GST Registration

Goods and Services Tax, GST is an indirect tax imposed in India on the supply of goods and services.

GET CONNECTED FOR GST REGISTRATION!

HIGHLIGHTS

Concept

Goods and Services Tax is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc and is valid all over India with effect from 1st July 2017

When to register for GST?

Mandatory to register under GST when annual turnover exceeds INR 40/20 lakh or supply goods and services inter-state or through e-commerce platform.

What are the GST tax rates?

Tax rates vary from 0% to 28% depends on the type of goods & nature of the services you are selling.

Input Tax Credit Availment

Only business unit registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.

Return Filing & Payment

Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.

Composition Scheme

Business Unit having an annual turnover less than INR1.5 crore may opt the scheme. Requires to pay subsidize tax ranges from 1% to 5% & file quarterly return.

OVERVIEW

Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax: comprehensive because it has subsumed almost all the indirect taxes except few; multi-staged as it is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer. As a destination based tax, as it is collected from point of consumption and not point of origin like previous taxes.

Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax regime.

As a goods or service provider, if you fail to register for GST, you can incur heavy fines and penalties that can go up to 100% of your owed tax amount. Registering for GST means you can also collect GST from your customers. Thus, in order to avoid any conflict with the law, it is essential that you register for GST.

DOCUMENTS REQUIRED

Application Form

Proof of Constitution of Business

PAN Card of the Business and Applicant

Address Proof of business

Photo of the Authorised Signatory

Cancelled Cheque

READY TO GET ORGANIZATION GST REGISTERED !

FREQUENTLY ASKED QUESTIONS

1. What is GST ?

GST stands for goods and service tax. it is an indirect tax which has to be collected from customers when you sell your goods or services and required to be submitted to the government

2. When is registration under GST mandatory?

It is mandatory to get GST Registration under-

If your annual turnover exceeds INR 40 Lacs* or
If you’re doing inter-state sales or
If you’re selling products online through e-commerce portal or
If you’re into the import or export business
If you want to raise a tax invoice for your customers
If business participating in exhibition/event outside the State as Casual Taxable Payer

*In case of North Eastern States, an annual turnover threshold limit is INR 20 Lakhs

3. Can I be voluntarily registered under GST?

Yes, you can voluntarily get Registered under GST even if your annual turnover does not exceed the threshold limit (40/20 Lacs).

Registering under GST not only helps you in getting your business recognized as a legal registrant but also help you avail various benefits like avail to raise GST Invoice, avail input tax credit, and much more.

4.When a business needs multiple GSTINs?

A business needs to get more than one GST number if,

A business entity is supplying goods & services from multiple States, then he/she mandatorily required to register under GST in different States.
Further, any business entity can get multiple GSTIN even if they are operating from a single State under multiple verticals to avoid accounting complexity between multiple businesses.

5. Is there any penalty for not registering under GST?

If any business entity mandatorily required to register under GST, however, failed to apply or intentionally ignoring the same then business is liable to pay the penalty of 100% of the tax due or INR. 10,000 whichever is higher

6. What are the details and documents required for GST registration?

The documents required depends upon the type of business you are running as. Following below documents required for GST Registration: –

Passport Size Photograph
Aadhar card or Passport or Driving License
Pan card of business entity
Address proof of business premises
Bank Statement or Cancel cheque or Passbook

ADDITIONAL DOCUMENTS FOR PRIVATE LIMITED COMPANY /LLP /OPC / PARTNERSHIP FIRM

Certificate of Incorporation in case of Company, OPC or LLP
Partnership Deed in case of partnership firm

7. What is GSTIN?

GSTIN stands for Goods and Service Tax Identification Number consists of 15 digits. This will be get generated from government end when you have successfully applied for GST registration.

First 2 digit denotes represent State in which business registered under GST
Next 10 Digits denotes PAN of business entity
13th digit denotes the number of business located in the same state
Last two digits are randomly generated.