof of business registration or Incorporation certificate
- Identity and Address proof of Promoters/Director with Photographs
- Address proof of the place of business
- Bank Account statement/Cancelled cheque.
- Digital Signature in case of Company
- Letter of Authorization/Board Resolution for Authorized Signatory
PROCESS
Step-1 : Upload The Documents Online
Firstly, upload the documents online on the https://www.gst.gov.in
Step-2 : Fill The Application Form Online
After the verification of documents, fill the application forms.
Step-3 : Submit the application
Once you have filled the application properly, get the same verified from an expert to avoid mistakes. If the expert gives his thumps up, then submit the application and wait for the ARN to generate.
Step-4 : Track the Application
After the application has been submitted, track the same and check if there is any resubmission. If there is any resubmission, then submit the application again after making the certain corrections.
Step-5 : Application Approved
Once you resubmit the application, the GST officer will check the same. If he finds that application is correct, then he will approve the application.
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